Amid growing concerns about inflation and a slowing economy, many conservatives have blamed President Joe Biden’s massive domestic spending plans.
According to recent research conducted by Indeed, the president’s critics appear to be justified in their concerns.
“Modest and temporary”
The job-searching website found that inquiries on the platform spiked after several GOP-led states canceled the additional $300 per week in federal unemployment benefits.
That increase was observed in the aftermath of nearly half of all U.S. states making announcements about ending the boost, which is set to expire nationwide in September.
Indeed’s lead economist Jed Kolko called the impact “modest and temporary” and the observed uptick appeared to dissipate within about eight days of the governors’ respective announcements.
“A state’s share of national clicks on job postings was nearly 5% higher on announcement day, relative to a baseline of the last two weeks of April,” he wrote.
The unemployment rate has remained high in all corners of the nation even as job openings expanded. Employers are reporting a struggle to hire workers, with many critics blaming the labor shortage on the extra benefits they say reward Americans for avoiding gainful employment.
Biden touts administration’s approach
On average, unemployed people can expect to collect the equivalent of a full-time income at the rate of $17 per hour.
Indeed’s findings suggest that many unemployed Americans might be taking advantage of the federal benefits and show more interest in job searches as they face the prospect of losing those benefits.
For his part, Biden has refused to acknowledge most economic concerns, insisting last week that his plan is working. Undeterred by critics who say massive spending will exacerbate the situation, Biden has announced an eye-popping $6 trillion budget that hikes spending to its highest level since World War II.
Nevertheless, a dismal employment report released in April underscored economic concerns and led to unflattering comparisons between Biden and former President Jimmy Carter. The report for May is expected to be released later this week.
It remains to be seen how well Biden’s rhetoric holds up after the latest numbers are unveiled. For now, however, plenty of circumstantial evidence appears to indicate that the facts will not back up his administration’s rosy predictions.