Thursday, June 10, 2010

Desperate for good economic news

The administration continues to desperately spin any economic news as good news.

The latest?
The tally of laid-off workers continuing to claim jobless benefits fell by the largest amount in almost a year and new claims for unemployment insurance also dipped slightly for the third straight week.

The fact behind this "improvement"?
Some of those recipients may have exhausted the 26 weeks of benefits customarily provided by most states. A Labor Department analyst said state agencies didn't provide any explanation for the drop.

More and more people are suffering through extended periods of unemployment. Therefore, they are exhausting their unemployment benefits, and will soon be transitioning to other forms of public support, if available. They are not leaving the unemployment roles for permanent private sector jobs.

Yes, they will no longer be collecting unemployment benefits. Yes, Obama can brag that the unemployment roles are shrinking. But, that's not good news. In fact, it indicates that there is further and extended economic hardship ahead for more Americans.

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