The amount of people who have lost their jobs during Biden’s economy has been nothing short of massive according to new numbers discussed by CNBC.
As first reported by the Daily Wire, “CNBC Investing Club with Jim Cramer” threw out some numbers on Friday morning that showed some 3.1 million people have been out of work due to closures thanks to inflation or government regulations.
“3.1 million people reported they’ve been unable to work because their employer closed or lost business,” Cramer said.
“This is what I’m hearing from a lot of CEOs is that basically, look, we can’t staff, or we’re looking for people, or a lot of our customers are going under,” he added.
CNBC: CNBC reported that “3.1 Million people were unable to go work because their employer shut down or lost the business.” pic.twitter.com/vkKREXflEf
— RNC Research (@RNCResearch) January 7, 2022
RedState reports that yesterday’s jobless claims grew beyond what the experts predicted. It reached 207,000 after they expected it to fall to 195,000.
(READ: Jobless Claims Surpass Expert Predictions In Biden’s Economy)
Omicron may be to blame, but CNBC has noted that the inflation experienced by President Biden has caused many businesses to go out of business.
As the U.S. experiences its highest inflation rate in almost 40 years, average hourly earnings rose faster than anticipated. Inflation was at its highest point in nearly 40 years. Wages rose 0.6% month-over-month and were 4.7% higher year over year. Comparable estimates are 0.4% and 4.2%.
American citizens have responded in a fascinating way to this: They turned to self-employment and freelance work.
Although the establishment survey reported lower than anticipated job gains, household counts showed an increase of 651,000. There also were upward revisions for prior months, with the final October tally pushed up to 648,000, an increase of 102,000, while November’s disappointing report gained 39,000 in its first revision to 249,000.
There are some lessons to be learned from these numbers. People are now working remotely and pursuing freelance jobs, as contract work seems safer. Biden’s administration and other states and municipalities run by Democrats have made work difficult. People have given up on trying to get work from other people because they don’t know what the next shutdown or regulation will bring.
Indeed, America has learned to not trust this economy after losing 3.1 Million jobs.
Here, Democrats ultimately have shot themselves in their own foot. Trump tax cuts placed the self-employed at a better position. These are cuts Democrats have declared war upon. If Republicans are smart, they’ll advocate for a far lower tax rate for the self-employed, putting many people in a position to have the IRS be less of a burden on them going forward and winning over these hundreds of thousands who now find themselves relying more on self-employment than anything else.
About Post Author
