While GOP politicians fear-monger around “socialism” and government spending under a Democratic president, the truth is that the last two Republicans in the White House came into office with a booming economy and left office in a financial crisis. The global economic collapse of George W. Bush and the COVID-19 pandemic under Donald Trump should be enough to shame those right-wing politicians, but still they rant.
BREAKING: The number of Americans seeking unemployment benefits fell to 375,000 from 387,000 the previous https://t.co/WdDccM9Ea8's the latest sign that employers are laying off fewer people as they struggle to fill a record number of open jobs. https://t.co/NCiGIknAIz
— The Associated Press (@AP) August 12, 2021
The Biden administration, however, appears to be doing fine in the recovery period after the initial COVID-19 wave. Although the virus continues to ravage some Southern states, fewer are signing up for unemployment, according to the Department of Labor.
The Associated Press reports that:
‘Thursday’s report from the Labor Department showed that jobless claims fell to 375,000 from 387,000 the previous week. The number of applications has fallen steadily since topping 900,000 in early January as the economy has increasingly reopened in the aftermath of the pandemic recession.’
Additionally, fewer people are signing up for unemployment, according to statistics compiled by the government. Jobless claims fell significantly compared to recent quarters since the start of COVID-19, and now fewer people are relying on unemployment benefits to survive.
‘A total of about 12 million people are receiving unemployment benefits, down sharply from the previous week’s figure of nearly 13 million. That drop reflects that more Americans are being hired and no longer receiving benefits. Another factor is the cancellation in many states of the federal program for the self-employed and a separate program for the long-term jobless.’
However, recent numbers from the CDC related to the Delta variant and new spreads of COVID-19 resulting from the new strain indicates that the upswing may not hold. Consumer confidence and spending are falling quickly with the new spread, which may present a new challenge for the economy under Biden.
‘Credit card spending on airline tickets has fallen 20% from a mid-July peak, according to economists at JPMorgan Chase, suggesting that in response to the increase in infections, consumers may be starting to slow their travel spending, which had jumped in recent months.
‘And after returning to pre-pandemic levels for much of June and July, restaurant traffic dropped about 10% below that level in the past week, according to restaurant software provider OpenTable.’
"We're putting a lot of families at risk": 7.5 million Americans to lose unemployment benefits soon https://t.co/jZNAsUYS8w
— CNBC (@CNBC) August 10, 2021