Filings for unemployment benefits plunged last week to the lowest level since 1973 as workers affected by hurricanes Harvey and Irma continued to return to their jobs, Labor Department figures showed Thursday.
I read this to mean small and medium business is going gung-ho.
Dow ends above 23,000 for the first time ever
This means investors have confidence in large business being profitable.
Now, I’m no economist, but it all seems to mean that the US is going through a boom.
Some things never change.
The Reagan Boom. Can’t be possible. Great minds like Paul Krugman assure me that trickle down doesn’t work. Only true socialism works. Sarc in case anyone wondered
“Filings for unemployment benefits plunged last week to the lowest level since 1973…”
…Continuing a downward trend that began in 2008-09.
“Dow ends above 23,000 for the first time ever…”
…Continuing an upward trend that began in 2008-09.
Which means, by your logic, America has been “winning” since Obama became President. Thanks, 44!
Eli: You’re forgetting about the dip in the Dow Jones upon Obama’s election that took 5-6 years (hard to read from the charts I’m looking at) to overcome. Cherry-picking the start point and saying “look at this trend!” Now where have I seen that before?
And unemployment… well, the rate was affected by the millions who gave up hope of finding work in that period. But that isn’t what you brought up (kudos for not referencing something widely known to be misleading). How did the extension of benefits (making unemployment benefits last longer) affect new applications for unemployment? It decreased them of course, but that doesn’t mean more work or more secure jobs, it means more people collecting while not working. It’s not co-incidental that that period saw huge growth in the use of food stamps. If you look, instead, at the total number employed you’ll see what a disaster Obama was for the economy.
If you honestly think that Obama lead a strong economy then this suggests that you think that central planning (socialism, including communism) is a good system that works in practice. Which means we don’t live in the same reality.
I’m surprised that the NYTimes haven’t scrubbed that opinion piece.
70% top marginal tax rate didn’t help? someone should tell Trudeau what happens when the entrepreneurs are taxed like a golden goose.
Eli might want to look at the over two trillion in quantative easing, 85 billion a month for years, and an unemployment rate of over 23% when Obama was in office. I guess lies are always better than the truth. Just as any Canadian voter.
“Cherry-picking the start point and saying “look at this trend!” Now where have I seen that before?”
When have you seen that before? Literally the second you yourself wrote, “You’re forgetting about the dip in the Dow Jones upon Obama’s election that took 5-6 years to overcome.” In point of fact, the “dip” in the DJIA didn’t happen “upon Obama’s election” (your perfectly cherry-picked starting point). It started on October 11, 2007, over a year before Election Day, when the Dow peaked at 14,093 and kicked off a 17-month slide that bottomed out on March 6, 2009, six weeks into Obama’s first term. Since then, the Dow has been on an upward trajectory again (see here: http://www.macrotrends.net/1358/dow-jones-industrial-average-last-10-years).
In any case, you will note that in my earlier comment, I used the phrase “by your [i.e., Lance’s] logic” — which I did because what I was actually doing was pointing out the inanity of this post, with its Trumpian “Winning” title implying that the Dow breaking past 23,000 is somehow caused by the current president.
The Dow ended above 15,000 for the first time ever on Obama’s watch
The Dow ended above 16,000 for the first time ever on Obama’s watch.
The Dow ended above 17,000 for the first time ever on Obama’s watch.
The Dow ended above 18,000 for the first time ever on Obama’s watch.
The Dow ended above 19,000 for the first time ever on Obama’s watch.
The Dow ended above 20,000 for the first time ever on Trump’s watch…
You get the idea. If Trump gets credit from SDA for the Dow’s milestones now, then why didn’t Obama get credit from SDA for the same prior to January 20, 2017?
Eli, we understand you hate Trump.
But Trumpophobia to the extent that one lauds Obama signifies a need for professional help.
The USA under Obama versus the USA under Trump can be summed up in three words:
“Surviving” verus “thriving”.
Only partisan leftards trapped in denial refuse to recognize the huge gains of the US economy since Trump’s victory. These people deserve to live in ignorance if they are STILL stupid enough to rely on the MSM to be informed.
