Saturday, September 11, 2021

‘Build back’ Blunder: The U.S. Economy is Worsening Under Biden’s Watch; Biden’s Broken Economy: Goldman Downgrades U.S. Growth Forecast, Sees ‘Harder Path’ Ahead; Real Wages Are Falling in the Biden Economy

AP Photo/Evan Vucci
‘Build back’ blunder: The U.S. economy is worsening under Biden’s watch:
Last week’s job report was a huge disappointment, with the U.S. economy adding just 235,000 jobs in August, missing economists’ expectations of 720,000 by nearly half a million. People are simply making more money sitting on their couches, collecting unemployment checks than they are in the workplace. Eight million Americans are unemployed, but there’s a record 10 million job openings.
In June, about 1.8 million out-of-work Americans said they turned down job offers because of the generosity of unemployment benefits, according to a Morning Consult poll. According to NFIB’s July Small Business Jobs Report, “labor quality” is the biggest concern to mom-and-pop shops, with 26% of survey respondents identifying it as their “single most important problem.” Of those surveyed, 63% said they were currently hiring or trying to hire. Of this group, 89% said there were few or no “qualified job applicants.”
To date, 26 states, mostly led by Republican governors, have opted to cut these emergency COVID-19 benefits early to help incentivize Americans to get back to work. As a result, it’s red states that are leading the economic recovery. Through July, 16 of the top 20 states for recovering jobs from the pandemic were led by Republican governors. Out of the top 20 states with the lowest unemployment rates, 16 are led by Republican governors. --->READ MORE HERE
Doug Mills/The New York Times
Biden’s Broken Economy: Goldman Downgrades U.S. Growth Forecast, Sees ‘Harder Path’ Ahead:
Goldman Sachs economists once again downgraded their forecast for economic growth in the United States, writing that the economy faced a “harder path” than previously thought.
The Wall Street firm now expects the economy to expand 5.7 percent this year, economist Ronnie Walker wrote in a report Monday.
Back in August, Goldman lowered its growth estimate from 6.4 percent to 6 percent. That followed a downgrade from 6.6 percent in July. Back in February, Goldman had growth at 6.9 percent.
In mid-August, the bank slashed its third-quarter forecast from 8.9 percent to 5.5 percent, citing supply chain issues and the resurgence of coronavirus as drags on the economy.
But Walker thinks some of the growth will be pushed back in time rather than lost altogether, so the bank raised its 2022 forecast to 4.6 percent from 4.5 percent. --->READ MORE HERE
Follow link below to a related story:

Real Wages Are Falling in the Biden Economy

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