Jobless Claims in US Soar by 25,000 to 471,000, Largest Increase in Three Months
Thursday, May 20th, 2010
I'm not sure why mainstream media outlets continue on with the stupid comment that it is "unexpected," every time there is negative economic news comes, with the most recent being the rise in unemployment claims in the U.S. by 25,000.
The problem seems to be the mainstream media is starting to believe their own hype that there is an economic recovery, when it fact there is very little to suggest there's been a rebound, and carefully selecting and massaging certain data is the only way you can come to that conclusion.
If there wasn't the once-in-every-ten-years hiring of census workers, the numbers would be even more devastating. Wait till they hit the unemployment lines, if any of them work long enough to qualify for it.
This is one reason we've been having so many ups and downs in the share prices of stocks lately, as the Obama-backing mainstream media reports in such a slanted manner as to make it look like everything is going fine, with only a few bumps along the road to economic recovery.
They do this because they can't stand to see their man look bad, even if it causes them to report in such a way that can cost people a lot of money, because they assume the information is accurate and includes a balanced viewpoint.
We can't trust that to be the case anymore, and need to look at the numbers ourselves, and neglect words that are endlessly added to their reporting like unexpected.
They use this in order to make it look like what is happening is an economic anomaly, rather than the way things really are.
The truth is, with the European debt crisis, China inflation, and regulation of banks which could end up hurting more than helping, there is little to celebrate, and we should be very cautious about the over-optimistic reporting of the mainstream media, which overall refuses to say the outrageous spending and bailouts by Obama and the Democrats has been a complete failure, and done nothing to change the economic circumstances in America.
Government can never add anything to business except to limit its size, cut taxes and get out of the way. That's the story mainstream media is trying to hide, but it's no longer working because of the Internet, and that's the best economic news to come along in a long time.
Article by Gary B
The views expressed are the subjective opinion of the article's author and not of FinancialAdvisory.com
Tags: banking regulation , china inflation , debt crisis , jobs , unemployment , us economy
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