Thursday, November 13, 2008

Economic Depression Deepens in the Obamanation: Jobless Claims Surge, Trade Deficit Narrows

The Associated Press today reports applications for unemployment benefits soared to the highest level since just after the Sept. 11, 2001, terrorist attacks while the trade deficit shrank more than expected as demand for imports plunged, further evidence of the struggling U.S. economy.
The Labor Department reported Thursday that jobless claims shot up by 32,000 last week to a seasonally adjusted 516,000, the highest total in seven years. The tally was much higher than analysts expected and a further indication of how much the labor market is deteriorating amid the shrinking economy. The government reported last week that the unemployment rate surged to a 14-year high of 6.5 percent in October.

Meanwhile, the Commerce Department said the trade deficit declined by a bigger-than-expected amount in September, falling by 4.4 percent to $56.5 billion as imports experienced a record plunge.
These reports highlight the deep mismanagement of the economy for the last two years by the Democrat controlled Congress and materializes investors' fears of the impending financial meltdown caused by a ballooning, high-tax, over-reaching Obama administration.

Don't be fooled by lawmakers' complaints about the economic disaster being a Bush administration creation. Democrats in Congress forced banks to make bad mortgages. Congress foolishly granted Treasury Secretary Henry Paulson unlimited power to pretty much do what he wanted to do with bailout funds. The fault lays with Congress alone.

Read it.

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