Unemployment claims are up again. For the week of August 20th, 2011, first time claims for unemployment were 417,000. Seasonally adjusted, of course.
On top of this the previous week’s initially reported claims of 408,000 were revised upward to 412,000. This has been a pattern. It seems most weeks the initial numbers get revised to a worse state than initially reported.
How this economy is still surviving with numbers like this is a miracle! We are on pace, at 400,000 new unemployed each week, to have put 20.8 million Americans out of work at some point this year alone. And Washington has destroyed so many of these jobs through bad policy both political and financial.
While not all these workers will not be unemployed for months an even years, that is still a horrible track record. We should all be ashamed of it.
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