“Build back better” and the globalists’ “Great Reset” isn’t going quite as smoothly as they hope. Jobless claims went up a lot this week, with total jobless claims at 419,000, up by over 51,000 just from last week
Fewer places are hiring in July and it has an impact. Where’s that American Rescue Plan? Or is pumping money into the economy and taxing the hell out of everything that moves not the solution to an economic crisis?
Biden: We will build back better.
Headline: Weekly jobless claims jump by more than 50K.
— Cassandra (@CassyWearsHeels) July 22, 2021
Is the Stimulus Working?
We’re being run by a liberal regime that believes stimulus spending is the answer to everything. If that’s the case, then it should be having a strong effect by now. Huge amounts of money have been pumped into this economy and we shouldn’t still be seeing jobless claims rising week-on-week.
Last spring, jobless claims were off the charts. However, they seemed to reach a peak and then finally begin to stabilize once a few things opened and people felt more hopeful about the economic situation.
Once the vaccine started taking hold and economic confidence re-stabilized, along with lifting lockdowns, jobless claims started falling back in the range of pre-pandemic normality.
However, to see them rising up again has many experts and economists worried that what we saw was only a temporary improvement. They are worried that we could be in a longer-term economic decline.
There’s An Even Bigger Issue…
The even bigger issue than people who say they can’t find work is the number of people still wanting pandemic checks and relief. The amount is falling, but there are still more than nine million folks getting pandemic relief.
Business is mainly opened up, but a lot of people don’t want to work, especially not at minimum wage jobs that they feel are beneath them or don’t offer enough to pay the bills. This creates a domino effect: as businesses have a harder time finding the workers to provide goods and services in an efficient way, they raise their prices.
This then makes things more expensive and makes folks on pandemic relief programs even more likely to give up on the idea of going back to work that doesn’t pay as much. It makes them more likely to want to keep collecting government bailout money.
It’s a vicious cycle.
Stocks fluctuate after jobless claims, earnings. #BQMarkets
— BloombergQuint (@BloombergQuint) July 22, 2021
The Coming July Jobs Report
We will have to see what happens with the July jobs report, but it’s not looking good. Jobs should be opening up now, but instead, we have inflation and confusion. Biden’s supposed comeback has turned out to be very heavy on rhetoric and light on results.
We’ll hope for the best in the coming jobs report, but these rising jobless claims are definitely a reason to worry about our economic future.