When Donald Trump was in the White House, we saw unprecedented growth. Unemployment during most of his first term was below 6 percent. Many experts said we are at maximum employment, given numerous factors. This was due to several decisions made by Trump, including cutting taxes, guarding the border, and keeping government spending down.
Now, with Biden only three months into his job, the reverse is taking place. Biden took steps early on to ensure jobs would suffer under his regime. He killed the Keystone XL Pipeline, which eliminated thousands of jobs. He also banned drilling on federal law, which killed thousands more. Worse than that, he is signaling a massive tax hike, that will lead to lays offs, lower wages, and job outsourcing overseas.
So, which such terrible decisions coming from the White House, we shouldn’t be surprised by this report.
New weekly jobless claims rose to 744,000 for the week that ended April 3rd, the Department of Labor said Thursday.
Economists had forecast a decline to 680,000 from the previous week’s 719,000. This is the second consecutive week in which initial jobless claims moved up in contradiction to expectations. The upper end of the range of forecasts in the Econoday survey was 705,000.
Jobless claims can be volatile week to week so economists like to look at the four-week average. This rose by 2,500 to 723,750. [Source: Breitbart]
The jobs market was rocked to its core last year thanks to COVID-panic-induced lockdowns. But by the middle of the year, things were turning around. States were reopening and people were actually going back to work. That trend should have only continued, moving through 2020 into 2021.
But then, Joe Biden became “president.” His decision to spend money we don’t have to “stimulate” the economy has only backfired. Jobless claims are growing, because companies are already preparing for Biden’s tax increases.
You see, companies don’t wait around for the ax to drop. If Biden is signaling he’s going to raise taxes, then businesses get ready for that now. That could mean companies are already cutting back employee hours, laying off staff, charging higher prices, and so on.
We also can’t forget that Biden is allowing the import of cheap, illegal immigrant labor by opening up the border. Hundreds of thousands of illegals have already crossed the border since Biden entered office. Some of them are being kept in detention centers, but many have been released—with no court dates. Where did these migrants go? What are they doing?
Don’t think they aren’t taking jobs away from Americans, already, contributing to this rise in jobless claims.
That will only get worse in the coming months, should Biden succeed in raising taxes and more aliens flood the country.
I bet you’re missing Trump right about now, aren’t you?
Author: Paul Missel