The real test, as always, will be how much of this “boom” makes it into the pockets of lower and middle income working Americans.
BTW, I haven’t heard Trump talk about the US debt, he should be bashing that lying prick Obama over the head with it at every turn. When will someone stop this irresponsible partying with future generations money? Establishment politicians from both parties seem completely happy to dig their financial hole even deeper… just as they were quite content to sit on massive trade deficits… until Trump came on the scene.
Eli has a point. Again I ask all you Trumpetts to just give your collective heads a shake. The man is unworthy of his office. I don’t know who irritates me the most, mealy mouth Trudeau or little mouth Trump.
Possibly by reading your own commenting will allow you to return to one irritant. Yourself.
Canuckguy, it’s OK for our friendly neighbors to the north to proffer their observations regarding Trump, but when it comes to insults and trash-talking the President of my USA, mind your own business.
Someone who elected Prince Substitute Drama Teacher Twinklesocks to lead their country really shouldn’t be throwing any stones.
And just who the hell are you to make a comment like “The man is unworthy of his office”? Are you some kind of expert or all knowing being? Nobody is interested in your delusions or your Trump Derangement Syndrome. Now go play with your toys.
Get over yourself !
Trump is worthy, he was elected POTUS, dumbass. Obombers legacy is being removed, piece by piece, as promised. Awesome.
If you can’t tell the difference between PM Selfie Socks and MAGA you’re spending too much time on the bong and watch too much Corpse and CNN
The debt is troublesome, but, can’t be fixed overnight, not with dramatic actions. Cutting their social safety net dramatically, namely Social Security, would result in the end of any POTUS and the party in power.
Dramatically increasing taxes won’t work either, and will kill the economy and the markets.
Their only real option to go forward is to reduce taxes to grow the economy. That’s why the Dow continues to climb, the perception of future growth and profits from tax cuts.
Yes, the market is bloated, if the tax cut doesn’t pass, watch for a correction that hurts.
You think O-dumber was?
He had very little experience as a Senator.
Gave us 3 more wars for no good reason.
Libya has returned to slavery. I wonder, do they have a Nobel for that.
Syria isn’t much better, but thanks to Trump. He has let the Generals run the war and ISIS is losing there and in Iraq.
Remember when O-dumber call them a JV team.
Unworthy for office? You cannot be serious, or maybe you are (in serious condition). Under the ‘Ohole’ there was about 90,000,000 (nine-zeero-milllllion) persons in the US not going to work on a daily basis. The official unemployed rate was allegedly 4 to 5%, right? That math does NOT work for a population of 320,000,000.
Additionally, under the ‘demos’ there were as many as 50,000,000 people on food stamps. That was a good thing according to Mr. Biden if I recall, because it employed people who were issuing those same food stamps. Demo logic in action.
Canuckguy(_!_) and Eli(_!_)? – go back to playing with yourselves.
“Under the ‘Ohole’ there was about 90,000,000 (nine-zeero-milllllion) persons in the US not going to work on a daily basis.”
Your simplistic “90 million persons” figure includes about 70 million people who are either high school students, college students, or retirees: http://www.politifact.com/truth-o-meter/statements/2013/jul/30/blog-posting/are-90-million-americans-not-working-or-looking-wo/
Ha hahahah ha ha … continuing trend. Yeah, when the ecomony is reset at near ZERO (my nickname for 44) there is only one direction to go
Dow low 2008: 7,449
Dow Nov. 9 2016: 17,888 + 10,439 in 10 years (rate of increase – 1,043 points/year)
Dow Oct. 18, 2017: 23,158 + 5,270 in less than 1 year (rate of increase – > 5,270 points/year)
Only the severely mathematically crippled would DARE compare the two rates as “continuing a trend”
Let me add to MY President’s WINNING … an equal and opposite … LOSING!!! of every Never-Trumper, and leftist 44-supporter. My fervent HOPE is that every leftist loser and never Trumper followed the advice of multiple Pulitzer Prize winning economist Paul Krugman … and pulled ALL their money out of the stock market on Nov. 9, 2016.
