{"id":1540228,"date":"2022-07-05T16:19:33","date_gmt":"2022-07-05T20:19:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1540228"},"modified":"2022-07-05T16:19:46","modified_gmt":"2022-07-05T20:19:46","slug":"bidenomics-getting-paid-to-stay-home","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-getting-paid-to-stay-home\/","title":{"rendered":"Bidenomics: Getting Paid To Stay Home"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-getting-paid-to-stay-home%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1540228&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>COVID and the lockdown-induced recession did a number on American businesses and families. Yet more than two years since the crisis began, the economy still seems to be on its last leg \u2014 even amid President Joe Biden\u2019s lofty plan to \u201cBuild Back Better.\u201d In a four-part series, The Daily Wire chronicles the \u201cBidenomics\u201d regime and how it is eviscerating the American people.<\/p>\n<p>COVID and the lockdown-induced recession sent millions of employees home \u2014 and many of them never returned.<\/p>\n<p>Virtually overnight, the unemployment rate soared from 3.5% to 14.7%, according to the U.S. <a href=\"https:\/\/fred.stlouisfed.org\/series\/UNRATE\">Bureau of Labor Statistics<\/a>. Through the following months, firms quickly ramped up hiring and as of May 2022, unemployment is once again at a robust 3.6%.\u00a0<\/p>\n<p>But with <a href=\"https:\/\/www.dailywire.com\/news\/upwards-of-40-of-workers-are-thinking-about-quitting-their-jobs-report\">more jobs open<\/a> than people available to fill them, the United States soon faced the opposite problem \u2014 which economists have dubbed the \u201cGreat Resignation.\u201d Long lines plagued retail stores, restaurants were short staffed, and \u2014 perhaps most importantly \u2014 logistics companies <a href=\"https:\/\/www.dailywire.com\/news\/at-the-edge-of-a-cliff-trucking-industry-leader-says-rewarding-people-not-to-work-vaccine-mandates-are-worsening-supply-chain\">struggled to fill positions<\/a>, worsening the supply chain crisis and increasing inflation for consumer goods.<\/p>\n<p>Even as businesses scrambled to attract workers, the labor force participation rate \u2014 the percentage of adults who are either holding a job or actively seeking one \u2014 had still not recovered from the dip it experienced in early 2020, according to more <a href=\"https:\/\/fred.stlouisfed.org\/series\/CIVPART\">Bureau of Labor Statistics<\/a> data.\u00a0<\/p>\n<p>It was as if someone were paying people to stay at home and refuse to work.<\/p>\n<p>In March 2021, President Joe Biden enacted the American Rescue Plan \u2014 a $1.9 trillion package that <a href=\"https:\/\/www.dailywire.com\/news\/impact-of-covid-unemployment-benefits-on-jobless-rates\">extended<\/a> the $300 weekly bonus unemployment benefits first passed under President Donald Trump through September 2021. A few months later \u2014 in the interest of returning their labor markets to normalcy \u2014 nearly half of American governors prematurely <a href=\"https:\/\/www.cbsnews.com\/news\/unemployment-benefits-states-end-federal-aid\/\">opted out<\/a> of the extension.<\/p>\n<p>For many states, the move was a success. Florida businesses <a href=\"https:\/\/www.dailywire.com\/news\/why-ron-desantis-was-right-to-pull-florida-out-of-extra-unemployment-checks\">hired<\/a> 1.3 million workers between late May 2021 and August 2021, with 400,000 hires occurring in the three weeks after Governor Ron DeSantis (R-FL) nixed the unemployment program, according to data compiled by the <a href=\"https:\/\/thefga.org\/wp-content\/uploads\/2021\/10\/How-DeSantis-Kicked-FL-Economy-Into-Overdrive-10-07-21.pdf\">Foundation for Government Accountability<\/a>. Meanwhile, a paper published by the <a href=\"https:\/\/www.nber.org\/papers\/w29575\">National Bureau of Economic Research<\/a> <a href=\"https:\/\/www.dailywire.com\/news\/surprise-enhanced-unemployment-benefits-significantly-increased-unemployment-study\">confirmed<\/a> that states choosing to leave the program saw \u201cthe flow of unemployed workers into employment\u201d increase by two-thirds.<\/p>\n<p>The <a href=\"https:\/\/www.cbo.gov\/system\/files\/2020-06\/56387-CBO-Grassley-Letter.pdf\">Congressional Budget Office<\/a> likewise discovered that extending $600 weekly unemployment checks \u2014 the original policy passed under President Donald Trump\u2019s $2.3 trillion CARES Act \u2014 would cause \u201cfive of every six recipients\u201d to earn more collecting the payments than returning to their jobs. After the benefits were later reduced to $300 per week, however, nearly half of jobless workers were still poised to do the same, according to <a href=\"https:\/\/www.jpmorganchase.com\/institute\/research\/household-income-spending\/when-unemployment-insurance-benefits-are-rolled-back\/\">JPMorgan Chase<\/a>.