Market expert argues we must get back to a ‘normal, functioning economy’
Heritage Capital CIO Paul Schatz joined AmeriVet Securities Head of Rates Greg Faranello and Principal of The Fitz-Gerald Group Keith Fitz-Gerald arguing that no economy was created to have a ‘ginormous safety net.’
While blue states languish in an economic slump, those led by Republicans are steadily rebounding. The data is clear: States with GOP leadership are showing stronger job recovery and lower unemployment.
According to July numbers from the U.S. Bureau of Labor Statistics, Republican governors head 16 of the top 20 states with the lowest unemployment rates. Likewise, 18 of these states have Republican-controlled legislatures.
On the other hand, states dominated by Democrats have shown little improvement. The 10 states with the highest unemployment rates are all led by Democrats.
The difference lies in policies. Most blue states continue to offer an extra $300 per week in supplemental benefits in addition to regular state unemployment benefits. This pandemic bonus—which isn’t set to expire until Sept. 6, 2021—is discouraging people from looking for work.
REPUBLICANS RIP BIDEN ADMINISTRATION FOR MASSIVE FOOD STAMPS INCREASE: 'ABUSING ITS AUTHORITY'
Americans are receiving about $630 in weekly unemployment benefits. That’s more than $32,000 annually—roughly double the nation's minimum wage. It’s no wonder that as many as 1.8 million Americans have turned down jobs. Unemployment benefits are far more lucrative. Joe Biden and Democrats are incentivizing people not to work.
Our small businesses are bearing the brunt of these policies. Unfilled job openings are at a record high and employers are struggling to fill open positions. Despite 63% of small businesses in a July survey saying they were currently or trying to hire, 89% of this group said there are few or no "qualified job applicants."
On top of this, President Joe Biden’s disastrous, inflationary economic policies are squandering the economic recovery he inherited. Our workers, families, and small businesses are now paying more for "just about everything."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Rapidly rising prices for everyday goods have completely swamped any wage growth, with paychecks actually shrinking last month after inflation is factored in.
Nonetheless, Biden and Democrats in Congress are still trying to slam the American people with more reckless taxes and spending.
Meanwhile, at least 25 Republican-led states from Alaska to New Hampshire have announced they will no longer pay citizens to stay home.
CLICK HERE TO READ MORE ON FOX BUSINESS
Arizona has gone one step further: Gov. Doug Ducey unveiled a $2,000 back-to-work bonus for eligible individuals "with a goal of getting as many Arizonans as possible to rejoin the workforce by Labor Day." The state will also provide community college scholarships for adult education programs, childcare for returning workers, and housing assistance to combat homelessness.
Innovative solutions like these will help our country bounce back to its pre-pandemic status.
Disincentivizing work is un-American and will have lasting, long-term consequences. The stability of our economy and the vitality of our nation is at stake.
Thankfully, red states are leading the way to a robust recovery.
Ronna McDaniel is Chairwoman of the Republican National Committee. Follow her on Twitter @GOPChairwoman.
Source: Read Full Article