Instead of millions of workers vying for a shortage of jobs, the current crisis is comprised of thousands of businesses vying for a shortage of critical workers, many of whom are staying home for no other reason than because federal and state governments are paying them - and quite handsomely, I might add - to do absolutely nothing.
Some workers still fear they'll contract Covid if they return to the workplace, and some parents are unable to take on full-time work because their children's schools remain shut.
A working paper by the National Bureau of Economic Research found that 76% of those eligible for the $600 bonus could be given at least as much for being jobless as they'd earn by working.
University of Chicago economist Peter Ganong says that even with the supplemental benefit halved to $300, "42% of workers are making more than their pre-unemployment wage." And these analyses don't count food stamps, rental assistance and other government help that may be available to the unemployed, or the stimulus payments that have gone to the employed and jobless alike.
"People will not come back to work because they are getting more money by not working."
In a sane world, a sane media would be shouting from the rooftops about the demise of small businesses at the hands of an insane government.
I went into my media clipping service and searched the words "Unemployment" and "Hiring" in April and found only a few segments on Fox News even bothering to cover it from this critical perspective, and crickets from CNN. When I'm not posting columns and articles for Townhall, I work during the day as a staffing industry exec, and I can testify firsthand that virtually every business, from factories to restaurants to call centers, are bending over backwards trying to raise their pay and benefits, and yet still cannot attract enough help.
Tuesday, April 27, 2021
Why Is Mainstream Media Ignoring the Government-induced Labor Shortage That's Crushing US Businesses?
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