The U.S. economy continues its downward slide, as jobless claims rise, stocks fall and budget costs soar. It is time for a new game plan, as the current one, aimed at correcting the extensive damage George W. Bush inflicted on this nation with his madness, is not sufficient.

U.S. Economy: Jobless Claims Rise in Sign Labor Market Stagnant

June 25 (Bloomberg) -- The number of Americans filing claims for unemployment benefits unexpectedly rose last week, a reminder that companies will keep cutting staff even as the economy stabilizes.

Initial jobless claims rose by 15,000 to 627,000 in the week ended June 20, from a revised 612,000 the week before, the Labor Department said today in Washington. A report from the Commerce Department showed gross domestic product shrank at a 5.5 percent annual pace in the first three months of the year.

http://www.bloomberg.com

Warren Buffett to CNBC: U.S. Economy In "Shambles" .. No Signs of Recovery Yet

Published: Wednesday, 24 Jun 2009 | 1:33 PM ET - In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the "economic war" being fought by the country. "We haven't got the economy moving yet," he told Becky Quick.

While the economy is a "shambles" and likely to stay that way for some time, he remains optimistic there will eventually be a recovery over a period of years.

BECKY: The last time we sat down to talk to you was on May 4, and at that point you told us that you think we're in an economic war right now. How much progress do you think we've made in that war?

BUFFETT: Well, it's been pretty flat. I get figures on 70-odd businesses, a lot of them daily. Everything that I see about the economy is that we've had no bounce. The financial system was really where the crisis was last September and October, and that's been surmounted and that's enormously important. But in terms of the economy coming back, it takes a while. There were a lot of excesses to be wrung out and that process is still underway and it looks to me like it will be underway for quite a while. In the (Berkshire Hathaway) annual report I said the economy would be in a shambles this year and probably well beyond. I'm afraid that's true...

http://www.cnbc.com

Global stocks under pressure after Fed outlook

Thu Jun 25, 2009 7:38am EDT - LONDON (Reuters) - World stocks slipped on Thursday after the Federal Reserve cautioned that the U.S. economy would remain weak for a time, adding to concerns about the sustainability of a recent recovery.

The interbank cost of borrowing three-month euros fell by the most since January 26 to mark a fresh record low, a day after the European Central Bank's huge liquidity boost. Equivalent dollar rates fell to a historic low after the Fed kept its near zero interest rate policy unchanged.

The U.S. central bank signaled it was less concerned about deflation, but it also said inflation would remain subdued for some time and interest rates would stay low for an extended period.

"The economy is in a bad state and we are working through a rubble," said Michala Marcussen, head of strategy and economic research at Societe Generale Asset Management...

http://www.reuters.com