Modestly Good Unemployment News

Reported by Yahoo:

"The number of new claims for jobless benefits dropped last week to 432,000, the Labor Department said Thursday, down sharply from its late March peak of 674,000. The decline signals that the economy could begin adding a small number of jobs in January, several economists said."

Two things I would like to note: First, this is the lowest number since July, 2008. Next time someone tries to tell you that unemployment is Obama's doing, remind them who was president in July, 2008.

Second, March of this year is about a month and a half after Obama took office, and happens to coincide with the time that the gigantic Bush stock market collapse began to turn around. It took Republicans eight years of corruption and willful mismanagement to create this problem. Democrats are not going to repair the damage in a few months, but let us never forget- it only took them a month and a half to start the healing, and, bit by painful bit, things have started to get better since then.

Comments

Aren't we supposed to be out of the recession by now? They said mid to late 2009. It's way late 2009.

The reason why Obama gets blamed for our current unemployment is because of his reasoning for the stimulus bill. He said that if we passed the stimulus bill, we wouldn't have more than 8% unemployment. By your standards, doesn't that mean he lied?

http://michaelscomments.files.wordpress.com/2009/11/stimulus-vs-unemployment-october-dots.gif

Yep. And you still never gave any evidence or reasoning as to how Bush or the Republicans had anything to do with the collapse.

"it only took them a month and a half to start the healing,"

What actions did they take that gave us this 'healing'? The stimulus money hadn't even been spent yet and they hadn't fixed anything.
Green Eagle said…
The reason Obama gets blamed for the devastated Republican economy, is because conservatives are liars.
Derek said…
"is because conservatives are liars."

I'd like to hear your response as to why Obama lied about unemployment to pass the stimulus bill.
Green Eagle said…
Predicting wrongly, which everyone else did too, is not lying, Derek, as you know full well.

Even those on the inside didn't see the amount of damage the Republicans did to our economy. That may involve serious underestimation of the corruption and incompetence of the Bush Administration, but it does not equal dishonesty.

Now, I am not going to let Obama and others off the hook so easily. Anybody that knows me knows that I have been predicting the likelihood that Republican economic policy would cause a new depression since the Reagan era. If not for the fiscal responsibility of the budget-balancing Bill Clinton, I think it would have come years ago. Thank heaven another Democratic administration was around to keep our economy from going off the cliff. A couple of years of McCain and we would have had 1933 all over again.

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