|Unleash Prosperity Hotline – Weekend Edition|
05/07/2021, 05/08/2021, 05/09/2021
|1) The Netflix Unemployed|
Repeat after me: if you tax something, you get less of it. If you subsidize something you get more of it. Period. Hard stop.
We learned from yesterday’s bad jobs report that the idiocy of the Biden/Pelosi policies is higher than Mount Everest.
Our own CTUP study by Mulligan and Moore released some three months ago predicted the “Covid Stimulus Bill” would reduce employment by six million workers. The bill passed nonetheless with all Democrat votes providing $300 a week bonus unemployment benefits, expanded food stamps, Medicaid, rental assistance, no rent payments required (because of an eviction moratorium), free $1,400 checks per person, etc. – which added up to annualized payments of up to $100,000 for a married couple both unemployed. And now our predictions are regrettably right on target. Why work?
This, Ladies and Gentlemen, explains the disappointment of the April jobs report with a tick up in unemployment, only 260,000 jobs added, and lousy workforce participation.
EVERYONE knows that stores, factories, restaurants, bars, warehouses, construction companies are desperate for workers. They can’t compete with their rich Uncle Sam.
Today in America there are 7.37 million jobs open – thanks to Operation Warp Speed. That’s more job openings than the entire number of workers in Michigan and Indiana combined. But we can’t get the Netflix couch potatoes back on the job.
The Biden econ-wizards argued with a straight face that the weak jobs report shows we need more fiscal stimulus. We need less of it and it would help if the progressives would stop threatening the largest tax increase in American history.
Most of all: suspend all extra UI and welfare benefits which are supposed to run through September. The Covid crisis is over. Now the crisis is way, way, way too much government. Duh!
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