Shipping News and Reviews

Weekly unemployment claims rise well above expectations

The latest weekly unemployment claims report shows a sizeable jump, well above last week's numbers, shattering experts' expectations, yet another sign of President Biden's labor market stuttering.

CNBC reports that claims rose to 419,000 for the week ended July 17, a significant increase from the previous week's revised numbers and "well above expectations."

"Initial unemployment insurance claims for the week ended July 17 totaled 419,000, well above the Dow Jones estimate of 350,000 and more than the previous period's upwardly revised 368,000," they write.

CNBC describes the surge as "unexpected," a term the media used repeatedly during the Obama-Biden administration to add a touch of randomness to the economic troubles caused by the White House resident.

US jobless claims show surprising increase, well above expectations

When will Americans realize that @POTUS is economically illiterate?

– Rusty Weiss 🇺🇸 (@ rustyweiss74) July 22, 2021

RELATED: Pelosi Refuses to Allow Trump Allies to Investigate the Capitol Building – McCarthy Draws Any Republican In Response

Unemployment claims on the rise

The two-month high in unemployment claims, also noted by Reuters, was "unexpected" and pushed the main Wall Street indexes down.

Support conservative voices!

Sign up to get the latest Political news, insights, and comments are delivered straight to your inbox.

Republicans have complained that unemployment benefits are too attractive and that people are being prevented from entering the labor market.

President Biden spoke out against this in a town hall last night by telling a concerned restaurant owner that the key to getting people back to work is simply to pay them more.

"My guess is that people are paying seven or eight dollars an hour plus tip, that's – I think John you are going to find $ 15 an hour or more now," he told the owner, who had said, "He did already … pays the staff 15 dollars an hour. "

“My gut feeling tells me that … a lot of people want to change their job. But I could be wrong, ”he said. "I think the real point is that people now decide that they have the opportunity to do other things and there is a lack of staff."

In 20 seconds, Joe Biden pays tribute to the PPP program under Pres. Trump, and then claims restaurants are having trouble hiring people because there are more higher-paying jobs available or something.

Ignores his own guidelines that pay people not to work.

– John Cooper (@thejcoop) July 22, 2021

Biden suggests that people don't quit the workforce, just switch jobs and follow higher wages.

All well and good, except that two prominent economists pointed out earlier this month that "the national activity rate … has stalled".

President Biden is a business alphabet, Example # 682 – I count four lies in the answer to a single question.

– Rusty Weiss 🇺🇸 (@ rustyweiss74) July 22, 2021

RELATED: Report: Half of Pandemic Unemployment Aid Money May Be "Stolen"

Biden: No sign of unemployment benefits is to blame

Biden told the business owner that he saw little evidence that unemployment benefits had affected unemployment claims.

“I don't see any evidence that it had any serious effect on it. But you can argue, ”said the President. “Let's assume it is like that. It's coming to an end. "

But why do they come to an end, Joe?

"Complaints from companies that they cannot find enough workers have resulted in 22 states prematurely ending federal unemployment benefits of $ 300 per week on top of government unemployment benefits," said Associated Press.

But I thought Biden said the economy is doing well: “Unexpectedly” weekly jobless claims are rising by more than 50,000 @EdMorrissey

– Andrew Malcolm (@AHMalcolm) July 22, 2021

Even while in town hall, President Biden claimed massive spending would actually lower inflation.

He cited an analysis suggesting that his spending proposals will fuel economic growth without increasing inflation.

"Moody's Today, a Wall Street company and not a liberal think tank, said if we pass the other two things I'm trying to do, we're actually going to reduce inflation, reduce inflation, reduce inflation," said Biden.

Even the panelists on CNN weren't impressed by Biden's City Hall:

“I was very unimpressed with him by the inflation. He obviously didn't give a satisfactory answer … “

– Benny (@bennyjohnson) July 22, 2021

Aside from weekly jobless claims, gas prices and total prices in general are rising under President Biden.

A leading Democratic pollster warns the party that the American people are beginning to feel the effects of these soaring prices.

"Celinda Lake, who took part in a poll for Biden's presidential campaign and is still advising Team Biden," said Axios that "inflation concerns are loud and clear in both public polls and their own focus groups."

Joe Biden falsely claims that former Obama economist Larry Summers is not worried about long-term inflation.

REALITY CHECK: Summers wrote a comment titled "Inflation Risk Is Real".

– RNC Research (@RNCResearch) July 22, 2021

In Scranton, Pennsylvania, some people told CNN that rising prices were "worst in a long time."

CNN reports from Scranton, Pennsylvania, as experts "sound the alarm" about rising prices:

"Price rises for almost everything"

"The worst in a long time"

"I have to raise the prices, there is no way around it"

– RNC Research (@RNCResearch) July 22, 2021

There are still more than 12 million people unemployed in America.

In 2019 there were 5.8 million.

Now is the time to support and share the sources you trust.
The Political Insider is ranked 16th in Feedspot's “Top 70 Conservative Political Blogs, Websites, and Influencers in 2021”.

Comments are closed.