Archive for Unemployment

It’s Unexpected!™

In an economy that can be described only as bipolar, jobless claims rose more than…wait for it…expected:

U.S. retail sales rose less than expected in May and first-time applications for unemployment benefits increased last week, but that will probably do little to change views that the economy is regaining momentum.

[T]he Labor Department said initial claims for state unemployment benefits climbed 4,000 to a seasonally adjusted 317,000 for the week ended June 7.

With job growth rising solidly in May and manufacturing and services industries expanding strongly, the retail and jobless claims reports probably will not cause too much anxiety.

The economy added 217,000 jobs in May, the fourth straight month of job gains above 200,000. It has recouped all the 8.7 million jobs lost during the recession. The unemployment rate held steady at a 5-1/2 year low of 6.3 percent.

Economic growth in the second quarter is expected to top a 3.0 percent annual pace after contracting at a 1.0 percent rate in the January-March period.

Reuters seems awfully blasé about an unexpected jump in unemployment claims. But then, they have jobs. The economy may indeed grow by 3% in the second quarter, but I’ll need to see it before I believe it. I don’t put the contraction last quarter down to the harsh winter. So I’m not buying an Economic Spring any more than I bought an Arab Spring. Not with these job numbers.

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Shove-It-Ready Jobs

How ’bout them employment numbers, huh?

What about ‘em?

Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3 percent, the U.S. Bureau of Labor Statistics reported today.

The number of unemployed persons was unchanged in May at 9.8 million.

Over the year, the unemployment rate and the number of unemployed persons declined by 1.2 percentage points and 1.9 million, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (5.9 percent), adult women (5.7 percent), teenagers (19.2 percent), whites (5.4 percent), blacks (11.5 percent), and Hispanics (7.7 percent) showed little or no change in May. The jobless rate for Asians was 5.3 percent (not seasonally adjusted), little changed from a year earlier.

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 3.4 million in May.

The civilian labor force participation rate was unchanged in May, at 62.8 percent. The participation rate has shown no clear trend since this past October but is down by 0.6 percentage point over the year. The employment-population ratio, at 58.9 percent, was also unchanged in May and has changed little over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 7.3 million, changed little in May. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

In May, 2.1 million persons were marginally attached to the labor force, essentially unchanged from a year earlier.

Among the marginally attached, there were 697,000 discouraged workers in May, little different from a year earlier.

If there’s one thing government can do, it is to devise myriad ways to say the economy sucks: unchanged, changed little, little changed, little different.

I’ll tell you one number that changed significantly last month: unemployment among black men. That number jumped from 10.8% to 11.5% in May. Yes We Can (Not Find a Job).

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192,000 New Jobs!

Try to contain yourself:

In March, the number of unemployed persons was essentially unchanged at 10.5 million, and the unemployment rate held at 6.7 percent. Both measures have shown little movement since December 2013. Over the year, the number of unemployed persons and the unemployment rate were down by 1.2 million and 0.8 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rate for adult women increased to 6.2 percent in March, and the rate for adult men decreased to 6.2 percent. The rates for teenagers (20.9 percent), whites (5.8 percent), blacks (12.4 percent), and Hispanics (7.9 percent) showed little or no change. The jobless rate for Asians was 5.4 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more), at 3.7 million, changed little in March; these individuals accounted for 35.8 percent of the unemployed. The number of long-term unemployed was down by 837,000 over the year. (See table A-12.)

Both the civilian labor force and total employment increased in March. The labor force participation rate (63.2 percent) and the employment-population ratio (58.9 percent) changed little over the month. (See table A-1.) The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 7.4 million in March. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work. (See table A-8.)

In March, 2.2 million persons were marginally attached to the labor force, little changed from a year earlier.

Among the marginally attached, there were 698,000 discouraged workers in March, down slightly from a year earlier.

Who wrote this press release, Eeyore?

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More, More, More Great News From The ObamaEconomy!!!!

Oh BTL, you have such a way with titles (see below…and below that)!

Due credit to Aggie, can you top this?

African-Americans and Latinos are losing economic ground when compared with whites in the areas of employment and income as the United States pulls itself out of the Great Recession, the latest State of Black America report from the National Urban League says.

