{"id":273282,"date":"2021-06-13T05:40:31","date_gmt":"2021-06-13T02:40:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bidenomics-is-a-total-disaster-that-could-send-us-back-to-stagnant-70s\/"},"modified":"2021-06-13T05:40:31","modified_gmt":"2021-06-13T02:40:31","slug":"bidenomics-is-a-total-disaster-that-could-send-us-back-to-stagnant-70s","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bidenomics-is-a-total-disaster-that-could-send-us-back-to-stagnant-70s\/","title":{"rendered":"#Bidenomics is a total disaster that could send US back to stagnant ’70s"},"content":{"rendered":"

“#Bidenomics is a total disaster that could send US back to stagnant ’70s<\/strong>”
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Bidenomics is proving an utter disaster for American workers and consumers, and don\u2019t bet on it to end soon.<\/p>\n

With the pandemic all but over \u2014\u00a0more than half of American adults are fully vaccinated, and transmissions have fallen through the floor \u2014\u00a0the economy wants to roar back to life. Job openings climbed to 9.3 million in April, the highest number since the Labor Department started collecting the stats in 2000 and a million more than in March, the feds announced last week.<\/p>\n

But businesses are having trouble filling those spots: 3.5 million Americans are still on unemployment benefits, the feds also revealed. It\u2019s a big drop from 19.2 million at COVID\u2019s height, but still twice the pre-COVID level, even though nearly all the job-killing restrictions are no more.<\/p>\n

A clear problem is rooted in President Joe Biden\u2019s COVID \u201crelief\u201d package, which extended the $300-a-week federal unemployment supplement to Sept. 6. Employers nationwide cite it as why they can\u2019t lure workers back without major pay hikes, and a University of Chicago study found that 42 percent of those getting benefits are making more than they did when they were working. Why go back to work when you can\u00a0take a few more months\u2019 paid vacation?<\/p>\n

And the labor shortage is fueling inflation: When lumber mills, for example, can\u2019t hire to boost production to meet booming demand as tens of millions look to invest their stimulus checks or the money saved from a year of lockdown in some home improvements \u2014 so lumber prices have doubled.<\/p>\n

Such cascading bottlenecks are boosting costs across the economy. In all, consumer prices rose 0.6 percent in May over April, making a 5 percent rise over the past year, the largest 12-month inflation spike since the meltdown of 2008.<\/p>\n

Just about everything is more expensive these days: Bacon\u2019s up 13 percent in a year, gas, 56 percent.<\/p>\n

And prices may not drop down. Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said that \u201cit\u2019s questionable that once people start paying higher prices\u201d that \u201cany of those increases will ever be rolled back.\u201d<\/p>\n

The White House\u2019s response to this mess? Pay people more than the government is with the increased unemployment benefits. White House Press Secretary Jen Psaki said companies should pay higher wages to \u201cincentivize more workers to come back into the workforce.\u201d Cecilia Rouse, chair of Biden\u2019s Council of Economic Advisers, says that\u2019s how \u201ca market economy\u201d works.<\/p>\n

But this is a sure route to yet more inflation. Employers will have to pass on those increased costs to consumers: Chipotle just announced it\u2019s hiking prices by 4 percent to cover the cost of higher wages.<\/p>\n

Pre-pandemic, working-class wages were rising without<\/em> inflation thanks to President Donald Trump\u2019s pro-growth policies. But wage hikes driven by government giveaways that simply force price hikes are very different from ones driven by a booming economy: A fatter paycheck means little when everything you need to spend it on costs more.<\/p>\n

Biden may well prove a \u201ctransformative\u201d president \u2014 by bringing America back to 1970s stagflation.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Bidenomics is a total disaster that could send US back to stagnant ’70s” Bidenomics is proving an utter disaster for American workers and consumers, and don\u2019t bet on it to end soon. With the pandemic all but over \u2014\u00a0more than half of American adults are fully vaccinated, and transmissions have fallen through the floor \u2014\u00a0the…<\/p>\n","protected":false},"author":1,"featured_media":273283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/bidenomics.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[109135,5069,43,70551,991],"class_list":["post-273282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-12-21","tag-economy","tag-editorial","tag-inflation","tag-joe-biden"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/273282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=273282"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/273282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/273283"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=273282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=273282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=273282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}