President Joe Biden’s disastrous economic agenda has set the U.S. economy on a collision course, so what does CNN do? This network blamed older Americans.
CNN released a ridiculous story headlined, “The data that shows Boomers are to blame for the labor shortage.” The story suggested that “Early retirement — whether forced by the pandemic or made possible otherwise — is having a huge impact on the labor market. And data show that retiring boomers, far more than ‘lazy’ millennials, are the biggest force behind the labor shortage.” But as Washington Post columnist Marc Thiessen pointed out Oct. 21: “The Biden administration’s policies are exacerbating the inflation and extreme labor shortages we are experiencing.” He continued: “Why are we experiencing such a massive worker shortage? Simple. Workers can afford to be on the sidelines.”
Thiessen is right. The Wall Street Journal just reported that, “the start of 2020 through Sept. 30 this year, U.S. households’ total assets soared 22% to nearly $163 trillion, Fed data show.” As Thiessen noted:
Personal savings rates skyrocketed due to all the free money Washington provided. The Wall Street Journal reported that August saw American households save $1.7 trillion. Millions of Americans now have money to spend but less desire to return to work. Others aren’t returning to work at all. Retirements more than doubled since pre-pandemic rate, [emphasis added].
But CNN, without mentioning the stimulus, essentially blamed older Americans for taking advantage of the freebies the government dumped into their bank accounts and retiring early. CNN stated at the start of its article:
The most perverse myth this year was that young people don’t want work, as they are able to get by on aid from the government. A few politicians and pundits claimed that people had too much money. The problem is that the numbers aren’t in support of this assertion.
To CNN, it’s the “boomers” retiring early with whom Americans should direct their anger.
The main reason that older Americans retire more often is because they have more money to spend on government stimulus. As personal finance website GoBankingRates pointed out in a blog: “Stimulus Money Allowed Seniors To Retire Early and Receive Full Benefits.” The Journal reported that households have “built up a $2.7 trillion stock of ‘excess savings’—the amount above what they would have had there been no pandemic—as of Sept. 30, 2021.”
CNN attempted to highlight the fact that 90% of those 3.6 million Americans who quit the workforce last month were older than 55 years old, but ignored the context of the stimulus. Instead, CNN used the angle to elevate how the “White House has recognized how the retirement issue is distorting our read of the labor economy.”
Conservatives are being attacked.CNN can be reached at (404)827-1500 to demand that it apologise for the lack of labor force.
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