32-million unemployed a year is good?
Interesting report on new jobless claims. They “fell” to 631,000 new jobless claims this week from 645,000 last week. The way I figure it, that’s 32-million people unemployed in a year. That is not good.
This doesn’t include the underemployed with M.B.A.s delivering pizza, flipping burgers and those who say they are small business owners while they are actually applying for jobs.
The U.S. Bureau of Labor Statistics is out of touch. Here’s what they estimate, “About 2.1 million persons were marginally attached to the labor force in March, 754,000 more than a year earlier.”
“Marginally attached,” a great euphemism for under employed.
The BLS estimates each employed person is bringing in $600 per week. Tell that to those M.B.A. burger flippers. Looking at the figure, the U.S. is losing a quadrillion – that’s the number after trillion – a year in wages from unemployment. Think of the lost tax revenue on that!
Anyone claiming we’re in a recession rather than a depression is nuts. There were two economic stimulus packages that failed in the 1930s. We’re in the same case today. Did that 2008 stimulus check do any good? Has that trillion dollars Obama pushed through done anything?
For those who don’t know, I have predicted President Barack Obama will be a one term president. These numbers are the reason. No stimulus package will work. The U.S. is on its way to not existing.