472,000 more unemployment claims this week!
And this demonstrates, beyond any doubt, that what little growth there has been in the economy this year is due largely to inventory replacement.
Once that was done, the lack of demand for goods and services remains.
What’s especially depressing, and a reason why Gorilla hasn’t been posting much this week, is there appears to be no sense of urgency among our leaders to do anything about this disaster.
We should be spending at least another trillion on a direct, WPA-style jobs program, on guaranteeing state government debts for the next 3 years, and on extending unemployment compensation for at least another 3 years.
Instead, we get absolutely nothing. The Fed is still fighting non-existent inflation and the deficit fetishists want to party like it’s 1937.
Gorilla says: “Time for the unemployed to march on Washington!”
Tags: unemployment