|Unleash Prosperity Hotline |
|1) Stimulus Stimulates 4 Million Lost Jobs|
Yes, that is right. The $900 billion spending bill signed into law last week does not create jobs; it is a massive jobs LOSER. That is because all of the government payments give money to people for NOT working or dispense “free money” not related to work. (If giving everyone $600 or $2,000 makes sense, why not give everyone $20,000 and families can get really rich.) CTUP senior fellow and University of Chicago economist Casey Mulligan has crunched the numbers. Here is what he finds:
(a) $300 unemployment weekly bonus unemployment benefits — 3 million lost jobs
(b) Rental assistance of approximately $48 weekly – 0.5 million lost jobs
(c) Food stamps and $600 stimulus —> 0.5 to 0.9 million lost jobs
Overall Impact: 4 million to 4.4 million lost jobs
Great job, Congress.
What is infuriating is that we already have seen the negative impact of these programs after Speaker Pelosi’s ludicrous $600 a week UI benefits doled out this past summer. We had millions of job openings and 20 million unemployed Americans, but construction companies, factories, and stores couldn’t get their workers to come back on the job.
By the way, if the payments go to $2,000 per person, one of Trump and Pelosi’s worst ideas, these employment losses could jump to more than 5 million over the next three months.
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