Dec 03 2009
Jobs Summit Day: 2.4 Million New People On Emergency Unemployment Compensation
The Obama administration is going to put on a show today for America. It is going to attempt to convince us that they are doing something about the abysmal jobs situation. It will be nothing but theatre and stage craft.
Since the liberal stimulus bill was passed in February 2009, the Unemployment and Underemployment situation in the country has grown worse and worse. As of October the unemployment rate (U3) hit 10.2% and the underemployment rate (U6) hit a staggering 17.5%:
But that is not the complete picture. One area the news media ignores are the expanding ranks of Americans clinging to the last life line for the critically unemployed – the Emergency Unemployment Compensation (EUC) benefits. The data on this program are never produced on a monthly basis, they are only reported in the weekly unemployment rates from DoL, which I have been tracking for some time now.
This week we see another sharp rise in the EUC, which is a strong indication the November unemployment numbers are going to jump again.
Since the stimulus bill was passed 2.4 million Americans have had to take financial sanctuary in the EUC. Just under 4 million Americans are now on EUC – a historically high number I suspect.
Access to the EUC only comes after the all the normal unemployment benefits have run their course. This statistic makes clear the economy is not creating jobs (or else this pool of out of work workers would be shrinking, not growing). The EUC has seen a 163% increase since Feb of 2009.
The stage craft being put on today by the White House is meant to hide the real data on jobs. It is meant to divert America from the real economic disaster which still continues to spread across the land.
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Obama has a real problem. Maybe three real problems.
1. His stimulus package didn’t work and the US economy is about to really go off a cliff. Yet, ideologically he cannot change his policies without losing his base. In a sense, George Bush and John McCain posioned the well on this by starting the bailouts but Obama is going to get blamed for this.
2. His environmental policy is failing, though this is actually not his fault. As the Warmist are revealed as liars it makes the Republican position more appealing to voters. Once again, he cannot abandon this position without losing his base who still believe it even though it is a lie.
3. I agree with you A.J that Obama has, at least for now done the right thing in Afganistan. He was a little late doing it but he stepped up and did make the right decision. But doing the right thing as also alianated him from his base while not gaining him measurable support from the other side.
These three areas asre a problem because because it means that he is losing his base and cannot reach out to his opponants.
He’s cooked. Or at least I think so
Fai Mao:
good assessment. but a little discussion is in order.
1. there is a difference in the bail out of the banks, etc that Bush did and the “stimulus” plan. the bail out was to save several bank failures. The stimulus was Obama’s master plan to stimulate the economy, it never had a chance to succeed whereas Bush’s plan to save the banks did work. quite a difference. Obama should shoulder the blame, it’s his strategy he’s following and it’s completely wrong.
2.His environmental policy is failing because it’s wrong. it’s his policy. why isn’t it his fault it’s failing? Is the object of the environmental policy to ‘do what’s right’ or ‘satisfy your base’?
If your base is wrong and you work to and succeed in satisfying them, it’s not gonna turn out good.
3. Done the right thing in Afghanistan? Telling the enemy you’re surrendering in July 2011 and they can begin their surge then, is the right thing? I don’t really agree with that.
These three areas are a problem because because it means that he is losing his base and cannot reach out to his opponants.
I think he should consider his ‘base’ to be the American people and should reach out to them by ‘doing the right thing’ I don’t think anyone ever seriously loses by doing the right thing.
He’s cooked. Or at least I think so
he was cooked from the day he began the pursuit of socialism.