July 3, 2020
written by Net Advisor™
WASHINGTON, DC. The U.S. economy saw a continued bounce back in June. The question is, will states close or limit their economy to try and avoid getting a few thousand, a 100,000, or a million people sick?
U.S. Jobs Soar to a Record in June.
Total non-farm payroll unemployment saw a record increase of 4.8 Million last month. This was on top of 2.7 Million job increase in May.
“Total non-farm payroll employment increased by 4.8 million in June, following an increase of 2.7 million in May.”
— Source: Bureau of Labor Statistics (PDF)
The largest job increases came in leisure and hospitality sectors (+2.12 Million), followed by retail (+740,000); education and health care services industry (+568,000) and other services including laundry services (+357,000). U.S. manufacturing also saw a sharp increase (+356,000) in new or returning jobs (BLS, P3).
Layoffs Heavy Attributed to Coronavirus.
Temporary layoffs attributed to Coronavirus was 10.6 Million of the unemployed (BLS, P2, Parr 3). Those who have been unemployed from 5-14 weeks accounted for 11.5 million or 65.2% of the unemployed (BLS, P3, Parr 4).
With some states seeking to scale back or re-close their economies, the unemployment numbers could likely go up. This is exactly what politically-driven states want to see through the November 2020 election.
Many of these states don’t care about your job, your bills or your family. The government leaders and workers get paid whether you work or not. The only person in government is who is working for free is President Trump. The 45th U.S. President is the first to donate 100% of his salary. Can you imagine anyone putting up the level of abuse who will continue to work for free?
Average Hourly Earnings Up 23% From One Year Ago.
We don’t know if anyone is reporting this, but the average hourly earnings is up $6.54 or +23.39% from $27.96 in June 2019 to $34.50 in June 2020. Wages have increased not because of forced government regulation, but because of the booming economy pre-Coronavirus. Despite the Coronavirus, wages are still up as stated 23% from a year ago (BLS, P8, Table B).
Dramatically low business taxes and dramatically reduced government regulation, incentives to conduct business in the USA, including bringing back manufacturing jobs created high demand and higher wages for workers. So clearly there is a proven way that wages can and have gone dramatically higher without government regulating higher wages.
- Middle-Class Income at Record High Under Trump with Lower Taxes
- Low Income, Middle-Class, Afro-Americans Finally Doing Better Under a Trump Economy
Biden Prepares to Put America in a Depression?
Presidential candidate and Team Biden seek to ‘roll back‘ the lower business taxes, thus increase taxes on business and consumers by $4 Trillion, and then force higher wages. This would be the largest tax increase in history.
“Biden is proposing tax increases of nearly $4 trillion over the next 10 years. If he wins in November and these increases were to pass, they’d be the highest in American history — indeed, in world history.”
— Source: The Hill, June 28, 2020.
A business can’t pay employees more if they are paying far more in taxes, or other costs go up. This model has never worked anywhere on the planet.
The result will be massive permanent layoffs; business leaving the U.S. again for lower taxed countries, and lower foreign regulations. This means U.S. companies will keep more money earned off-shore, and not investing it in the USA.
If one looks back at the Obama-Biden Admin, this is exactly what occurred. Under Obama-Biden, the U.S. had record poverty, slow to stagnate economy, forced more part-time work with lower income, and more people without healthcare just as a few examples.
The U.S. economy has shown a major bounce back which could only have occurred being strong in the first place. The question is, will states take further actions to kill their own economies? Then add the risk of a possible future President who is fully controlled by radical Left people, who have dramatic and costly changes in mind, and would put the U.S. economy at a massive risk.
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