It was just about a week ago that Barack Obama was congratulating himself on how well he had done saving the American economy. We took the time to articulate how false a narrative that was, then again, the Obama administration has a certain penchant for creating false narratives. Yep, you can keep your doctor and the terrorist attack in Benghazi was just a bunch of disgruntled video watchers.
And so we have another instance evidencing the failed Obama economy. But you won’t hear what it really means from the media, of course.
As reported by the Washington Examiner:
New applications for unemployment benefits jumped to 274,000 in the last week of April, the Department of Labor reported Thursday, up from an ultra-low 257,000 the week before.
Private-sector economists had expected 262,000 new claims, according to a survey conducted by Bloomberg.Despite the unexpected rise, jobless claims remain low. The four-week moving average of claims ticked up by 2,000 to 258,000, a low not seen before the month of April since late 1973, when the U.S. labor force was much smaller. Jobless claims have dipped to the lowest levels in decades in recent weeks, suggesting few layoffs and a strong job market. Investors and policymakers look at the weekly initial claims, which are adjusted for seasonal variations, as a high-frequency gauge of the economy’s health.
At 5 percent in March, the unemployment rate is already not far from what the Federal Reserve thinks represents a healthy economy. The Bureau of Labor Statistics is set to release the jobs numbers for April Friday morning. Economists expect 200,000 new jobs and for the unemployment rate to decline to 4.9 percent. [Well, turns out those expectations were a little too rosy. As Yahoo News reported this morning, the U.S. economy added the fewest number of jobs in seven months in April and Americans dropped out of the labor force in droves. While the unemployment rate held at 5.0 percent that was because people dropped out of the labor force.]
Now, if you are a person that believes the unemployment rate in the United States is at 5%, well, keep drinking that kool-aid. But the real story behind these numbers is from where do they come from?
The overall claims show the U.S. economy making gains, even as the state-by-state data bears out some of the headwinds slowing U.S. growth. While the vast majority of states have seen claims decline over the past year, oil-producing states have experienced the reverse. In Texas, for instance, where the lower price of oil has had a particularly acute effect, claims have risen by over 15,000 in the past year. Jobless applications have also risen in the energy states of Wyoming, Oklahoma, and North Dakota, as well as in Minnesota, Illinois, and Iowa.
It would appear that President Obama’s declared progressive socialist ideological war against fossil fuels has taken a toll. It was the American energy sector, oil and gas especially, that kept this anemic economy afloat. But now, in his final year, Obama has done exactly what he sought to do — broken the backs of the fossil fuel energy sector. And with the lifting of sanctions on Iran, they can now flood the market with their oil. We know how the Saudis have manipulated the price of oil in order to slow down our incredible fracking
And consider Obama’s early on pledge to bankrupt the American coal industry — if you have been following the market, their stock prices have plummeted. How interesting it was to see Hillary Clinton sitting at a table and being asked by an unemployed coal miner about the future for he and his family. Of course Mrs. Clinton had followed suit with Obama, thanks to the Tom Steyer money, and declared publicly she would put coal miners out of work — now she was looking at one of them. And in typical progressive socialist false narrative fashion, she told the young man that her comments had been taken out of context. But rest assured, she — meaning government — would take care of them. She did not say she would restore his livelihood, nah, just make him another part of the new 21st century liberal progressive economic plantation, an enrollee in the welfare dependency state.
We have to ask a simple question, what will replace a decimated American energy sector? Here is the real policy solution, we need to be producing, consuming, and exporting more of our own energy resources. We need an all-of-the-above energy investment portfolio — just so you know, Texas is a leading wind power producing state. We should undermine OPEC and Russia and enable our allies to trust us for their energy needs and requirements. We need to kick the EPA regulations to the curb, especially those declarations of endangered species just meant to restrict oil and gas exploration expansion, especially in the western states. And we need to dump the Bureau of Land Management (BLM) that is making the acquiring of permits a very onerous task.
Last week Saturday I started my four-day motorcycle ride, with the first leg being Dallas to Midland, Texas. Let me tell y’all, there is something purdy nice about that smell of oil. And riding along I-20 on the bike you can just inhale that sweet aroma of American entrepreneurship, innovation, ingenuity, and investment. It is about men and women who dig deep into the land, and into themselves, to extract that which can power our economic recovery and advance our national security.
Sadly, as we watch jobless claims rise, especially in our energy sector, it becomes rather apparent that President Barack Obama’s ideology means more than the families that he is forcing into despondency, joblessness.