New jobless numbers look awful.
Jobless claims increased by 1,000 to 427,000 in the week ended June 4.
Notice that the media is rightfully defensive about headlines that accompany every new bit of bad news. The bad news is always “unexpected” or “worse than predicted.”
Headline: Jobless Claims Unexpectedly Climb in the U.S.
Excuse: Economists surveyed by Bloomberg News projected a drop in claims to 419,000, according to the median forecast.
The legacy media have ignored the fundamental economic mistakes the administration has made over the last 2.5 years. They are resistant to the idea that haphazardly spending trillions of stimulus dollars, wrecking the expectations of secured creditors, tampering with the best health care the world has ever seen, and shaking down mortgage lenders who foreclose because it has a racially discriminatory effect are bound to stifle economic growth. At least Obama isn’t rolling dice to set prices, like FDR liked to do as described in Amity Shlaes’ The Forgotten Man. Shales describes how FDR’s tampering with the economy, like Obama is doing, actually accelerated and intensified the Great Depression.