This week I heard several news reports that stressed that new unemployment claims had dropped by 24,000. What they left off, quite intentionally I’m sure, is that the figure had dropped only relative to the previous week’s figure.
In other words, new claims for unemployment were 601,000. But that is the “adjusted” figure. It is only by using adjusted figures that there was a “drop”, incidentally. Using unadjusted figures there was an increase of 76,312.
The number of people on unemployment rose again. There are more than twice as many people drawing money now than there were one year ago. And that is only the ones drawing checks.
How’s that hope holding up?
The media spin is quite amazing is it not? When unemployment edged towards 5% under Bush, the media would have had us believe it was the worst economic crisis since the Great Depression and that blocks long soup lines were on the brink of becoming reality. Now unemployment is over 9%, worse than Obama’s projection if there had been no Porkulus bill passed, and look in at the spin. ’150,000 jobs saved’ while 20,000,000 have lost their jobs, ‘unemployment not as bad as expected’ etc ad nauseum.
Meant 2,000,000. Got carried away with my zeroes.
Meant 2,000,000. Got carried away with my zeroes.
Well, don’t worry. At the rate we are going the 20,000,000 figure will actually be a bit of prophecy on your part.