The increase in weekly unemployment applications as reported on January 8, 2011, rose to 445,000.
This comes after unemployment insurance applications had fallen to their lowest levels in two years over the winter holidays.
There was a lot of holiday work available.
Now that the holidays are over, the axe falls.
Government statistics are a farce.
Look at the real reason why, in that face of increasing unemployment, the unemployment rate fell from 9.8% in November to “just” 9.4% in December. It was the biggest monthly drop in unemployment since the dawn of employment.
But the drop didn’t happen because people found new jobs. Rather, people fell off the unemployment check gravy train. They had used up their 99 weeks of benefits and were re-categorized. They’re now counted as “discouraged and no longer looking for work” rather than unemployed.
President Obama hailed the drop in the misleading unemployment rate as a “clear” trend of job growth, and called on businesses to boost investment. Instead, he should have commiserated with those who are no longer eligible to receive their unemployment checks!
Obama’s “clear” trend of job growth? The only trend was people losing their unemployment insurance because they had been out of work for so long.
Here’s an idea… Why not send the unemployed folks who still have benefits and who are ill to Obama’s death panels? That would be best from a budgetary standpoint and would further reduce the unemployment rate.
Meanwhile, major U.S. corporations continue to export American jobs overseas—which is the cause of American unemployment.