Biden has his hands full – jobless claims jump unexpectedly to 965,000

The impact of new coronavirus shutdowns was felt across the U.S. this week as new jobless claims hit an unexpected 965,000 for the first week in January, the U.S. Department of Labor reported Thursday. 

The number was 23% higher than the previous week and the highest since August, The Hill reported. It matched up with the December jobs report, which also showed jobs being lost.

Economists had only predicted 800,000 new jobless claims for the week.

A weak start to 2021

“This is bad news for the economy heading into 2021,” global economist at The Economist Intelligence Unit Cailin Birch said.

“The fact that benefits claims are increasing suggests that the economy may lose jobs again in January, as the number of coronavirus cases continues to surge, weighing heavily on businesses,,” she continued.

Birch does not think the unemployment rate will drop below 6% in 2021, even with the likelihood that tens or hundreds of millions of Americans will be vaccinated for the coronavirus during the year.

Bankrate senior economic analyst Mark Hamrick said, “This reminds us that the economic crisis has not gone away, far from it, at a time when multiple crises have been vying for our attention. It hasn’t helped that administration of COVID-19 vaccines has been slow to gather momentum since the pandemic is at the epicenter of the economy’s ills.”

Biden’s impact on economy

Next week, Joe Biden will be inaugurated, and his administration may put even more stress on the economy as his policies begin to take effect with the support of a Democrat-controlled House and Senate.

Biden has said he plans to raise taxes, pursue universal government-funded health care, and funnel trillions into initiatives aimed at mitigating climate change, all of which will discourage job creation and entrepreneurship.

It will be a sharp reversal from President Donald Trump’s policies, which were designed to grow jobs and incomes, both before and after the coronavirus forced shutdowns that lasted for months in some states.

Biden’s burdensome plans could make it harder for the country to recover from the impact of the coronavirus on the economy, and lead to stagnation.

In addition, Biden plans to continue high levels of government spending on the coronavirus, which could lead to inflation and a devaluing of our currency that could cause even more economic problems for many lower and middle income families and individuals.

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19 Responses

  1. The major difference between a democracy and a republic is that a republic is a form of government whereas a democracy is an ideology that helps shape how a government is run. Put another way: a republic is the system of government that allows a country to be democratic!
    we are letting a process run the people and the government.

    1. A Republic protects the rights of the minority, whereas, a Democracy doesn’t. In a Democracy, often referred to as rule by the mob, those in the majority have all the power and what they say goes. The minority has no right to question.

  2. The major difference between a democracy and a republic is that a republic is a form of government whereas a democracy is an ideology that helps shape how a government is run. Put another way: a republic is the system of government that allows a country to be democratic!
    We are letting a process run the people and the government.
    Ideology cannot create jobs.

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  4. Jobless rate went up? Hm, two friends just got jobs. Oh well.

    Just goes to show Republic or democracy. I’ll take a Republic.

  5. ON JANUARY 20TH THE AGE OF ” IGNORANCE ” STARTS WITH UKRAINE/CHINA JOE AND BED HOPPING HARRIS TAKE OVER THE PRESIDENCY! THE DEVILS ADVOCATES WILL BEGIN THE FINAL DOWN FALL OF THE CONSTITITION IN FAVOR OF CHINA THEIR ” DICTATORIAL CONSPIRITORS TELLING THEM WHAT TO DO!

  6. Impeach biden then impeach harris for inciting riots and bailing out criminals. Get to work congress do your jobs

    1. How good and true that would be, but CREEPY JOE AND his car of CLOWNS will get away with ever being charged from their High Crimes of illegal dealings with Ukraine and China to include Kamala and other DUMBOCRATS involved with China, that pretty much includes the likes of Pelosi, Bárbara Boxer, and others

  7. It’s sad to be forced to recognize that there are so many ignorant people who now control our votes, but we all pay for their stupidity! You now have the U.S. being run by the most hating, evil, conniving bunch of hypocrits our country has ever put into office and that is frightening, since there seems to be no BACK-BONED CONGRESSMEN GUTSY ENOUGH TO STAND UP FOR US AND WHY THEY WERE ELECTED!!

    1. None? Really? Matt Gaetz who just torched Dems on the floor in the House? Ever hear of Jim Jordan? Gohmert? Biggs, Gosar? Not fighting? What do you want them to do? Call in an Airstrike? They are outnumbered by rigged elections. What should they do according to you, who is spreading panic for no good reason. Which Congressman is going to file for impeachment of Biden?
      What’s your plan Sandy?

        1. I would never donate to the RNC, as they are nothing but a bunch of spineless losers. They didn’t want to back President Trump, even though he’s the reason why they were re-elected. They have abandoned the last hope for America. I’m not going to vote for another Republican, I will wait until President Trump creates a new party, that’s for the people. Because the Republican Party is just the other side of the same old swamp!

  8. So . . . The shut down on Twitter, Facebook , and everything else is illegal! Who is gonna press charges and do anything about it? No body..that is why we need Trump now more than ever!

  9. We as Patriots in America, need to let our President Trump know that we still support him and his ideals.
    Illegitimate China Joe is not my President and never will be. You cannot cheat and think that Americans are going to support you. He’s just bought and paid for by the CCP.
    We as citizens need to let Congress and the Supreme Court know what they’ve done is not in the interest of the country.
    They are the traitors to our country!

  10. Come on Biden MAKE AMERICA GREAT AGAIN, can’t can you because you are a moron, oh by the way have someone read these post to you when you wake up cause I know you won’t understand a word. My Grandfather, Father, Uncles, Cousins, Brothers, Husband & Son-in-law fought to keep America free & you & your democrat imbeciles are giving it to China for your thirty pieces of sliver.

  11. Piglosi’s plan is to bankrupt all of us, destroy our economy so we have no means to fight back! She is following obama’s Play book to the letter! HE is the one running this sh$$ show, laughing his a$$ off at the stupidity of the demonrats! HE wants Trump destroyed, so does Piglosi. If President Trump doesn’t declare martial law before the inauguration, they will get away with destroying Trump and our country!

  12. Piglosi is running amok, totally off the rails! Her “ new rules” in congress effectively removes the constiyutional rights of all congressmen, other than a select few whom SHE deems worthy of constitutional protections. She must be ousted from congress, jailed for insurrection BEFORE the inauguration!

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