(TheRedWire.com) – President Joe Biden isn’t shy when it comes to spending our tax dollars. On top of the $1.9 trillion stimulus package he pushed through Congress without any Republican support, he wants to unload another $4 trillion on infrastructure and social projects. However, it appears the economy won’t tolerate too much more of his crazed spending.
Released by the Bureau of Labor Statistics on May 7, the April jobs report carried disappointing news. Despite predictions the US would see one million new jobs created in April, the country fell far short of that, adding just 266,000.
Along with this, inflation is also increasing. On Wednesday, April 12, the Labor Department released figures showing that the year-on-year change in inflation from April 2020 to last month was the sharpest spike in over a decade.
NEW: Biden spending plans hit speed bumps https://t.co/uiCuv4IfGk pic.twitter.com/B4kQV8HPIF
— The Hill (@thehill) May 13, 2021
Commentators are worried that unemployment remains high because generous benefit payments are disincentivizing work. Some have also proposed that prices might be climbing due to excess liquidity in the economy; in this case, more heavy public spending would not be a good idea.
It appears the key economic indicators simply don’t support what Joe Biden wants to do.
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