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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Re: Unemployment!

Posted by WARREN MOSLER on January 8th, 2009


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(email exchange)

Thanks,

It’s all coming apart.

Need that full payroll tax holiday now!

(Treasury makes all contributions for employees and employers to keep the accounting in order)

>   
>   On Thu, Jan 8, 2009 at 2:27 PM, Morris wrote:
>   
>   It seems the problems with unemployment
>   claims system overload this week is even more
>   severe than we thought. To recap, NY state’s
>   internet and phone systems went down on
>   Monday due to unusually high applicant
>   volumes. Ohio and North Carolina had volume-
>   related problems that caused their internet
>   system to go down, Kentucky’s system
>   crashed, Massachusetts reported problems
>   getting through for thousands of callers and
>   internet filers and New Mexico, Pennsylvania,
>   Oklahoma and Washington all added additional
>   operators to deal with the spike in call volumes.
>   
>   To recap, all of these problems happened this
>   week, so they will affect next Thursday’s
>   report, not this morning’s. They suggest an
>   unusual spike in layoffs which suggests the
>   difficulty seasonally adjusting data around the
>   year-end holidays may have caused the claims
>   data of the past two weeks to be understated.
>   
>   Based on a quick web search, we could not
>   find any evidence of similar problems in the
>   past.
>   
>   Thanks to all of you who sent links.
>   


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