The USA is losing its tax base. To begin, just because the jobless CLAIM rate might be slowing doesn't mean that is optimistic news.
Just like the number of bankruptcies might be slowing doesn't mean there is an economic recovery on the way. There are just so many people that are going to lose their homes and there will be finite bankrupcies filed. Same thing with unemployment claims. There will be finite workers in the USA that will lose their jobs, but, that doesn't mean a 'topping' off of the unemployment rate is an indication of a recovery.
People are entering unemployment and NOT finding new jobs, not only that, but most states allow any claimant to decide to pay federal and state taxes or not. That really should not be an option unless the amount received on unemployment automatically places the claimant below any tax level. The federal guidelines for extension of benefits need to include automatic deductions of umemployment income.
But, for a word of assurance and why the stimulus package is so important.
The witnessing of the loss of OLD WORLD USA is an interesting phenomena from my stand point. More men than women are losing jobs and families are finding out that women actually are paid less then men. But, that is nearly besides the point. It is where the job losses are occurring and why they are occurring is a focus of interest.
The USA has been an economy built around manufacturing that eventually lead to a service economy. The manufacturing has growly been lost in the USA and needs to return, however, American consumers have been very moral folks for the most part, deciding to favor 'environmental' vigilance over abuses. Until this past administration, the USA has always had a conscience when it comes to children and child labor and environmental safety for citizens while insuring the future for our children and grandchildren.
The RETURN of the sanity of the USA after so many years of poorly conceived and wrongly deployed Republican priorities means there is going to be a gross deterioration of jobs, especially in areas where abuses have occurred. The housing circumstances of the country is primarily what is blamed for the economic depression of the country, but, more over, it is the conscience of the people that have come to a pinnacle.
By electing a President with as much hope and desire for change in the USA as the majority of the country has, we have decided to change our futures and the hope of our children. The economic stimulus package focuses heavily on new energy venues, a brand new electric grid to accommodate the demands of electric cars and environmental stewardship including new venues of personal transportation. All that is vital to surviving the ravages of Climate Change and bring hope for our future and the beauty of the natural world we long to leave our children.
To make a long statement short, we are TRANSITIONING, and the stimulus package put together by President Obama is exactly the focus the country has demanded and longed for, we deserve a NEW START and the stimulus bill before the House and Senate facilitate it. It will create jobs and return income to the nation's treasury.
I rarely get political from the stand point of asking people to 'act' to insure a political focus, but, today I am asking that anyone caring about these issues write and encourage others to write to their US House and Senate representatives to pass the bill and begin to recover the USA for the hope of its future and that of our children. It is the right thing to do and we all need to be involved.
Job seekers queue to speak with prospective employers at a job fair in Chicago
Initial Claims More of the Same (click here)
Last Update: 12-Feb-09 08:50 ET
Initial claims for the week ending Feb. 7 dipped 8,000 to 623,000, but remain at 26-year highs. The four-week moving average jumped to 607,500 from 583,500. Continuing claims rose 11,000 to 4.81 million while the four-week moving average moved up to 4.75 million from 4.67 million.
The headline number for initial claims was slightly worse than the 610,000 consensus estimate.
Altogether this claims report stayed true to form, offering a clear reminder that the labor market is weak and that it remains difficult to find a new job.
Jobless Claims Slip, But Trend For Layoffs Remains Higher (click here)
2/12/2009 9:44 AM ET
(RTTNews) - The number of people filing for first-time unemployment benefits dipped last week, though the moderation was less than expected and statistics showed that the pace layoffs were still trending higher.The report is a key real-time glimpse at the health of the labor market, an important topic not just because it is central to overall economic performance, but because it is a key political issue as well.The U.S. Labor Department revealed Thursday that initial jobless claims came in at 623,000 for the week ended February 7, down 8,000 from the previous week's revised total.
Economists had expected claims to drop to a level around 610,000.
However, the 4-week moving average for initial claims, a statistic that flattens out week-to-week fluctuations in the data, continued to rise in the month, climbing above the 600,000 mark....
