A failed economic experiment
Further proof that the Obama Porkulus bill is a failure.
From Strata-Sphere.com
There is good reason to be concerned that the economy is not even close to turning around yet. I found this disturbing chart showing the Oregon and Michigan unemployment for May (which are the two highest in the nation at a shocking 12.4% and 14.1%, respectively). Not only did the levels send a shiver through me, so did the ‘trajectory’, the path the numbers are on.
They look like a rocket launch. There is no turn around in sight. Even if the descent slowed, it is still climbing- and damn fast. There is another heart wrenching chart here for Michigan, which is clearly has a stagnant work force level as its unemployment rate climbs. Ohio jumped from 10.2% to 10.8% from April to May. New York State rose from 7.7% to 8.2%. Pennsylvania went from 7.8% to 8.2%. California has not announced yet, but it should be a shocker (given their incredible state budget woes). Florida should also report a large leap given the weekly unemployment claim numbers from the Department of Labor (scroll to the bottom).
Initial claims (newly unemployed) are still at a staggering 608,000 a month. This is down only 1% from the peak job shedding months, so we still have a ways to go. As this article notes, the problem in the unemployment claims numbers is we have been at this so long benefits are running out. So those who began 26+ weeks ago are dropping off the rolls while new claims keep crashing in:
Read the rest.
