So many American workers on jobless benefits that it may do US in
By Noble Johns
WASHINGTON (BNW) – I have analyzed this thing with the economy, and like most people involved in it, I want to know what is the ‘End Game?’ In other words: where will it all end?
I have never seen people in such bad financial shape in America, in my life time, and the government when it can't barrow money it needs, it just can't keep printing it to give credit to the very people who have fucked the credit system in the first place. Is that insane or what?
America cannot compete with the world economy today because all other industrialized nations are evenly equipped technologically. The economic advantage and privilege the US enjoyed over the past fifty years were squandered, because the government didn’t build on its successes in research and development, and as a result, most country’s work forces can out work the US's fat and lazy labor force, hands down for less money.
The number of U.S. workers drawing state unemployment benefits scaled another record high early this month, according to government data on Thursday that highlighted the difficulties of getting new jobs in the recession-hit economy. These jobs will never come back, and the US labor force is too dumb to learn how to compete for the jobs in the future. And, American educators don't have a clue about what to teach.
However, the number of people filing new claims for jobless benefits fell to a seasonally adjusted 646,000 in the week ended March 14, the Labor Department announced, still at levels consistent with a distressed labor market. The prior week's number was revised up to 658,000 from 654,000, and that ain't the bad news; the bad news about America's unemployment rate is that it's deceiving, in that the numbers only represent those people who have been recently fired from their job, not the 10's of millions who have been fired in the past three years and are still unemployed. They just stopped looking!
The situation seems to be apocalyptic in the biblical sense; the world’s economies are in ruins mainly because of the greed of certain people in the US, who should have been in jail a long time ago. But, are getting bonuses for their failure..
How bigger fool can you get?
"The data continues to show a tough labor market," said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates in Toronto.
"Overall the data corroborates that the Fed needs to be more aggressive, which is what they're doing," he said.
The U.S. dollar pared losses against the euro, while government bond prices edged up after the data.
The Federal Reserve on Wednesday announced that it would buy up to $300 billion worth of long-term U.S. Treasuries to lower interest rates and help revive an economy now in its 15th month of recession. China has made statements about the US ability to pay back trillions in loans to them, "if America is just going to print money, what is going to happen to the money they owe us?" Some Chinese officials said.
The number of people staying on the benefits roll after drawing an initial week of aid surged 185,000 to 5.47 million in the week ended March 7, the latest week for which the data is available, from 5.29 million the previous week.
This was the highest on record and pushed the insured unemployment rate, the percentage of U.S. workers getting jobless benefits, to 4.1 percent from 3.9 percent the week before, the highest since June 1983.
Some analysts had estimated the so-called continued claiming and would be 15.33 million.
"From a longer term perspective what concerns me about the U.S. economy ... (is) the grinding nature of this slowdown and how slow moving the effects of the financial crisis are proving to be," said T.J. Marta, founder and market strategist at Marta on the Markets, in Scotch Plains, New Jersey
"The job market downturn will last longer than any other job downturn in recent history."
Companies are responding to the severe downturn in demand that is squeezing their profit margins by cutting jobs, exacerbating the burden of households already staggering from a rapid decline net worth.
Since the recession started in December 2007, over 4 million jobs have been lost. The unemployment rate is at 8.1 percent, the highest level in 25 years.
The four-week moving average for new claims, considered to be a better gauge of underlying trends as it irons out week-to-week volatility, rose to 654,750, the highest since October 1982, from 651,000 in the week ended March 7.
All-in-all, the ‘Dooms Day’ Prophecy for the Earth, the Mayan Prophecy, of 2012, and the prophecies of Revelation in the Bible that the world is coming to an end, maybe true. … All converging into a perfect storm that will consume US all because of the greed and selfish of America.
That Dooms Day stuff may or may not be true, but if you don't find a job soon, your ass is coming to an END!