More of the Bush legacy...

Discussion in 'Politics & Religion' started by ZZZzzzzzzz, Jan 29, 2009.

  1. AP
    Americans receiving jobless benefits hits record
    Thursday January 29, 8:44 am ET
    By Christopher S. Rugaber, AP Economics Writer

    Labor Department says number of Americans receiving unemployment benefits at all-time record

    WASHINGTON (AP) -- The number of people receiving unemployment benefits has reached an all-time record, the government said Thursday, as layoffs spread throughout the economy.

    The Labor Department reported that the number of Americans continuing to claim unemployment insurance for the week ending Jan. 17 was a seasonally adjusted 4.78 million, the highest on records dating back to 1967.

    A department analyst said that as a proportion of the work force, the tally of unemployment recipients is the highest since August 1983.

    The total released by the department doesn't include about 1.7 million people receiving benefits under an extended unemployment compensation program authorized by Congress last summer. That means the total number of recipients is actually closer to 6.5 million people.

    Meanwhile, the tally of Americans filing new jobless benefit claims rose slightly to a seasonally adjusted 588,000 last week, from a downwardly revised figure of 585,000 the previous week.

    That's close to the 26-year high of 589,000 reached in late December, though the labor force has grown by about half since then.

    The Labor Department's report comes as large corporations from virtually all sectors of the economy are announcing massive layoffs.

    Starbucks Corp. on Wednesday said it would cut 6,700 jobs. The coffee company also said it would close 300 underperforming stores, on top of 600 it already planned to shut down.

    Time Warner Inc.'s AOL division is cutting up to 700 jobs, or about 10 percent of the online unit's work force. And IBM Corp. has cut thousands of jobs in its sales, software and hardware divisions in the past week, without announcing specific numbers.

    Boeing Co., Pfizer Inc., Home Depot Inc. and other U.S. corporate titans also have announced tens of thousands of job cuts this week alone.

    Companies have announced more than 125,000 layoffs in January, according to an Associated Press tally.
  2. Don't forget that AIG gets to dole out $450 MILLION in BONUSES ( taxpayer money ) to their executives . . . because Paulson abandoned the original TARP plan that he sold to Congress.

    Nice to know that the Administration not only gave $150 BILLION to keep AIG alive, and is now giving out $450 million in bonuses to the morons that bought/sold all of those credit default swaps to begin with.

    Another RAPE job on the U.S. taxpayer.
    Thanks Dumbya!