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Sequester Causes Jobless Claims To Drop Again

From the New York Times:

Almost Half of Americans Say Budget Cuts Will Hurt Economy

By ALLISON KOPICKI | May 1, 2013

Nearly half of Americans agree with the Obama administration’s contention that the economy will be hurt by the spending cuts prompted by the sequestration, according to the latest New York Times/CBS News poll.

About one-third said the automatic cuts to military and domestic programs that went into effect because President Obama and Republicans in Congress could not agree on a budget plan would have no effect on the economy one way or the other. Just 1 in 10 said the automatic cuts would help the economy.

In his news conference on Tuesday, Mr. Obama said that his administration’s disaster warnings about the economic effects of the automatic spending cuts were not overblown: “It’s slowed our growth, it’s resulting in people being thrown out of work, and it’s hurting folks all across the country.” …

And yet we have this news from a breathless Associated Press:

Jobless aid numbers drop by 16,000 last week

May 2, 2013

WASHINGTON (AP) – The number of Americans seeking unemployment aid fell last week to seasonally adjusted 324,000, the lowest since January 2008. The drop points to fewer layoffs and possibly more hiring.

The Labor Department says weekly applications fell 18,000, the second straight sharp drop. The four-week average, a less volatile measure, plummeted 16,000 to 342,250…

Economists forecast that the economy added 160,000 jobs last month. That’s much better than the 88,000 added in March, but below last year’s pace of nearly 185,000 per month. The government will release the April employment report Friday…

It’s becoming more and more clear that ‘cuts’ to government spending are actually helping the economy. And that we should have started cutting a long time ago.

This article was posted by Steve Gilbert on Thursday, May 2nd, 2013. Comments are currently closed.

3 Responses to “Sequester Causes Jobless Claims To Drop Again”

  1. yadayada

    unexpectedly….

    inexplicably….

    inexorably…

  2. yadayada

    I, for one, welcome our new insect overlords.




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