The Biden Economy: Unemployment rises as welfare pays some people more to stay at home than go to work
Unemployment rose as the Biden’s threat of high taxes on companies and the increased welfare payments have potentially led people to reject work in favor of staying at home.
President Biden’s economic policies have helped contribute to a slowdown of the economy that should be booming as states reopen and lift coronavirus lockdown measures.
“Employers added a disappointing 266,000 jobs in April even as the number of new COVID-19 cases stayed low, more states lifted constraints and vaccinations accelerated,” USA Today reported.
Increased welfare payments have likely played a part, many economists said, because some people can make more money staying at home watching Netflix than going back to work and contributing to the economy.
Furthermore, Biden’s plan to raise taxes on job creators and create new job-killing regulations on the oil and gas industry can have a ripple effect, as gasoline and energy costs increase.
Democrats have begun to sound the alarm, warning that Biden’s far-left socialist agenda may lead to massive losses in the 2020 midterms. Biden’s plans have likely spooked investors who are worried about losing any potential profit to high taxes.
Should Biden apologize for his job-killing plans? Do you think the economy would do better if Trump was president? Share your thoughts below!