His name is Mark Zandi, Moody’s chief economist, a well known Keynesian, and number cruncher (not advisor) to John McCain, says things look bad, reaaaaaaaal bad.
And he seems to be bolting from the Democrat camp who are calling for an end to the Bush tax cuts. The video is below, but the Democrats are in a real jam. They quote this guy more than Saul Alinsky . What’s a lefty to do?
The spring board is the latest unemployment claims numbers … A seasonally adjusted 500,000 filing new claims last week. 500,000?
While Barack Obama tours the nation claiming that the economy has started heading in the right direction, the data continues to show otherwise. Today, the Department of Labor announced that initial jobless claims hit 500,000 last week, the highest level in 2010 and highest since last November. The four-week rolling average spiked upward again as well:
AS i have said many times, you’re looking for new claims to fall below 400,000 and actually get closer to 300,000 before you can talk about declining unemployment. And this is heading in the wrong direction, a fact even Wolf seems to get.
To summarize the highlights, or lowlights:
- Double digit unemployment, again
- a stronger possibility of a double dip recession
- do not raise taxes on anyone, not even the rich, in case the economy does head back into recession
- I’m worried … my guess is mom is worried too