७ मे, २०२१

"Maybe paying people more to be unemployed than to work has consequences? I've been out to eat with 2 waiters working an entire establishment."

"No one wants to work now. Same thing with Lyft and gig work. Bring back proof of looking for employment and curtail unemployment benefits when we have this many job openings. Helicopter money is temporary, not permanent."

That's a high-rated comment at "The Jobs Report: The Boom That Wasn’t/April’s anemic job creation was so out of line with what other indicators have suggested that it will take some time to unravel the mystery" (NYT). 

From the article: 

Employers added only 266,000 jobs last month, the government reported Friday morning, not the million or so that forecasters expected. The unemployment rate actually edged up, to 6.1 percent.... These numbers are consistent with the story many business leaders are telling, of severe labor shortages — that demand has surged back but employers cannot find enough workers to fulfill it, at least at the wages they are accustomed to paying....

Back in 2010, the Obama administration introduced one of the more unfortunate economic messaging concepts of recent decades, announcing that a “Recovery Summer” was underway. It became a punchline, because while the economy was expanding, Americans were still far worse off than they’d been before the 2008 recession, and improvement was coming very slowly. That’s one outcome the Biden administration desperately wants to avoid.

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