Claims for U.S. jobless benefits jumped to the highest level since last year. This shows that no progress has been made putting Americans back to work- in fact employment is increasing – and rapidly.
This is a result of federal stimulus TARP money is wasted on large corporations and foreign banks along with sending American jobs offshore.
The chart shows that unemployment claims shot up by 12,000 to 500,000 in the week ended Aug. 14, according to the Labor Department figures.
In addition the economic indicators of the the Federal Reserve Bank turned negative in August, signaling economic contraction.
“There’s a red flag being waved right now that says ‘Danger,'” said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “Growth is going to slow in the second half and we might face something a little more ominous than that.”
It looks as though it is going to be a lot more “ominous than that.”
As a bonus for their poor performance and growing private-sector unemployment, federal workers now earn double that of people in the private sector.
Federal workers have been awarded bigger average pay and benefit increases than private employees for nine years in a row.
The compensation gap between federal and private workers has doubled in the past decade.
Federal civil servants earned average pay and benefits of $123,049 in 2009 while private workers made $61,051 in total compensation, according to the Bureau of Economic Analysis.
The average federal salary has grown 33% faster than inflation since 2000. Federal compensation has grown 36.9% since 2000 after adjusting for inflation, compared with 8.8% for private workers.
The rape and pillage of our federal government and the sending American jobs offshore by agencies such as USAID is rapidly destroying the U.S. economy.