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| Jonathan Ernst/Reuters |
The lesson of today’s jobs report is that President Biden should be spending less time fantasizing about becoming Franklin Roosevelt, and more time trying to avoid becoming Herbert Hoover.
It all happened so fast. At 8 a.m., CNN was echoing the likes of Warren Buffett, Larry Summers, and Janet Yellen in sounding the alarm about inflation. By 8.30 a.m., it had broken away to report the news that the April jobs report was an unmitigated disaster. The consensus had been that the data would show a million new jobs; the real number was less than a quarter of that. That, Axios noted, represented “the biggest miss, relative to expectations, in the history of the payrolls report.”
A lot of people said they were “shocked.” But why, exactly? Did they believe that Joe Biden had rendered gravity optional? This is what you get when you pay people not to work. It’s what you get when you send check after check after check to people who, were they permitted to, would be perfectly capable of regaining employment. It’s what you get when you allow the teachers’ unions to shut down the schools ad nauseam, and put working parents in a long-term bind. There is nothing magical about 2021, or about Joe Biden, or about this set of legislators and appointees and special interests. The same rules apply to them that applied to their predecessors. You can’t spend what you don’t have. You can’t tax and spend your way to prosperity. And human beings cannot be programmed out of responding to clear incentives. Call your plans whatever you want — Build Back Better, Modern Monetary Theory, Fairness, the Left-Handed Teacup Initiative — it doesn’t matter. Reality doesn’t care about branding. --->READ MORE HERE
Right on cue, just after Minneapolis Fed chief Neel Kashkari admitted that expanded unemployment insurance was keeping workers out of the labor market, contributing to Friday's disappointing employment number, the US Chamber of Commerce released a statement calling for ending the $300 weekly supplemental benefit.
Executive Vice President and Chief Policy Officer Neil Bradley released the following as a statement, saying that while there might have been a time when the benefit was needed, that time has now passed. "Paying people not to work is dampening what should be a stronger jobs market" and is hurting the overall recovery, he said.
"The disappointing jobs report makes it clear that paying people not to work is dampening what should be a stronger jobs market. We need a comprehensive approach to dealing with our workforce issues and the very real threat unfilled positions poses to our economic recovery from the pandemic. One step policymakers should take now is ending the $300 weekly supplemental unemployment benefit. Based on the Chamber’s analysis, the $300 benefit results in approximately one in four recipients taking home more in unemployment than they earned working.”
While Dems often butt heads with the Chamber of Commerce, the Party and its leader, President Joe Biden, certainly won't appreciate this growing chorus of opposition as they try to order up even more stimulus under the guise of "infrastructure". --->READ MORE HEREFollow links below to related stories:
April Job Numbers Are So Bad, CNBC Thought It Was A Typo
Sasse Blames Jobs Miss on Congress ‘Paying More for Unemployment Than for Work’
April Jobs Report Falls a Stunning 800,000 Short of Expectations
Jobs Report Shows Incentives Still Matter
Weak Jobs Report Shows Limits of ‘Stimulus’
Will Red States Kill Biden’s Unemployment Boost?
The Jobs Are There So Why Aren't People Going Back to Work?
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