Don’t buy the BS in the mainstream crooners that “we in fact have created jobs.” It’s a lie.
In the week ending July 31, the advance figure for seasonally adjusted initial claims was 479,000, an increase of 19,000 from the previous week’s revised figure of 460,000. The 4-week moving average was 458,500, an increase of 5,250 from the previous week’s revised average of 453,250.
This was a deterioration, but the real problem lies within the data. Let’s highlight it.
This is where the media gets the claim “it’s getting better.” The problem with the claim is that it’s a lie, and if you read the entire report, it becomes obvious – they simply ignore the roll-down into “not counted” buckets for the long-term unemployed.
The truth is that the unemployment situation is 17% worse now than it was a year ago, from July 10th to July 17th it deteriorated, and that understates the case, as those who have exhausted the 99 weeks of “benefits” (all but 26 of which are a handout) don’t show up in the EUC 2008 line any more either!
Don’t believe the BS – the facts are right under the nose of those at CNBS and other media outlets, and they’re deliberately refusing to report them.