New unemployment claims for last week were down slightly which surprised economists but there was a substantial increase in workers who continued on benefits, that was also a surprise. In other words, employers are eliminating jobs at a faster rate than before. This will likely mean an even bigger job loss for March than the previous devastating losses. Out sourcing by US Companies continues to pick up speed with banks even using bailout money to fund new overseas operations. More than a third of manufacturing jobs have been lost since the recession officially began and thousands more lose their jobs each day.
Congress continues to do nothing to protect American jobs. Republicans are certain that they can if they can obstruct enough action that by next year things will be so bad that voters will abandon the Democrats and elect a wave of neofacists. New estimates from the Congressional Budget Office predicting much larger deficits over the next ten years than the WH numbers has given Republicans a cause to rally around. But to predict the future six months from now requires a crystal ball and ten years from now is meaningless speculation.
Now that 45% of Americans believe a Depression is inevitable, all Republicans have to do is convince enough voters that anything that happened before Jan 20th is to paraphrase Bush, "history is so long ago that it doesn’t matter, heh-heh".