Obama’s Economy: Jobless Claims Rise Faster Than Expected, Unemployment Claims To 6.1 Million
Things are getting worse:
WASHINGTON – New jobless claims rose more than expected last week, while the number of workers continuing to filing claims for unemployment benefits topped 6.1 million.
Both figures are fresh evidence layoffs persist amid a weak job market that is not expected to rebound anytime soon.
The Labor Department said Thursday that initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week. That was slightly above analysts’ expectations of 635,000.
I wonder when the powers that be are going to realize that keeping taxes on both on the businesses that provide goods and services in our economy and on the people who buy goods and services in our economy in order to fund massive government “stimulus” programs is only exacerbating the problem.
Jobs are being lost and not created right now because America’s businesses are tightening the belts getting ready for the massive new taxes and regulations Obama is promising. Investors aren’t investing because Obama has promised to jack the taxes on investments back up. People aren’t shopping and giving these businesses money because they’re feeling the pinch too.
Obama claimed tax cuts for “95% of Americans,” but in reality that was tax hikes for people already paying the most in taxes and a rather small reduction in withholdings (roughly $60/month for the average family) that amounts to little or nothing.
Put simply, our economy continues to languish instead of expand because Obama is taking all of the money out of the economy and keeping it in the government.
