The Obama Administration continues to hit new lows (thanks a lot, Obama!):
The number of Americans filing for unemployment benefits fell more than expected last week, nearing a 42-year low as labor market conditions continued to tighten in a boost to the economy.
Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 267,000 for the week ended Dec. 19, not far from levels last seen in late 1973, the Labor Department said on Thursday.
Economists polled by Reuters had forecast claims dipping to 270,000 in the latest week. Claims have been below 300,000, a threshold associated with a buoyant labor market, for 42 consecutive weeks. That is the longest stretch since the early 1970s. (our emphasis)Is the economy optimal? Of course not. Among other ills, income inequality and wage stagnation continue to afflict us and make us feel less prosperous than we feel we should be. But this is one more piece of evidence that the U.S. economy is still solid. One is only left to wonder, had we not had nihilist, reactionary Republicans at both the Federal and state levels working overtime to sabotage economic growth from the very beginning of the Obama presidency, how much better things would be right now.