“Many Americans are being left behind, and that includes African-Americans and Latinos who are being disproportionately left behind by the job creation that we see,” National Urban League President Marc Morial said.

But you know what? They’re cool with that!

Despite the dismal numbers, an analysis by The Associated Press-NORC Center for Public Affairs Research found African-Americans significantly more optimistic about their future standard of living than whites, regardless of income level, education or partisanship. Overall, 71 percent of blacks surveyed in the 2012 General Social Survey agreed that they have a good chance of improving their standard of living, outpacing the share among whites by 25 percentage points.

The survey found high optimism even among blacks who say racism is a cause for economic inequality.

Maybe you think that’s the good news. Their Mr. Micawber, something-will-come-along attitude serves them well. Maybe you’re right. But I don’t think they would be so chill under President Bush. I think they’d be pi**ed. And they’d have a right. It’s because of The Nation’s First Black President (TNFBP™) and his ruinous, job-destroying policies that they’re falling further behind, not despite him. It’s as obvious as the ears on his head.

But a white-hooded, white-robed Barack Obama could ride in on a white steed, toting a burning cross, flying the Stars and Bars, and crying “the South will rise again”, and his black supporters would speak admiringly of his horsemanship.

And then abort their unborn children. If I didn’t laugh, I’d cry.

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Whoop-Di-Frickin’-Do

That’s my summation of the unemployment numbers.

The Bureau of Labor Statistics agrees:

Both the number of unemployed persons (10.5 million) and the unemployment rate (6.7 percent) changed little in February. The jobless rate has shown little movement since December. Over the year, the number of unemployed persons and the unemployment rate were down by 1.6 million and 1.0 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (6.4 percent), adult women (5.9 percent), teenagers (21.4 percent), whites (5.8 percent), blacks (12.0 percent), and Hispanics (8.1 percent) showed little or no change in February. The jobless rate for Asians was 6.0 percent (not seasonally adjusted), about unchanged over the year. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 203,000 in February to 3.8 million; these individuals accounted for 37.0 percent of the unemployed. The number of long-term unemployed was down by 901,000 over the year. (See table A-12.)

Both the civilian labor force participation rate (63.0 percent) and the employment-population ratio (58.8 percent) were unchanged in February. The labor force participation rate was down 0.5 percentage point from a year ago, while the employment-population ratio was little changed over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 7.2 million in February. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work. (See table A-8.)

In hockey, they say a tie is like kissing your sister. These numbers are like kissing your brother. There’s been improvement over the course of the year, but it’s stalled in the last few months. Disturbingly, unemployment for black men, 20 and over, jumped from 12% to 12.9% (while it fell for women and teens of both sexes).

And it ain’t about the weather:

Everyone agrees that the winter just now winding down (hopefully) has been brutal for most Americans. And while it’s easy to conclude that the Polar Vortex has been responsible for an excess of school shutdowns and ice related traffic snarls, it’s much harder to conclude that it’s responsible for the economic vortex that appears to have swallowed the American economy over the past three months.

But this hasn’t stopped economists, Fed officials, and media analysts from making this unequivocal assertion. In reality the weather is not what’s ailing us. It’s just the latest straw being grasped at by those who believe that the phony recovery engineered by the Fed is real and lasting.

Of course the biggest weakness ascribed to the snow and ice has been the very disappointing employment reports over the last few months. Analysts faced a very difficult task in squaring these reports, which showed fewer than 187,000 new jobs created in December and January combined, with the accepted narrative that the recovery was firmly underway and that the economy was no longer dependent on the Fed’s monetary support.

For these desperate economists the weather was a godsend.

I believe a recovering economy would be expected to create more than 300,000 jobs per month in order to make a real dent in underemployment. Those levels, once routine in past decades, seem untouchable today. But weather-related pessimism had caused economist to ratchet down their predictions to just 150,000 jobs in February. Based on that, today’s numbers were seen as a win.

But economists are ignoring the likelihood that the weather was never a major factor. Take the cold out of the equation and you would be left with a mediocre February number following two consecutive monthly disasters.

