It appears that the Super Storm Sandy did a lot of damage to the job market. Unemployment claims were released Wednesday this week because of Thanksgiving being Thursday.
It’s very possible that next week, “Sandy could inflate applications for another week”, according to the Washington Post.
Its projected that Sandy may slow job growth this month. Monthly employment gains take into consideration lay offs and quits. These are subtracted from the hiring figures and the next unemployment rate could reflect this.
Bernanke and the recession
“The realization of all of the automatic tax increases and spending cuts that make up the fiscal cliff, absent offsetting changes, would pose a substantial threat to the recovery–indeed, by the reckoning of the Congressional Budget Office (CBO) and that of many outside observers, a fiscal shock of that size would send the economy toppling back into recession.” Bernanke said Tuesday.
Taxing the Rich will not solve the problem, it will spawn additional problems leading to only more and more economic turmoil in the United States. If you haven’t read the article on why Taxing the Rich is Unconstitutional, please do. More Quantitative Easing will not solve the problem either. “What will solve the problem?” please visit the “Taxing the Rich” article if you are wondering.
Yesterday’s speech shed some light on what the Fed thinks about the Fiscal Cliff.
With about 5 weeks to go, the White House is under a lot of pressure. January 1st could be a major turning point in the economic state of America.
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