Thursday, August 12, 2010

Unemployment Claims are Again on the Rise

Stocks are tanking, new applications for jobless benefits are on the rise, hiring remains weak and it appears employers may return to staffing cuts. Given all this, plus the rapid decline in consumer confidence, why was Jim Kramer on The Today Show this morning saying that companies are not poised to layoff anymore workers? I know the guys is on NBC, but is he totally delusional? 

I suppose he is no more delusional than Obama, who told us the government could spend and tax us out of the recession. I think the American people would have swallowed the giant stimulus bill, but when he piled on with the enormous costs of Obamacare, no one save his blind followers believed he was interested in economic recovery. Everyone knew his aim was to reshape America into his ideal no matter what the economic cost. 

Unfortunately, we cannot turn back to November of 2008, but I hope we will never be lulled into repeating it. As Ajami eloquently states, "There is a widespread sense of unstated embarrassment that a political majority, if only for a moment, fell for the promise of an untested redeemer—a belief alien to the temperament of this so practical and sober a nation."

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