A much more plausible explanation to me is that the economy has been weak recently because it is weak fundamentally. The data deterioration corresponds not just to unseasonably low temperatures but also to the diminishment of monthly QE from the Federal Reserve. If you recall the highly anticipated “taper” finally began in mid- December. From my perspective the Quantitative Easing has become the sunshine that drives our phony economy. Diminish that sunshine and the economic winter spreads.

But the sad fact is that QE can push up prices in stocks and real estate, but can do very little to affect positive change in the real economy. That’s why I believe that BMW’s are selling like hotcakes even as Chevies sit on the lot. Our current policies help the wealthy at the expense of everybody else.

Poetry, isn’t it? Lame-brained Democrat policies to “stimulate” the economy end up hurting the “folks” who need help the most. They want jobs, not Facebook at $72 a share. They have neither.

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Our Substitute-Teacher-In-Chief Pummeled With Lots Of Spitballs

Obama was elected on Hope-n-Change. Every now and then, it is instructive to see where he has lead us.

Let’s begin with his foreign policy. Obama has adopted the foreign policy of Neville Chamberlain, with similar results. The Arab Spring has turned into chaos in Egypt and Syria, with reports of approximately 140,000 deaths in Syria alone. We don’t have a grim milestone watch for Egypt or Libya. The press seems a bit bored. And it seems that Iran will soon be a nuclear power. That should help.

As Sarah Palin predicted, Russia has invaded Ukraine and Obama stands holding his limp you-know-what. (Ms. Palin didnt put it that way, I did.) At least Bill Clinton was capable of doing two things at once.

Oh and there are problems in Latin America too, it seems.

That’s all so dreary. Let’s turn to domestic matters. We now have a shiny new health care system that costs much more than predicted and delivers much less. But we love it just the same. It’s called ObamaCare.

And the economy continues to play CandyLand. Did you ever play CandyLand? Nothing ever happens and it goes on and on forever. I think that ObamaCare is somehow related to the performance of the economy, but who knows?

And what else is there? What am I missing here? Oh yeah. We hired a stoner, apparently, to be the President. He recently gave a talk in which he said that he “got high a lot” instead of doing school work, but that he got many, many chances to improve. This confirms what I suspected. Obama went to an elite private school in Hawaii, and from there to an ok school in California, Occidental College. People who work very hard at those elite private schools usually end up going to elite colleges. I’m not trying to be snotty here; that’s just a fact. Obama somehow then managed to go to Columbia and then to Harvard Law. The public has never seen his transcripts so we don’t know what his grades were in High School or what he studied at either Occidental or Columbia. But we can guess. Those of you who have kids in high school, or had them in high school, just imagine your son or daughter getting the ride this man has gotten. We elected him, fair and square. We deserve this because elections have consequences. But it is shocking to consider the power in the hands of such an incompetent.

- Aggie

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It’s Less Than Previously Estimated!

By a quarter! [Not a third as previously written.]

Untitled

The economy in the U.S. grew at a slower pace in the fourth quarter than previously estimated, giving the expansion less momentum heading into 2014.

Gross domestic product grew at a 2.4 percent annualized rate from October through December, compared with the 3.2 percent gain issued last month, revised figures from the Commerce Department showed today in Washington.

For all of 2013, the economy expanded 1.9 percent after a 2.8 percent increase in the prior year.

Hate to harsh anyone’s mellow, but aren’t we going backwards? from 4.1 to 2.4, quarter to quarter, 2.8 to 1.9, year to year.

The CBO has noticed:

The Congressional Budget Office has more bad news for President Barack Obama: His economic recovery isn’t working — and is much worse than the previous four recoveries.

“More than four and a half years after the end of the recession, employment has risen sluggishly — much more slowly than it grew, on average, during the four previous recoveries that lasted more than one year,” the report reads. (CBO: Obama’s proposed minimum wage hike would cost 500,000 jobs by 2016)

The CBO also lent credence to Republican insistence that the small declines in unemployment often touted by the White House are largely because of disenchanted and unemployed people dropping out of the labor force and not being counted.

No, silly CBO. They’ve been freed from “job lock”, and that’s a very good thing. Those aren’t “disenchanted” people “dropping out”, they’re poets and composers finally getting around to those Homeric odes and Ring cycles they’ve always wanted to write. Duh.

