A week after reaching a five-year low, Americans seeking unemployment benefits rose by 32,000. This is the highest level in six weeks. Although the job market has improved in the lat six months, unemployment applications continue to fluctuate each week. The Associated Press reports:
"The underlying story in jobless claims continues to be one of gradual improvement," said Julia Coronado, an economist at BNP Paribas. Coronado said the small rise in applications "highlight(s) the need to take volatile weekly readings with a grain of salt."
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I played the New York lottery for the first time last week.
My $2 ticket didn't win the $588 million payout – surprise, surprise – but it did buy me several minutes of musing, most of it instructive, some of it enjoyable.
I quickly ran out of spending ideas – slightly larger apartment, new computer, clothes for my wife, a car to replace the two we sold when moving to Manhattan. I realized I couldn't even spend the income on a lottery bonanza, unless I started buying things I don't need or particularly want.
In the end, I liked the idea of financial security, but saw little to be gained from sudden wealth. In fact, given the misery that tends to befall lottery winners, I might have dodged a bullet by not winning.
After this brief fantasy, I wondered more than ever why the wealthy work so hard to avoid taxes and other obligations of citizenship. Even though their effective taxes are lower than they were during the Reagan years and far lower than during the great prosperity of the post-World War II era, the wealthy are lobbying fiercely to pay even less in taxes. Once again, they seem willing to crash the government for everyone, rather than pay their share of its support.