Lack of job growth is a major problem. The Labor Department said the number of newly laid-off workers filing claims for jobless benefits rose to a seasonally adjusted 531,000 last week, from an upwardly revised 520,000 the previous week. Wall Street economists had expected only a slight increase, according to Thomson Reuters.The phantom recovery taking place is based upon deep deficit spending that continues to reduce the value of the US Dollar. Political payoffs in the hundreds of billions have been made, but that does not seem to be helping anyone outside the inner circle of power.
Economists consider jobless claims a gauge of layoffs and a sign of companies' willingness to hire. _yahoofinance
According to the data, 49 States and the District of Columbia have lost jobs since stimulus was enacted. Only North Dakota has seen net job creation following the February 2009 stimulus. While President Obama claimed the result of his stimulus bill would be the creation of 3.5 million jobs, the Nation has already lost a total of 2.7 million – a difference of 6.2 million jobs. To see how stimulus has failed your state, see the table below. _SourceOh, are there only 50 states in the US? My mistake. I wonder where I heard that 57 number?
No matter. It should be obvious that a consumer-based economy can gain little traction for recovery, when more and more consumers have no income. Those credit card companies have put the squeeze on card holders as well, so consumers are being hit with a double whammy. No income. No credit.
It is asking too much for Obama to rethink his lifelong social and economic philosophy. But it may not be asking too much for voters to rethink their support of Obama. At least, all voters with an IQ above 90.