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Minimum Wage, Maximum Layoffs

I’ve thrown in the towel on the minimum wage. I don’t support jacking it up—see below—but who looks good arguing against posers and demagogues?

Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects (see the table below). As with any such estimates, however, the actual losses could be smaller or larger; in CBO’s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment of 1.0 million workers…

The increased earnings for low-wage workers resulting from the higher minimum wage would total $31 billion, by CBO’s estimate. However, those earnings would not go only to low-income families, because many low-wage workers are not members of low-income families. Just 19 percent of the $31 billion would accrue to families with earnings below the poverty threshold, whereas 29 percent would accrue to families earning more than three times the poverty threshold, CBO estimates.

Moreover, the increased earnings for some workers would be accompanied by reductions in real (inflation-adjusted) income for the people who became jobless because of the minimum-wage increase, for business owners, and for consumers facing higher prices.

In sum: perhaps a million could lose their jobs; less than a fifth of the higher wages would go to people in poverty. Oh well.

Of course, a million more unemployed, at 99 weeks unemployment benefits, means 99,000,000 benefit-weeks of payouts. Those benefits vary by state, but a vague average of $250 seems reasonable for our estimation. Raising the minimum wage to $10.10 could cost the nation as much as $25,000,000,000 in benefits—with a million fewer workers to pay taxes to cover the cost.

But it’s all good. Hey, raise it higher!

PS: You may remember my link to this awesome conversation Rush had with a caller two months ago.

CALLER: This is Sean in San Diego, and I believe those workers at McDonald’s and Burger King deserve some more money. The shareholders are getting rich. I watch every day on MarketWatch, and the CEO is getting rich. They’re making their profits. They can afford to pair their workers a bit more money. They’re not asking for much. They haven’t had a raise in 25 years.

RUSH: Really? In 1988, people at McDonald’s were making $7.25 an hour?

CALLER: I’m not exactly sure of that, but –

RUSH: Well, that would be important.

CALLER: They’re not being paid fairly, Rush.

RUSH: Why can’t they [get a job that does pay]?

CALLER: Probably no other jobs out there in this bad economy.

RUSH: Why? Why aren’t there any jobs out there?

CALLER: The Democrats have destroyed this economy. We all know that.

RUSH: Okay. Well, the minimum wage, by the way, back 25 years ago was $3.35 an hour, just to get the number out there. It was not what they’re making today. I’ll get the inflation calculator out and take a look at it. They’re asking for double their current wages. Sean, why doesn’t the McDonald’s franchise just pay it? You know, why not just give them more money?

CALLER: Oh, that’s simple. Greed.

RUSH: Greed? Or is it competition?

CALLER: Why should they if they don’t have to and nobody’s making them? Government sets the minimum wage, and they don’t want to do it.

RUSH: Well, okay. Let’s take a look McDonald’s, and let’s say the McDonald’s gives their employees a raise. Let’s just say $10 dollars an hour. Would that be enough?

CALLER: No. I don’t think so.

RUSH: Okay.

RUSH: How about this? How about McDonald’s raises everybody to $20 an hour? Would that be enough? Would that be okay?

CALLER: I think that would probably help a lot of people.

RUSH: What about $25 an hour?

CALLER: Managers should probably get at least that. They probably already do.

RUSH: Okay, then what about $30 an hour?

CALLER: If that’s the fair market rate.

RUSH: Well, no, that’s what $7.25 is.

CALLER: I don’t believe that.

RUSH: Yeah, that’s why it’s $7.25. It’s the fair market rate. It’s $7.25 not because it’s temporary. That’s the fair market rate. Let’s pay ‘em $50 an hour, how about that?

CALLER: $15 an hour.

RUSH: No, $50.

CALLER: $50?

RUSH: Five-oh, $50 an hour. How about that?

CALLER: Yeah. That should be the new fair market rate.

RUSH: Right on. Right? Well, let’s keep going, how about $75 an hour, let’s pay ‘em $75 an hour.

CALLER: Where you going with this?

Finally! It took how long for Sean from San Diego to get Rush’s point?

