Just the News posted an article with the following headline today, “U.S. weekly jobless claims remain below 1 million, 860,000 new claims made last week. The figure was slightly lower than economists predicted.” Why are the predictions always negative during a Republican administration?
The article reports:
The number of Americans filing for first-time unemployment benefits totaled 860,000 last week, the Labor Department reported Thursday.
The number was slightly lower number than the predicted 875,000. Several weeks ago, the weekly jobless figure fell below 1 million for the first time since late March and has remained below that threshold.
This week’s figure is down slightly from the previous week’s 893,000 number.
Despite the high number of coronavirus-related layoffs, U.S. employers in August replaces nearly 11 million of the initial 22 million jobs lost during the onset of the pandemic. Hiring rates over the summer have continued to climb and, in conjunction with several other indicators of an active economy, point toward a steady shift away from the pandemic-induced economic shutdown.
President Trump is a businessman. He understands how business works. He will rebuild the American economy. Joe Biden will not. It is that simple. Look at the anemic economic growth between 2008 and 2016, and then compare that to the economic growth before the pandemic and as we are coming out of the pandemic.
Just to provide some perspective, in January 2009, the Workforce Participation Rate was 65.7. In October 2016, it was 62.8. In January 2019, it was still at 62.8. In February 2020, the Workforce Participation rate was 63.4. After dropping to 60.2 in April, it was at 61.7 in August. The Workforce Participation Rate represents the number of Americans employed or looking for work. If you want to keep this number high, vote for President Trump. If you want unemployment to rise and the number of Americans working to shrink, vote for Joe Biden. Joe Biden’s tax plan will very quickly stifle the economic growth that we have seen under President Trump.