New unemployment claims hit 26-year high.
By on Dec 11th, 2008 at 9:45 am
New unemployment claims hit 26-year high.
The Labor Department reports this morning show new claims for unemployment benefits hit 573,000 last week, the highest level in 26 years. The number of people continuing to claim jobless benefits also “jumped much more than expected, increasing by 338,000 to 4.4 million. Economists expected a small increase to 4.1 million. … The increase in continuing claims was the largest jump since November 1974.”
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Hey, I just said this on the ThinkFast. :D
Good luck polishing this, Chimpy!
December 11th, 2008 at 9:48 amTruly depressing statistics.
December 11th, 2008 at 9:51 amThe legacy of George Bush will include cursing his name at every utterance.
I hope your proud of yourself shrub. You had the power of the veto and you didn’t use it so yeah, I can blame you for this mess just as easily as I can blame others.
December 11th, 2008 at 9:56 amack – you’re. not enough coffee this morning. sorry people.
December 11th, 2008 at 9:57 amSometimes I wonder if these economic downturns are welcomed by big business as a way of thinning out their ranks. It’s a good excuse to lay off the older, higher-paid employees without getting sued for age discrimination. By getting rid of older employees it also keeps the cost of health insurance plans down.
Am I being too cynical?
December 11th, 2008 at 10:00 amBlimey! 26 years ago I got my first full-time job,in Manhattan, at $4 per hour.
December 11th, 2008 at 10:03 amTHIS IS JUST THE START…….EXPECT MORE AND BIGGER NUMBERS IN THE NEXT 1.5 YEARS.
AT LEAST YOU GOT YOUR “WARS” AND GOT TO FEEL LIKE HEROES AS YOU BLEW WOMEN AND CHILDREN APART….HOPE IT WAS WORTH IT.
December 11th, 2008 at 10:05 amAnd these numbers don’t count professional people, like me, who lost jobs recently but did not apply for unemployment benefits because the highest amount you can collect is paltry and decreases if you make any money any other way such as starting your own business.
December 11th, 2008 at 10:07 ammary ‘Am I being too cynical?”
Rather, big businesses react the same way every time–when the economy goes south the lower level employees become liabilities instead of not assets, whilst the executives’ remain protected and the shareholders risk is minimized at the expense of those who originally helped shareholders make a profit—the employees.
December 11th, 2008 at 10:11 ammary Says:
Sometimes I wonder if these economic downturns are welcomed by big business as a way of thinning out their ranks. It’s a good excuse to lay off the older, higher-paid employees without getting sued for age discrimination. By getting rid of older employees it also keeps the cost of health insurance plans down.
Am I being too cynical?
Not at all. In fact, universal health care would be a great way to ferret out age discrimination.
December 11th, 2008 at 10:23 am5th Estate – I did find this just now:
‘And mass layoffs among older workers as a percentage of the total working population are rising. According to the Labor Department, which defines mass layoffs as job reductions involving more than 50 employees, workers 55 and older accounted for 18.6 percent of the layoffs in 2007, compared with 13.4 percent in 2000.’
December 11th, 2008 at 10:23 amI’m just thankful Cheney & Bush will soon be unemployed…America wouldn’t have survived another 4 years with Satan’s Siblings at the helm.
December 11th, 2008 at 10:24 amAnother thing, when you have an environment that creates more jobs (as usually seen in democratic administrations), you also clamp down on age discrimination. If you’re creating more supply than demand, different groups don’t have to be warring factions (youthful, cheaper new grads vs. older Americans vs. undocumented labor, etc.) fighting and pointing fingers for a tight supply of jobs.
December 11th, 2008 at 10:30 amSo much for the broken window theory that wars create prosperity.
December 11th, 2008 at 10:33 am“Economists expected a small increase to 4.1 million.”
These would be the same unidentified but ever present ‘economists’ who have been underestimated unemployment figures every month for over a year. Maybe they should switch to the telephone-psychic business.
December 11th, 2008 at 10:36 ammary Says: 5th Estate – I did find this just now:
Indeed. I misconstrued that you were suggesting that business downturns may be manufactured to ‘reset’ employee overhead–my mistake.
December 11th, 2008 at 10:47 amBut of course large companies regularly divest themselves of older employees for every reason BUT that fact that they prefer to keep driving wages lower and to reduce the ‘overhead’ of health care contributions. And of course when there is a major downturn its much much easier to get away with it, so yeah it is an ‘opportunity’ for the upper management bean-counters.
The economy is so bad here in Southern Ohio, there are plenty of people who have always worked, and want to work, but there are no jobs. One of the things I do is run a resume service, and the stories I hears are so sad. Thanks, W.
December 11th, 2008 at 10:48 amDamn that Bill Clinton…
December 11th, 2008 at 11:13 amSay… where are our trolls these days?
Troll John Kerry?
Daryll?
Twajie?
We need some reassurance that the economy is just fine.
Where are you guys when we need you?
December 11th, 2008 at 11:18 amralph, I heard that a recent union has been formed called “Brother of Trolls” (BOT)and they may have gone on strike because their pay was reduced to one cent per post. Just rumor, of course.
December 11th, 2008 at 11:26 amralph the wonder llama Says:
Say… where are our trolls these days?
We need some reassurance that the economy is just fine.
Where are you guys when we need you?
December 11th, 2008 at 11:18 am
_______
I don’t know. I’m surprised they’re not here shouting about the latest “good news” about the economy – home foreclosures dropped a whole 7% in November.
Never mind that the reason for this momentary dip is a combination of state moratoriums on foreclosures and huge backlogs at major lenders.
December 11th, 2008 at 11:27 amAny chance we might have a troll reunion one day? I’d relish a day of massive troll whacking with some of the oldies and not goodies such as rogerroger, Mighty Aphrodite, Jason Hendler, goodgolly, et al.
December 11th, 2008 at 11:59 amOther article says Bush Legacy project superimposes Bush as MLK.
Can I assume that this will be included in the Legacy Project talking points ?
December 11th, 2008 at 12:12 pmmary Says:
workers 55 and older accounted for 18.6 percent of the layoffs in 2007, compared with 13.4 percent in 2000.’
What is more, those percentages do not show the story in its worst light: that is % of the layoffs, but how MANY were there in 2000 and how MANY in 2007. The percentage is actually the softer way of reporting this figure. Its a kind of spin.
December 11th, 2008 at 12:13 pmPatrioticLiberalChristian Says:
Any chance we might have a troll reunion one day? I’d relish a day of massive troll whacking with some of the oldies and not goodies such as rogerroger, Mighty Aphrodite, Jason Hendler, goodgolly, et al.
That would be fun, however do we HAVE to invite Mighty Aphrodite? It was SOOOOOO useless….. You forgot one of my personal favorites, I-Right-I.
Could we frame it as a “blogger-cage-match”?
December 11th, 2008 at 12:15 pmZooey Says:
Hey, I just said this on the ThinkFast. :D
Good luck polishing this, Chimpy!
My exact words.
December 11th, 2008 at 1:44 pmXisithrus Says:
So much for the broken window theory that wars create prosperity.
I always thought this concept was wicked. More ugliness from the repugs.
December 11th, 2008 at 1:49 pmThings must have been really bad in 1974 (Nixon/Ford), because that would have been a much higher % of the population. Carter has a reputation today of presiding over a bad economy, but his job growth rate was better than Ford or Reagan. Also his deficit. I was doing great under Carter. I had plenty of disposable income.
December 11th, 2008 at 7:00 pmCould we frame it as a “blogger-cage-match”? araç sorgulama
March 18th, 2009 at 5:22 am