The economy has a lot of challenges ahead that need fixing.
For starters, there’s the ongoing problem of inflation. Inflation is draining Americans’ bank accounts and savings funds, and it’s making living costs increase. It also doesn’t help matters that there’s currently no telling when inflation will subside.
At the same time inflation goes up, interest rates are following suit. This means loans, credit cards, mortgages, etc., are each getting more expensive than they’ve been in previous times.
However, despite all the current strikes against the US economy, the news isn’t completely terrible. According to the Associated Press, unemployment claims today are lower than they’ve been in over 50 years.
A Closer Look at Unemployment Claims Today
The newest reports from the Labor Department document that from the week of April 3 to April 9, only 1.42 million people in this country were getting jobless benefits.
This past week, just 184,000 jobless claims were submitted to the government. In another positive turn, America’s overall unemployment claims numbers have recently been lower than the pre-2020 number of 225,000.
You're doing great pic.twitter.com/vxEhhM7LfS
— cable news is manufacturing consent 🌻 🏳️🌈 (@leftcoast_sf) April 20, 2022
This news about unemployment claims certainly comes as a win, notwithstanding many existing problems with the economy today. Having as many people working as possible is always good.
It’s good for the economy and for businesses; likewise, working is good for individuals who are empowered by making their own way and being able to support themselves and their families without dependency on the government.
More Necessary Economic Healing
Despite low unemployment rates, high inflation continues to have devastating impacts on the American public.
With Biden continuing to push for more legislative expenditures, inflation could further spiral out of control, unless Congress declines to pass these bills.
More economic healing will take place when the federal government stops spending. Despite the claims from the president and his supporters, it’s not possible for a nation to spend its way out of an inflation crisis.
Opinion | Yes, a cup of coffee cost me $91 this morning. But unemployment has never been lower. So why are Americans so pessimistic about Joe Biden’s economy?
— Boston Globe Pitchbot (@BostonSatire) April 22, 2022
Inflation today stands at a rate of 8.5%, which is a four-decade milestone. Low unemployment claims aren’t able to erase this reality or make it go away.
Republicans have consistently maintained that if they win back control of Congress, they’ll tackle inflation head-on. A key part of this will involve not approving legislative expenditures just because it’s what the president wants.
Inflation is not “build back better,” and neither are skyrocketing interest ratings, an unaffordable housing market, or alerts from economists about a possible 2023 recession.
Low unemployment claims are all well and good, but the end of inflation will be even better.
What do you think about the Labor Department’s latest news about low unemployment claims in the United States? Let us know in the comments area below if you think inflation rates are going to reduce anytime soon.