LOSING!!! LOSING!!!
BTW … the Trump Revolution is making the Reagan Revolution look like the lounge act before the MAIN EVENT. MAGA baby … MAGA!!!!
Politifact and Snopes are so warped leftist that their every utterance should be taken as pure rubbish.
The Reagan economic boom was much larger than his time in office. He (with assistance from Thatcher and the Poles) engineered the collapse of the Soviet Union and end of the cold war. That has been HUGE! Unfortunately Reagan made the unforced error of choosing George Bush as VP, launching him to leadership and the lurch of the Republican party to the left.
I hope Pence will better or get booted.
Wrong again – the ninety million were the EMPLOYABLES! The number did not include retirees or those in school or elsewhere. The 90,000,000 did overlap those on food stamps which amounted to about 50,000,000 – about 1 in 7. Yes, there were a lot of people needed to administer the food stamp program, one of Joe Biden’s make-work projects. What a bozo!
In the recycling-obsessed (by State Law) construction industry … what MY President is doing is called “reverse construction” … piece-by-piece … the flimsy derelict construct of the Obama legacy is being dismantled. However, as with a substantial amount of building debris … O’s legacy is being incinerated … to generate POWER for the American economy.
THERE! Howz THAT for a beautiful analogy ?!
Oh wait … 3-2-1 … politifukced will be issuing a truther reversal of everything I just said …
“Dow low 2008: 7,449. Dow Nov. 9 2016: 17,888 + 10,439 in 10 years (rate of increase – 1,043 points/year)
Dow Oct. 18, 2017: 23,158 + 5,270 in less than 1 year (rate of increase – > 5,270 points/year)”
Two things: 1) I am made skeptical of your ability to present a proper economic argument when you try to directly compare an 8-year stock market performance snapshot with a subsequent 11-month stock market performance snapshot, and 2) I am utterly convinced of your mathematical limitations when you subtract 2008 from 2016 and somehow come up with a difference of 10 rather than 8.
“Politifact and Snopes are so warped leftist that their every utterance should be taken as pure rubbish.”
Uh huh. And are the Census Bureau population estimates and BLS employment data that Politifact cites also “warped leftist rubbish”, or are you just trying to distract from cold, hard, inconvenient facts by attacking the messanger?
“Wrong again – the ninety million were the EMPLOYABLES! The number did not include retirees or those in school or elsewhere.”
Cite your source, then we can talk.
Shame on me .. for my arithmetic error … which changes nothing.
There .. I fixed it.
Dow low 2008: 7,449
Dow Nov. 9 2016: 17,888 + 10,439 in 8 years (rate of increase – 1,304 points/year)
Dow Oct. 18, 2017: 23,158 + 5,270 in less than 1 year (rate of increase – > 5,270 points/year)
The only ones mathematically (if not arithmetically) challenged are those who compare these rates as “equal trends” … all in a pathetic, feeble, attempt to salvage something from an 8-year economic malaise.
And MY Presidents BOOMING stock market is being done in a marketplace of INCREASING interest rates … not a ZERO rate policy that propped-up a ZERO president. And what do we KNOW about Stock Markets? That they experience periodical CRASHES. I have no illusions … however … this current market is betting on every policy proposed and uttered by MY President is going to supercharge our flagging economy.
BOOM goes MY President!!!! … fizzle fo shizzle goes yours (yes, that was a dog whistle … for dope smoking O’-lovers everywhere).
Kenji, I’m visualizing your data graphically and I think you finally found that ‘hockey stick’ that Michael Mann has been looking for.
And BOOM! goes the perfect analogy ! Winning ! And I didn’t even cherry-pick the time frame or fudge the numbers.
To all those Obama haters, just think how many years the US economy rose 3% or more during his tenure.
No wait.
What we need is the community banking sector to revive. The were only 6 de novo banks created from 2010 – 2016, thanks to excessive regulation from the 0bama administration. During that same time, 2,000 banks were closed, acquired or failed.