President Joe Biden’s persistent optimism makes a big difference in how Americans view their everyday lives. Sure, the COVID variants appear to be with us much as the flu continues to be. But a remarkably good economy in spite of all this is a refreshing break from the gloom and doom days of the ex-president. This is what Americans will see speeding rapidly down that highway of recovery.
Unemployment benefits applications are at a 52-year-low even though there was a slight uptick, The Wall Street Journal reported. This slight movement means that our labor market will need workers, which is very good. This is a problem that can be a solution to another problem, immigration. As has happened since our nation first began, immigrants have played an integral role.
Layoffs rose from 18,000 to 206,000 in the week ending on December 11, according to the Department of Labor (DOL). The original number was 188,000. The new jobless claims continue to dwindle, following a year-long pattern:
‘The four-week average, which smooths out week-to-week volatility, fell by 16,000 to less than 204,000, the lowest level since mid-November 1969, according to Department of Labor figures released Thursday.’
White House Rapid Response Director Mike Gwin relayed President Biden’s latest economic message:
‘New from @POTUS on today’s strong UI data >>>
“When I took office, over 18 million were receiving unemployment benefits, today only 2 million are. We’ve added nearly six million jobs this year – the most of any first year president in history.”‘
So what is behind this remarkable economic picture? President Biden’s influx of government aid and a stellar vaccination program have given the job market a substantial boost. We have felt economically secure enough to spend, especially as we roll into this holiday season. President Biden continued:
‘Thanks to the American Rescue Plan, and our successful vaccination program, Americans are back at work at a record-setting pace. And families have more money in their pockets: Americans on average have about $100 more in their pockets each month than they did last year, after accounting for inflation’
Of course, it is essential for the two remaining holdouts in the Senate, Senators Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ) vote “yes” for our president’s Build Back Better (BBB) legacy bill. The president has pressed for his BBB program every day:
‘Even as we’ve built a historic jobs and economic recovery, addressing rising prices, supply chain challenges, and COVID-19 are my top priorities.’
‘We need to continue to take concrete actions to address elevated prices and to lower costs for American families – including by lowering prescription drug costs, health care costs, childcare costs, and housing costs with the Build Back Better plan. And, we need to do everything we can to get as many Americans vaccinated and boosted as possible.’
Chief Economist at PNC Financial Services Group Gus Faucher said, according to ABC News:
‘Demand for labor is very strong and workers are in short supply, so layoffs are very low,” said in a research note. “Those workers who do find themselves unemployed can quickly find new jobs. The biggest problem for the labor market right now is too few workers.’
Senior Economist at the career site Glassdoor Daniel Zhao noted, according to CNBC:
‘It’s not obvious why the seasonal adjustment has struggled in the last few weeks, but weekly [seasonal adjustment] is difficult even in normal times.’
Corporate Economist at Navy Federal Credit Union Robert Frick added, as CNBC reported:
‘While the latest [unemployment claims] data should be taken with a grain of salt given seasonal adjustments, we may be entering a stretch when lower-than-average layoffs continue until the “Great Resignation” fades.’
Three White Lions podcast, Gloria Christie reads her week’s most important news/ commentary stories in the liberal online newspaper The Bipartisan Report. Gloria Christie Report her newsletter for people on the go. Written in her own unique style with a twist of humor in a briefer version of Bipartisan Report. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery. Find her here on Facebook.
