I have to admit that I thought we were all being set up when at the end of April, Vice President Biden said:
Well, I’m here to tell you, some time in the next couple of months, we’re going to be creating between 250,000 jobs a month and 500,000 jobs a month.
I thought for sure that Biden was just giving us another chorus of happy talk from the administration. I didn’t see anyway, at least by looking out my economic window, that the economy was about to do anything regarding jobs, that would be at a level of nearly 500,000!
I was wrong! Vice President Biden was right!
Today, in another unexpected surprise, the Labor Department announced that new claims for unemployment insurance rose to 479,000! Admittedly, that’s not 500,000. However, I have to give VP Biden kudos for having the foresight to predict a number that appeared incredibly outlandish to us rubes on the sidelines. 500,000 would have been great but 479,000 is nothing to sneeze at! Great job Vice President Biden! It surely is “Recovery Summer!”
Uh, what?…He predicted 500,000 new jobs but we have nearly 500,000 new people collecting unemployment? Um….that’s not good!
Never mind!
This is good news. Remember, Nancy, said, unemployment checks create jobs.