Mish reports today on a record EUC. We reported this back on December 10.
It turns out that while the official number of initial jobless claims is declining", the amount of money being paid in total unemployment benefits is skyrocketing - by a lot. According to ZH, government spent $14.7B on Unemployment Insurance Benefits as of December 30, a 24% jump sequentially from the $11.8 billion in November, a new record.
This is a huge jump. The cause is the EUC, emergency unemployment compensation, the one we discussed back in December.
Take a look at this chart that shows the combined unemployment claims:
And this one (from Chris Puplava):
Here is Mish's article.
All this money is being paid by the ones that are working, and by the printing presses. What a disaster.