As President Joe Biden continues to think that businesses reopening (from the tyrannical lockdown that our government imposed) means that he is creating jobs, jobless claims are skyrocketing. According to reports from the Department of Labor, claims for unemployment jumped from 51,000 to 419,00 for the week ending on July 17.
Missing Donald Trump yet? I know I sure am! We may have had "mean" tweets but at least people were working and gas wasn't an astronomical price.
Breitbart reports:
Economists had forecast 350,000 new claims, a decline of 10,000 from the previous week’s initial estimate of 360,000. That estimate was revised up to 368,000.
The four-week moving average, which smoothes out week-to-week volatility and is considered by many to be a more reliable gauge of the health of the labor market, rose by 750 to 385,250.
Continuing claims, which are reported with a week’s delay, fell 29,999 to 3,236,000.
The federal government last year launched new programs that provide benefits to people not eligible for traditional unemployment benefits. The total number of continued claims under all programs for the week ended July 3 was 12,573,833, a decline of 1,262,814 from the previous week.
In around two dozen states, most led by Republican governors or with GOP-controlled state legislatures, have brought the federal enhancement to state unemployment benefits to an early end. That enhancement paid an extra $300 a week in benefits, which priced many workers out of the labor market by paying them more not to work than they earned when working. In the rest of the country, the enhancements will expire in September.
Giving people extra unemployment instead of allowing businesses to open sooner was a huge mistake. Now businesses are struggling to staff their establishments and there are thousands of people sitting at home collecting a paycheck. Why work when they can be lazy and let Uncle Sam pay their bills?
Newsflash: Uncle Sam is neither your baby daddy or your sugar daddy. Get out and get a job. This is ridiculous.
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