Posts Tagged ‘unemployment’

Roughly 1 million people in the U.S. were unable to find work after exhausting their unemployment benefits over the past year, Labor Department data released Thursday suggest.

Economists said the back-of-the-envelope calculation is yet another sign that the labor market remains weak.

About 8.2 million idled workers were receiving unemployment benefits as of the week ended April 9, the Labor Department said in its weekly jobless claims report. This compares with about 10.5 million individuals at the same time last year, resulting in a decline of roughly 2.3 million people.

The federal government estimates that the economy created 1.3 million jobs during the 12 months ended in March.

“That leaves, roughly speaking, about 1 million people who have exhausted their unemployment benefits and have very likely not yet found a job,” said Joshua Shapiro, chief U.S. economist at MFR Inc. in New York.

But Nicholas Tenev of Barclays Capital said a precise figure is hard to calculate. He estimated the labor force has shrunk by 638,000 since March of last year, largely because of a demographic shift as baby boomers retire.

“While we don’t have an estimate of our own of how many people have exhausted all their benefits and are unable to find work, 1 million sounds high to me,” Tenev said.


This goes along with things I have been saying for months. The economy isn’t’ getting better, the jobs being created are low paying, minimum wage opportunites which aren’t necessarily paying these peoples bills.


Predident Obama is the worst and weakest president America has ever seen. He’s weak on economic policy. For $1 trillion he promised unemployment would not exceed 8%. After spending “stimulus” money on Democratic special interests unemployment exceeded 10% and has only declined because so many of the unemployed are giving up and dropping out of the labor force. Real under and unemployment has ballooned under Obama’s guidance to over 17%, approaching levels last seen during the Great Depression. Obama doesn’t have a clue. He thinks the way to stimulate economic and job growth is to increase taxes, increase regulations, dispense unemployment ad nauseum, and threaten business. He thinks he can increase employment by chasing employers away. He thinks he can increase employment with foolhardy, job killing health care and carbon trading bills. Obama is a fool. He will should replaced for his incompetence in 2012.

Following his State of the Union address, President Barack Obama has turned his attention to job creation. Here are some facets of his administration’s plan:

  • Everyone permitted one fake college degree per resumé
  • Phasing out second interviews so all three top candidates get hired
  • For one day a week, factories may adopt the wage and safety laws of a Southeast Asian country of the owner’s choice
  • Grants to youngsters who are gifted at mining
  • Government program to train unemployed factory workers to weld 500 joints a minute so they stay competitive with robots
  • Offer generous early retirement packages to workers who are extremely good at their jobs, thereby creating four to five new positions for incompetent morons
  • Obama to talk to nation’s brothers-in-law one at a time to see if they can make a little something happen at their big-time landscaping businesses
  • Upping education spending to help ensure that Americans’ English communication skills are on par with India’s and China’s by 2018

From The Onion

Depression and mass unemployment are not caused by the free market, but by government interference in the economy.

– Ludwig von Mises (1881-1973) Economist and social philosopher, escaped from NAZI Germany