Except he doesn’t!

RUSH: Well, I want to know whether you agree with $75. I’m not going anywhere with it. If $50 is good, $60 would be better, right?

CALLER: Well, yeah.

RUSH: What about $75 an hour?

CALLER: Where you going with this, though? I don’t understand.

Coulda fooled me. But Rush is kinder than I am:

RUSH: Sean? Sean, one thing. I’m not trying to trick you. I’m not playing a trick on you here. Please don’t misunderstand. I’m not taking you anywhere. I don’t want you misunderstand.

The point, Sean, is that you just said that $7.25 isn’t the market price, and it is. That $7.25 an hour is what it requires for McDonald’s to be fully staffed. There are people who will work for that, and therefore that sets the wage scale. Now, $10 would be better.

Yeah, you can keep raising it, but at some point, everybody who believes in a minimum wage will say, “No, wait a minute. That’s too much,” and at that point, you have demonstrated that that there’s no market relationship. You’re just talking emotion. You’re just talking “fairness.” You’re just talking being nice, and that’s not how the market works. People aren’t paid a wage because they’re being nice to, or because it’s fair. In the market, the market rules. You can control it all you want, you could add arbitrary numbers on it all you want, and all you’re doing is delaying the inevitable.

The market will always win and will always rule, because it is the market.

Um-hmm.

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Employment Improves—Unless You’re Black

You would think that a lukewarm jobs report (four and a half years into “recovery”) would like a baby seal caught between a couple of hungry Inuits. You would be right—but only up to a point:

While 113,000 new jobs is pathetic, other metrics aren’t so bad (or could be worse). Forget the 6.6% unemployment rate; that’s a statistical lie. But my favorite diagnostic number—labor force participation rate—ticked up from a historic low to a only slightly less crappy 63%. The employment-population ratio also inched up from last month. Even the U6 un- and underemployed improved slightly.

So, how does a week jobs report jibe with unemployment numbers that could be worse? I looked through the subcategories and found one category—only one—that slumped last month: black men. Their unemployment rate jumped from 11.5% to 12%.

Their labor force participation rate and the employment-population ratio improved slightly, but theirs was the only unemployment rate that worsened. This was especially pronounced among black people, aged 16-19—their unemployment rate spiked from 35.5% to 38%, as their labor force and employment ratio numbers plummeted.

Simply put, whatever good news is implied by these numbers ignores the continued economic genocide on the African American community, especially its youth. Numbers can lie, but I don’t see how these do. America black people wouldn’t be worse off if that Exalted Cyclops, Robert Byrd (D-WV), were running the country.

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It’s Unexpected!™

Alternate title: Jobless Claims Rise; Black Man Blamed!

The number of people who sought U.S. unemployment benefits near the end of January rose to the highest level in six weeks, but it’s unclear if the increase is the residue of holiday-related distortions or reflects a deterioration in the labor market.

In the seven days ended Jan. 25, initial jobless claims jumped by 19,000 to a seasonally adjusted 348,000, the Labor Department said Thursday. Economists polled by MarketWatch had expected claims to edge up to 330,000.

The claims report is less reliable as a labor-market indicator from late November until the end of January because of the holiday season and wintry weather. The Martin Luther King holiday last week may also have skewed the report by causing delays in the processing of some applications.

Hey, he didn’t ask to be assassinated and have a holiday named after him.

Aggie’s interpretive hamsters, Barney and Frank, have been put out to stud (dread thought), so we’ll have to figure this out ourselves. Even though the economy grew relatively robustly last quarter (3.2%—keep the champagne on ice), and even though unemployment is being showed as falling, this crap keeps popping up. We can say that it’s the curse of Obamacare (rather, a curse of Obamacare; there are so many): employers letting go marginal workers. Or we can say we don’t believe anything from this serially lying administration. More jobless mean more jobless benefits. Canned workers serve Obama’s interest. Fiddle the numbers; extend benefits for not working another year or five; buy another class of government-dependent voters.

Or we can say all of the above.

