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There’s plenty of labor, John Stossel recently pointed out. But many people are finding they are better off financially not working because of perverse incentives created by the American Rescue Plan.
It’s no secret that U.S. businesses are struggling to find workers . Recent surveys have shown that small businesses are reporting record job openings.
Many have described the phenomenon as a labor shortage.
“Walk outside: labor shortage is the pervasive phenomenon,” economist Lawrence Summers recently observed at a conference hosted by the Federal Reserve Bank of Atlanta. Economist Lawrence Summers said the Biden administration’s juiced-up unemployment benefits have created a record labor shortage. It was “an unforced error,” Summers said. “If we give people more money for not working…then they’re going to stay on the sidelines.” pic.twitter.com/eCyTW1CXKw — Jon Miltimore (@miltimore79) May 5, 2021 At first glance, calling what the U.S. is experiencing a labor shortage — as I recently did — makes perfect sense. After all, there are millions of job openings, which means there are not enough qualified job candidates to fill the market’s employment demands. That’s pretty close to a textbook definition of a labor shortage. An Incentive Shortage, Not a Labor Shortage
It’s wrong, however. And John Stossel recently pointed out why.
“America has a record 8.1 million job openings,” Stossel noted at Reason . “The media call it a ‘labor shortage.’ But it’s not a labor shortage; it’s an incentive shortage.”
There’s plenty of labor, Stossel correctly pointed out. But the juiced-up unemployment benefits, which pay unemployed workers an additional $300 a week on top of their state unemployment benefits, have resulted in a perverse incentive.
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“The American Rescue Plan, passed in March, increased unemployment payments by hundreds of dollars and extended them for up to 73 weeks,” Stossel pointed out. “Given the cost of commuting, etc., many people find they are better off financially not working.”Indeed, one need not even factor in the costs of commuting. In many states, workers are taking a pay cut to […]
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We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
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JD Rucker
