Today, jobless claims rose to 500,000, an unexpected rise and the highest number since mid-November of 2009. Analysts had predicted the rate would go down to 476,000 claims. Last week jobless claims were 484,000, which have now been adjusted to a higher 488,000.
The four week average of jobless claims rose 8,000 to 482,500, the highest since early December of 2009.
Meanwhile President Barack Obama, fresh from his sixth vacation this year, has been touring the country raising money for Democrat candidates for November’s mid-term elections. On Tuesday August 17, 2010 the President spoke at a fundraiser in Seattle, Washington for Democrat senatorial candidate Patty Murray. Among Mr. Obama’s comments were, according to the Seattle Times, “it’s is going to take a few years to fully dig ourselves out of this recession. It’s going to take time to bring back 8 million jobs, anybody who tells you otherwise is just looking for your vote.”
Mr. Obama’s comments reflect the current Democrat talking points going into the mid-term elections that will determine the control of Congress. For the past four years, Congress has remained firmly in Democrat Party control, with both houses boasting super-majorities. This unique control of the Congress by the Democrat Party has allowed President Obama a luxury few presidents have had; the ability to create and pass new legislation into law without Republican opposition or interference.
The talking points of the past 18 months, when the “Stimulus Bill,” the budget, healthcare, financial reform, unemployment extensions, and Nancy Pelosi’s Gulfstream jet were going through the legislative process, reflected Mr. Obama’s opinion that all would improve after passage of the obscenely monstrous debt and borrowing on the backs on the American Taxpayer. Mr. Obama and Democrat Congressional Leaders parroted their Central Committee talking points, one of which was unemployment would not rise above 8%. The unemployment rate has remained since then either at 9.5% or higher, with jobless claims rising and all other indications that the economy is grinding to a halt…yet again.
Now Mr. Obama tells the American People that it will take years to get out of this recession in an effort to justify his spectacularly failed policies. Mr. Obama and his central committee of Czars and advisors should brush up on recent U.S. History. The recessions of the 1970’s and 1980’s under Presidents Carter and Reagan, respectively lasted approximately 16 months each. The recession under George W. Bush lasted 8 months. The Great Depression last 3.5 years. The United States is already 2.5 years into this recession. Mr. Obama, instead of moving the economy towards growth and recovery, seems to be striving to equal or surpass the length of the Great Depression, something he finally appears to be successful in achieving.