The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

439,000 new jobless claims, media spins it as positive news (again)

Posted by iusbvision on April 1, 2010

I love how they say “the unexpected amount of job claims” – this blog, as well as so many other blogs like HotAir have reported that since the Stimulus Bill passed, the elite media puts the word “unexpected” in front of almost every piece of bad news there is, even when the trends and numbers actually show that such bad news was not unexpected at all.

Look at the language they use, it’s the same language and spin almost all of the elite media has used over and over again.

The job losses are slowing and companies retain staff…. LOL.  Wait if job losses are still growing – they are not retaining staff, what we are talking about here is a miniscule drop in the losses in what has been up to half a million jobs lost a month going back for over a year. Eventually the job losses l;lessen as the economy start to bottom out as happens in every recession/depression providing there are no more shocks to the economy and regulatory environment like ObamaCare, Cap & trade etc etc.  See links 1, 2, 3.

Housing down month after month, consumer and investor confidence dropping month after month and continuing to drop as we and so many other have reported. If Bush were president how would these articles be worded?

They always follow it up with an economist telling us how the recovery is great and things will get better really soon. The problem with economists is that most of them are political whores; meaning that they will say what their party or conventional wisdom or “consensus” tells them to say. This is why most economists and most government projections are not only wrong, but not even close. While the bad science in economics is not as bad as what we have seen in the climate community as of late, it is still pretty bad.

All of my economics training both here at IUSB and what I have studied on my own says that this will be an extended double dip recession/depression. I say depression because the formula and methodology the government uses to calculate GDP is so easily manipulated that it means very little.

Mini update – Bloomberg says that companies “unexpectedly” cut payrolls… – LINK.

Editor’s Note: It is not that we are laughing and taking delight in the bad economic news, it is that the reporting of it is so ridiculous now that aside from reporting it, laughing at it is all that can be done. We are intensely aware of the suffering that has resulted form the current economic circumstances and we are very aware that government is still making the situation worse. 

Bloomberg:

April 1 (Bloomberg) — Fewer Americans filed claims for jobless benefits last week, bringing the average over the past month to the lowest level since 2008, as the economic recovery prompted companies to retain staff.

Initial jobless applications declined by 6,000 to 439,000 in the week ended March 27, in line with the median forecast of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance was little changed, while those getting extended benefits rose.

[Note – Initial jobless claims is defined as:

Weekly initial jobless claims is the actual number of people who have filed for Unemployment benefits for the first time. Following five (5) eligibility criteria must be met in order to file for unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own (cannot be fired). 3. Must be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work. – Editor]

Employers are slowing job cuts, a sign of confidence, as the U.S. emerges from the worst recession since the 1930s. Sustained employment gains are needed to boost consumer spending, which accounts for about 70 percent of the economy.

“We are turning a corner in the labor market,” said Julia Coronado, a senior U.S. economist at BNP Paribas in New York, who had forecast a decline in the weekly jobless claims. “Businesses are gradually starting to have more confidence in the recovery.”

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