Author Topic: Weak jobs report spurs new arguments over big fed spending  (Read 370 times)

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Offline libertybele

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Weak jobs report spurs new arguments over big fed spending

 President Joe Biden insists an unexpected slowdown in companies’ hiring is clear new proof the U.S. needs the multitrillion-dollar federal boost he’s pushing. But his sales effort is challenged by critics who say Friday’s jobless figures show his earlier aid legislation — successfully rushed through Congress — is actually doing more harm than good.

Biden’s promised economic comeback hardly stalled on Friday. But it seemed to sputter a bit with a report that found merely modest April job gains of 266,000 and complicated his new $4 trillion push for infrastructure, education and children.

The employment report failed to show that the U.S. economy was accelerating so much as stutter-stepping along as the unemployment rate ticked up to 6.1%. Economists had projected roughly one million added jobs last month, and the modest hiring indicated that the earlier $1.9 trillion coronavirus relief package has provided an uneven boost so far.

The figures present Biden with a fresh challenge at a critical moment in his presidency. He is betting that an open embrace of massive government spending will help resolve the nation’s public health and financial turmoil — and lift the political prospects for Democrats heading into next year’s elections. But the disappointing jobs numbers could also embolden his critics and stiffen the Republican resistance to the infrastructure package Biden is trying to push through Congress.

Addressing the report, Biden sought to ease concerns.

“We knew this wouldn’t be a sprint—it’d be a marathon,” he said. The pandemic relief package “was designed to help us over the course of a year, not 60 days. A year. We never thought that after the first 50 or 60 days everything would be fine. Today, there’s more evidence our economy is moving in the right direction. But it’s clear we have a long way to go.”

Biden’s opponents say the legislation actually worsened problems in at least one way, with expanded unemployment benefits that gave the jobless a reason to stay at home instead of seeking work............

https://apnews.com/article/health-coronavirus-pandemic-business-96576792492a11187cb05097c4894acc
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Offline Hoodat

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Re: Weak jobs report spurs new arguments over big fed spending
« Reply #1 on: May 08, 2021, 02:41:16 am »
Nothing 'new about it.  Keynes has been proven wrong for almost a century.  His policies extended the Great Depression over a decade.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-