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Unemployment Falls to 6.7%; Blacks, Employed Hardest Hit

Sorry to be such a Debbie Downer here, but not everything’s coming up roses (no matter how much BS they sling at it):

The number of unemployed persons declined by 490,000 to 10.4 million in December, and the unemployment rate declined by 0.3 percentage point to 6.7 percent. Over the year, the number of unemployed persons and the unemployment rate were down by 1.9 million and 1.2 percentage points, respectively.

Woo-hoo! High five! I’m buying!

Ooooh, sorry black people for being so insensitive (but what else is new, right?):

The rates for adult women (6.0 percent), teenagers (20.2 percent), blacks (11.9 percent), and Hispanics (8.3 percent) showed little change.

The number of long-term unemployed (those jobless for 27 weeks or more), at 3.9 million, showed little change; these individuals accounted for 37.7 percent of the unemployed.

The civilian labor force participation rate declined by 0.2 percentage point to 62.8 percent in December, offsetting a change of the same magnitude in November. In December, the employment-population ratio was unchanged at 58.6 percent.

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 7.8 million in December. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work.

In December, 2.4 million persons were marginally attached to the labor force little changed from a year earlier.

Admittedly, I cherry-picked the unimpressive news—but you have to admit that’s a pie’s worth of cherries, Billy Boy. And where else are you going to read it?

Actual workers aren’t increasing (74,000 new jobs is about half of population growth); they’re just disappearing from the work force. Whether you measure by labor force participation rate (it fell to another historic low) or employment-population ratio (flat), the news is tepid at best.

Watch the Democrats claim victory on unemployment, while demanding a year’s worth unemployment benefits be added on. You know I’m not kidding.

PS: “Unchanged”, “showed little change”, etc.—like the Eskimos with “snow”, have you ever seen so many synonyms for “sucked”?

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Bloviating Gasbag

I haven’t seen this much hot air since the Hindenburg disaster:

“Voting for unemployment insurance helps people and creates jobs and voting against it does not,” Obama said in remarks at the White House.

In his first public appearance since returning from a two-week vacation, Obama excoriated the argument — put forward by some conservatives — that offering insurance to the long-term unemployed “saps their motivation to get a new job.”

“That really sells the American people short,” he said.

And we all know that’s your job, Mr. President.

Ask any independent economist (we’ve reported on enough over the years), and they’ll tell you to a man, woman, and transgendered person that subsidizing unemployment encourages (at least a little but) unemployment.

We did so not ten days ago:

Economists expect that the end of the emergency jobless benefits will, surprisingly, lead to a sharp drop in the unemployment rate, by as much as 0.5 percentage points.

I guessed that to be around 1.3 million people. Sorry, Barack.

Now, there are many analogies one could use to describe Barack’s behavior, but I like the one Rush employed today:

RUSH: Folks, you’ve heard the old saying, “Nero fiddled while Rome burned.” That is true. Rome was literally burning, and he could not have cared less. What people have forgotten about it is that Nero, he didn’t just fiddle while Rome burned; he started the fire. Nero wanted to burn down Rome in order to rebuild it in his own image. But to cover it up he blamed the Christians, who were then subsequently thrown to the lions.

Now, if you ask me, the story of Nero fiddled while Rome burned and then adding to it he started the fire sounds familiar to me.

Barack Obama has, for five years, had control over the US economy. His policies, his specific economic policies are the reason this country is in dire economic straits. Obama’s policies are the reason why there is no recovery — and if you want to call it a recovery, go ahead. If you do, it’s the worst recovery in the history of this country. So there is an analogy, I think, to Nero here.

Obama’s economic policies are destroying the US economy in order for him to rebuild it in his own socialist image.

Meanwhile, he blames all of this on the Republicans and is throwing them to the lions.

If you have any questions about whether Obama’s policies are destroying the economy, I would call your attention to Obamacare. Obamacare is destroying greatest health care system the world has ever known. If you doubt me that Obama’s policies are destructive, just look at Obamacare. His “signature achievement” is going so well that he has to distract people’s attention away from it with this razzmatazz, rigmarole, gobbledygook today at the White House on extending unemployment benefits.

Bread and circuses.

Only Barack (and a slavish media) could turn his singular failure—the economy—into a campaign for more failure.

And on the heels of a two-week-plus vacation in Hawaii, no less!

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