Doesn't unemployment end eventually? 12 months? 18 months? 24 months? I saw a recent John Oliver clip about how the number actually receiving unemployment is a small fraction of the percentage of people that qualify for it, due to hoops states make people jump through. So given that only a few million are receiving unemployment, how does that reconcile with all these positions not getting filled?
Nevertheless, you can see how difficult it will be for those whose stimulus checks got them up to the 15/hr level to go back to less. It's going to put even more pressure on Congress to pass the 15/hr minimum.
Some economists believe it was it a mistake not to pump more stimulus into the economy coming out of the Great Recession. They say that then we would have recovered much faster than the ten years it took to get back to full employment. I think if you were to ask Obama why more wasn't done, you'd likely get an answer involving Republican opposition. Just my guess though.
They are also now used to not having having to show up anywhere on time or follow direction so I can’t see how it would be reasonable for a company to demand this.
My guess is that if a company that has been padding their profits via government subsidy of their lowest wage workers suddenly starts paying 15/hr, they will be surprised at how easy it is to hire reliable workers once government support payments dry up. That will mean that the companies doing the hiring will be in the drivers seat -- if their workers don't pan out because they show up late on Monday morning stoned, there will be an eager ready replacement. What I think will be interesting is to see what will happen to those 7.25 workers who got jobs in the past only because they were cheap labor. Some whose job performance was OK at 7.25 won't be OK at 15. And that's a step in the right direction as far as I'm concerned. It would be nice if no one behind a cash register had to look at the display to know instantly how much change the customer was due.
Dems had a Super Majority, Obama listened to Republicans trying to be bipartisan. The worst mistake he ever made because the Republicans did not vote to do anything to stimulate the Economy. They cried “Deficit” when our Economy needed help (2009-11) while making W’s tax cuts permanent after retaking the Senate. Not one vote, just their bullshit deficit hawk fears.
Your guess is wrong. It is just inflationary. Just like increasing taxes doesn’t demotivate entrepreneurs, increasing wages doesn’t motivate employees. We saw this in 2017/2018 when there was wage inflation due to a strong economy. Now there’s wage inflation due to government unemployment and you can see my graphs from Fred, there are so many vacant jobs while unemployment is high.
Unfilled job vacancies. No problem. people across the border will flock to the USA to take up these jobs and other benefits from kind Uncle Sam.
Gee guess everyone is not sitting home counting their stim money and how many songs they can download with it:- (Briefing.Com) "Initial jobless claims, though, could strike a chord. They declined by 97,000 to 684,000 (Briefing.com consensus 710,000) for the week ending March 20. Continuing claims for the week ending March 13 decreased by 264,000 to 3.870 million. The key takeaway from this report is that initial claims are the lowest they have been since March 2020. Granted initial claims are still high, yet the directional movement fits the bill of an improving economy that requires increased hiring activity and reduced layoff activity."