The Obama administration is painting a rosy picture of the economy. Of course, next year is an election year. What did you expect?
Gas prices are rising because the dollar is weak--a result of the cooperation between the Obama administrations Timothy Geithner and the Federal Reserve flooding the economy with currency. Unemployment, despite claims hasn't decreased. More Americans are finding their benefits have expired and there still isn't work for them. The Wall Street Journal reports:
Roughly one million people were unable to find work after exhausting their unemployment benefits over the past year, new data released Thursday by the Labor Department suggests.
The back-of-the-envelope datapoint is yet another sign that the labor market remains weak, economists said.
About 8.2 million idled workers were receiving unemployment benefits as of the week ended April 9, the Labor Department said in its weekly jobless claims report. That compares to about 10.5 million individuals at the same time last year, a decline of roughly 2.3 million people.
Since the federal government estimates that the economy created 1.3 million jobs during the 12 months ended in March, economists said that slightly less people probably fell through the cracks and couldn’t find employment.
“That leaves, roughly speaking, about one million people who have exhausted their unemployment benefits and have very likely not yet found a job,” said Joshua Shapiro, chief U.S. economist at MFR Inc. in New York.
