There isn’t any stopping Joe Biden’s failure.
His policies have plunged America back into the Dark Ages. From blowing up the border, to the Far-Left economic and spending initiatives, it seems as if Joe Biden is hell-bent on making lives harder for the average middle class American. And despite his claims that inflation is not an issue, ignoring the overwhelming data and warnings from economist, a recent report put out by the Labor Department is painting an entirely different picture.
New applications for unemployment benefits increased 51,000 last week to 419,000, the Labor Department reported on Thursday.
Thursday’s jobless claims number was higher than forecasters’ expectations of 348,000 new claims. The number is higher than the week before, which featured 368,000 filings.
The numbers come after this month’s release of the June jobs report, which beat expectations with 850,000 new jobs added in June, although the unemployment rate slightly increased from 5.8% to 5.9%.
The delta variant of COVID-19 is also on the rise. The CDC said this week that the variant, which is more easily transmissible than other strains, now accounts for 83% of infections. COVID-19 infections are up 195% over the past two weeks, although unvaccinated people comprise the bulk of the newest uptick.
Some economists have also expressed concerns that the labor market is being held back by amped-up federal unemployment benefits. Twenty-six states have opted out of the program early, citing fear that it was incentivizing people, especially those in the leisure and hospitality industry, to stay at home and collect the benefits rather than find work.
Another concern for the recovering economy is that of inflation, which has been steadily increasing as pent-up demand continues and the economy remains flush with federal spending. The Department of Labor announced that consumer prices increased 5.4% for the year ending June, the highest rate of inflation since 2008. The numbers blew past consensus predictions of 4.9%.
Treasury Secretary Janet Yellen recently said that she doesn’t think the higher costs will be permanent but warned it could stick around for a bit.
Meanwhile, some entrepreneurs feel more rosy about the economic future in Biden’s America. Some even predict a massive economic boon, and many have determined that landmark Trump-era policies have prevented a total collapse.
Author: Asa McCue
