Weekly jobless claims up more than expected (7/23/09)

AP ^

[truthandlife]

The number of newly laid-off workers seeking jobless benefits rose last week, though the government said its report again was distorted by the timing of auto plant shutdowns.

Unemployment insurance claims have declined steadily since the spring, but most private economists and the Federal Reserve expect jobs to remain scarce and the unemployment rate to top 10 percent by year-end.

The Labor Department said Thursday that its tally of initial claims for unemployment insurance rose by 30,000 to a seasonally adjusted 554,000. That was above analysts’ estimates of 550,000.

But the number of people on emergency extended state and federal programs continued to rise. Unemployment insurance recipients can receive up to 53 weeks of additional benefits from the emergency programs, on top of the 26 weeks typically provided by the states.

When the extended benefit rolls are included, more than 9.1 million people received jobless benefits for the week of July 4, the latest data available.

The recession, which started in December 2007 and is the longest since World War II, has eliminated a net total of 6.5 million jobs. The unemployment rate in June rose to 9.5 percent, a 26-year high.

More job cuts were announced this week, many by major airlines.

[George from New England]

Motto:

Get a government job — the printing presses are being warmed up as I write to print the cash for the govt only payrolls. When the taxes all stop coming in that presses are the only option.

[SeattleBruce]

“though the government said its report again was distorted”
+++++++++++++++++++++

Yeah right. They’ve always got some excuse; and if not an excuse, a bald-faced lie.

[SeattleBruce]

Get a government job — the printing presses are being warmed up as I write to print the cash for the govt only payrolls. When the taxes all stop coming in that presses are the only option.
+++++++++++++

How long can that Ponzi scheme last?

[SeattleBruce]

Republican as President - “Unemployment skyrocketing.”
Democrat as President - “Unemployment more than expected.”

Ann Coulter proven right yet again.
+++++++++++++++++++

The bigots in the press.

[unixfox]

How long can that Ponzi scheme last?

Hey, Social Security is still around, you do the math.

[SeattleBruce]

—More job cuts were announced this week, many by major airlines.

—Has Obama told executives not to travel again?
++++++++++++

Except for himself..of course.

[ScottinVA]

“This must be those green shoots he promised.”

Green shoots = poison ivy.

[George from New England]

sorry forget the sarcasm tag

[dearolddad]

...but they rescued the economy!

Midget Rham is as full of shit as an outhouse.

[SeattleBruce]

--How long can that Ponzi scheme last?

--Hey, Social Security is still around, you do the math.
+++++++++++++++++++++++

We have, and it's not pretty. How long can we/they keep the Ponzi scheme going?

[sportutegrl]

AP’s headline spinner is broken. Or maybe they stopped using it.

[SeattleBruce]

sorry forget the sarcasm tag
+++++++++++++

Sarcasm aside for a moment, that *is* probably what they’ll try to pawn off on us...some kind of phony recovery by printing money...any economist will tell you, that printing endless money will bring money inflation - too many dollars chasing too few goods...

And of course, gubmint jobs produce NOTHING - so even fewer US goods than we already were producing...more imports...higher trade deficits...

It all looks bad - and they’re trying to tell us night is day...schmucks...

[SeattleBruce]

--How long can that Ponzi scheme last?

**Hey, Social Security is still around, you do the math.

--We have, and it's not pretty. How long can we/they keep the Ponzi scheme going?
++++++++++++++

[qam1]

Republican as President - Unemployment ~5% - Dow ~12,000 -—> Worst economy since Hebert Hoover

Democrat as President - Unemployment nearing 10% - Dow ~8500 -—> Well it’s a jobless recovery

[Ev Reeman]

And at this rate just how long do you think THAT will last...

[grumpygresh]

Scott
Those green shoots will soon be Soylent Green shoots when they get to rationing care to the elderly.

[GOPJ]

But, but, but Barney Frank and friends are telling us housing is recovering... I wonder if the unemployed are buying or those who think they might lose their jobs in the next six months?

[M203M4]

Our brilliant leaders are looking for new places to build a bubble economy upon. Candidates include along the rim of a volcano, atop a frozen sewage pond, or the upon precipice of a glacier. Build up a boom, and hopefully the bust will fall during the next watch. Provide the perverse incentives (i.e. dissuade saving, but persuade spending selves into perpetual debt), socially engineer at the margins (income tax games, regulatory games, PPP games), and otherwise leverage minimal government effort to produce the results in government and private industry needed. A novel toxic permutation of debtor+ponzi (Keynesian) economics every time.

Credit the glorious X-year plan on the way up, blame freedom on the way down. The next Y-year plan is more comprehensive, and future "afforded" freedoms are further curtailed (because obviously if pesky things like individual initiative were not present, the plans of genius social engineers and other Masters of the Universe would be executed flawlessly). Repeat.

The happy, smiley path to fascism that America has been following since 1913. 2008-2009 was only the latest iteration. Cripple enough economic freedoms and "utopia" can be properly engineered by Really Impressive Prodigiously Learned Ingenious Busybodies Endowed with Respected Titles and Irrefutably Efficacious Schemes.

[Pride in the USA]

Didn’t Obamanation say last night in his speech that his administration had “brought the economy back from the brink?” It sounds more like it is still collapsing to me.

[ilgipper]

I walked into my client's small business yesterday afternoon shortly after closing and got in on the back end of a "come to jesus" business meeting. Pretty much from what I gathered, all 22 of his employees were there.

He said that his CPA and his partner have decided to let four (4) employees go if his taxes for his business (not personal) or healthcare costs go up. The 5.4% rise for millionares would seriously affect his business if implemented. He said that those employees will have the choice of either healthcare only in lieu of a paycheck, paycheck only with no healthcare, or hit the door.

This guy's newest employee has been with him for only ten years.

This response was posted on a duplicate thread, but I wanted to continue this conversation. Many on this board are business owners or executives. I think it is critical in this country that businesses, especially small businesses, need to educate their employees on these issues. Employees must understand the structure of FICA taxation, of the cost of benefits including medical are part of the overall comp package and the cost to the company for each. Too many get their paycheck and do not realize that cost to the employer is likely upwards of 150% of their gross take home pay.

Employees need to get that higher taxes and higher health employment costs will lead to job cuts. It is a simple economic reality, but most workers in America do not really get how the system is set up.