They are blaming it on Thanksgiving. Because there isn’t a tsunami in Japan, or hot weather in New Orleans, or whatever…
Applications for U.S. unemployment benefits jumped last week from an almost three-month low, reflecting volatility that typically occurs around the year-end holidays.
Jobless claims surged by 68,000 to a two-month high of 368,000 in the period ended Dec. 7, exceeding the highest forecast in a Bloomberg survey of economists, Labor Department data showed today in Washington. The 300,000 applications filed in the prior week, which included Thanksgiving, were the fewest since Sept. 7.
Barney and Frank are unwilling to comment but I will. I think that ObamaCare is going to harm the economy, big time. First of all, most of us will see our insurance costs go up. Secondly, many of us are worried about losing insurance entirely and afraid to have our identities stolen on the ObamaCare website. Thirdly, next year, more people will lose insurance as companies are forced to participate.
More of our money will go to the federal government and less will go to shopping and that sort of thing – less discretionary income. Companies will be nervous about this possibility and will pull back on hiring and may even start laying off, either to keep their employee count below 50 or to simply protect themselves from fewer customers if they are a large organization. Meanwhile, Obama and the dems will continue to stoke class hatred and the disruptions and general sense of disorganization that follows like night follows day. Yours truly has already cut her spending habits accordingly. When calm, rational, sanity returns to our nation, I will loosen the purse strings. Until then, not so much.