Thursday, June 09, 2011

More "Unexpected" Bad Unemployment News

At what point does Obama admit things are getting worse not better?

A week ago, we discussed how many times bad economic news during the Obama years was reported with the adjective "unexpected" attached. To those who warned about the danger of Obama's reckless economic and fiscal policies there is nothing unexpected about their failure and the damage they are doing.

But here's a new story running the same line:
U.S. Weekly Jobless Claims Show Unexpected Increase
6/9/2011 8:39 AM ET

(RTTNews) - First time claims for unemployment benefits unexpectedly showed a modest increase in the week ended June 4th, according to a report released by the Labor Department on Thursday, with the data likely to add to recent concerns about the job market.

The report showed that initial jobless claims edged up by 1,000 to 427,000 from the previous week's revised figure of 426,000. The modest increase surprised economists, who had been expecting jobless claims to slip to 418,000 from the 422,000 originally reported for the previous week.
Failure of Obama's Economic Plan

The chart below is full of "unexpected" bad news. It is based on Obama's own unemployment projections (page 4) with or without the Stimulus bill. We should point out that the Congressional Budget Office said that the Stimulus bill would be worse than doing nothing.
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Rats Leaving Sinking Ship

This week we got the announcement that Austan Goolsbee was resinging as Obama's top economic advisor. He had only been in the job for nine months replacing Christina Roemer who also did not last very long. Three other top members of Obama's economic team have also resigned. Michelle Malkin has the story.

Most of these former advisors return to academia from whence they came. You know the old saying "If you can, do. If you can't teach." And I doubt there is much disagreement that Obama's team can't "do."

The emphasis on academics in the Obama economic team is symptomtic of a wider problem: the historic lack of people with business experience in his Administration.

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There is nothing "unexpected" about the failure of left wing academics and theoreticians. Don't say we didn't warn you!

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