<\/p>\n<p>Rep. Kevin Brady (R-TX) confirmed to The Daily Wire that \u201cstudy after study\u201d has proven that the American Rescue Plan \u201cfueled the inflation fire\u201d by paying people \u201cmore to stay home than to reconnect to their jobs.\u201d<\/p>\n<p>\u201cWhen Republican states opted to end the lavish unemployment benefits early, more Americans returned to work,\u201d he commented. \u201cHad states across the country followed suit, employment would have increased by 1.6 million jobs \u2014 bolstering our recovery.\u201d<\/p>\n<p>Nevertheless, labor shortages lasted through much of 2021. In one <a href=\"https:\/\/www.dailywire.com\/news\/survey-economists-foresee-high-inflation-supply-chain-crisis-labor-shortages-lasting-well-into-2022\">survey<\/a> of economists conducted by <a href=\"https:\/\/www.wsj.com\/articles\/supply-chain-bottlenecks-elevated-inflation-to-last-well-into-next-year-survey-finds-11634479202\">The Wall Street Journal<\/a>, nearly one-fifth of respondents pointed to the phenomenon as the \u201cbiggest threat\u201d to economic growth.<\/p>\n<p>Even though there was by no means a shortage of available jobs and even as nominal wages continued to rise, <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-products-gutting-your-bank-account-as-inflation-soars\">real wages<\/a> \u2014 which account for the effect of inflation upon workers\u2019 earnings \u2014 dropped 3% between May 2021 and May 2022. To enjoy the same standard of living, an American earning $50,000 per year would therefore have to work longer hours or slash his budget by $1,500.<\/p>\n<p>\u201cWorkers are watching their paychecks fall further and further behind rising prices at the pump and the grocery store,\u201d Brady said. \u201cMany Americans are cutting back on common household expenses, and taking on more debt to make ends meet. But for low-income households, they\u2019re being hit the hardest because they\u2019ve had their savings wiped out.\u201d<\/p>\n<p>Businesses are hardly immune from rising price levels. In addition to contending with <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">higher energy prices<\/a>, the low availability of workers helped to prevent inputs from reaching their facilities \u2014 causing more than 90% of manufacturing leaders to identify higher raw material costs as one of the \u201cprimary business challenges\u201d in early 2022, according to a <a href=\"https:\/\/www.dailywire.com\/news\/majority-of-manufacturers-predict-recession-within-the-next-year\">survey<\/a> from the <a href=\"https:\/\/www.nam.org\/manufacturers-remain-resilient-as-recession-concerns-rise-17896\/?stream=series-press-releases\">National Association of Manufacturers<\/a>.<\/p>\n<p>From May 2021 to May 2022, the Producer Price Index (PPI) <a href=\"https:\/\/www.dailywire.com\/news\/inflation-for-businesses-continues-at-double-digit-pace\">rose 10.8%<\/a>, a report from the <a href=\"https:\/\/www.bls.gov\/news.release\/ppi.nr0.htm\">Bureau of Labor Statistics<\/a> revealed.<\/p>\n<p>\u201cFor six months in a row, Main Street businesses have been hit by double-digit inflation,\u201d Brady said, \u201cand that means higher prices ahead for families as businesses are forced to pass the increases along in this cruel Biden economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>COVID and the lockdown-induced recession did a number on American businesses and families. Yet more than two years since the crisis began, the economy still seems to be on its last leg \u2014 even amid President Joe Biden\u2019s lofty plan to \u201cBuild Back Better.\u201d In a four-part series, The Daily Wire chronicles the \u201cBidenomics\u201d regime &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1540307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1540228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1540228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1540228"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1540228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1540307"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1540228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1540228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1540228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}