June 4, 2021
June 4, 2021
The Department of Labor reported that employers added almost 100,000 fewer jobs than expected. Another disappointing month of job growth leaves the U.S. economy with 7.6 million fewer people working than before the pandemic. Earlier this year, economists were predicting a quick rebound, but Biden’s damaging policies are holding back the recovery.
Fox News: “Only a few months ago we had expected to see several months’ worth of gains north of one million as the economy reopened, but labor supply is bouncing back much more slowly than demand,” said Paul Ashworth, chief U.S. economist at research firm Capital Economics.
A major hurdle to a full recovery is the Biden-Harris administration’s expanded unemployment benefits that disincentivizes workers returning to the labor market. Economists say that this could push the recovery back months, into the fall.
Fox News: “With unemployment benefits set to fade in the fall, we may be waiting until the end of summer before we see clear evidence of a fundamentally healing labor market,” said Seema Shah, chief strategist at Principal Global Investors.
But Republicans are fighting back against the administration’s anti-growth policies. Twenty-five states — all led by Republicans — have announced that they are ending the expanded unemployment benefits. After the last underwhelming jobs report, U.S. Chamber of Commerce Chief Policy Officer Neil Bradley said, “Paying people not to work is dampening what should be a stronger jobs market.”
Unfortunately, disappointing jobs reports are just one bad statistic Americans will be forced to live with if Biden fully implements his radical agenda. His tax hikes are estimated to kill more than 150,000 jobs and depress wages, and the Congressional Budget Office says his minimum wage plan will kill 1.3 million jobs.
Bottom Line: The Biden-Harris administration’s policies are bad for workers and bad for the economy. Americans deserve a president that is encouraging a quick recovery, not crushing it with bad policy.