Unfortunately, despite the encouraging decline in jobless claims a few weeks ago, a sudden leap in claims has driven the numbers to their highest since February. The Federal Reserve declared the, "economy's recovery was likely to be more modest than expected and that it would take additional steps to support growth". Fear of a redoubled recession and the possibility of deflation are the possible results of the dying job market as incomes decrease and prices are altered. Hopefully though, some tactic of the Obama Administration will jumpstart the economy a little bit, if only to prevent it from complete collapse as a result of the dying job market. Perhaps one of FDR's favorite tactics, making up pointles organizations to give jobless workers some purpose and money to take home to their familes, should be employed to keep the economy in motion.
Article Referenced:
Reuters. "New Jobless Claims Highest Since February". NYTimes. New York Times. 12 August 2010. Web. 29 August 2010.
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