Filed under: Politics | Tags: Getting Paid Not to Work, Job Creation, Omicron Covid
Refinitiv economists had predicted an increase of 550,000 new jobs in November, but the Labor Department reported that payrolls in November rose by just 210,000, the worst month for job creation this year. The unemployment rate (a separate survey) dropped more than expected to 4.2% from 4.6% the lowest level since the pandemic began. There are still about 3.9 million fewer jobs than there were last February, before the crisis began. There are some who are essentially getting paid not to work, which skews things considerably. Lots of people are working from home, which may be a result of Covid fears, but may turn out to be more permanent as employers appreciate not having to pay the rent for office space. Aside from the Covid epidemic, there are all sorts of underlying shifts and changes that may result in enormous changes down the road that we do not understand yet.
The Biden Administration is trying to blame the new (Omicron) Covid version for supply chain problems. Many laborers have decided to accept larger government checks instead of participating in the economy, which has resulted in a nationwide labor shortage. In the meantime, we have rising prices from inflation, which those whose government benefits may soon run out, may find surprising. All sorts of somewhat hidden movements going on that we don’t really understand yet. Study the photo at the top. The confusion of truckers trying to cope in the photo at the top is a good illustration of what is going on elsewhere.
Joe Biden has released 50 million barrels of oil from the national stockpile known as “The Strategic Petroleum Reserve” (for a reason) to cover the obvious damage he did with his anti-Trump cancellation of the Keystone XL Pipeline ( because he wanted to get rid of anything associated with President Trump).
Mr. Biden has had a very bad case of “Trump Derangement Syndrome”, and cannot acknowledge that anything done by the hated Trump was even possibly good for America and the right thing to do. This problem has done irreparable damage to his own presidency. Sometimes “partisanship” goes too far, whether from the presidency, the congress or the media. They need to remember why they are really there.
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American Elephants 