Job openings hit a record high of 11.5 million today, according to the Bureau of Labor Statistics March Job Opening and Labor Turnover (JOLTS) Survey. While paychecks and the economy are shrinking under President Biden’s policies, troubles for Main Street businesses keep growing.
Republican Leader of the Ways and Means Committee Rep. Kevin Brady (R-TX) has been warning that the worker shortage is, “…driving so much of the supply chain problems, the inflation problem, and it’s weighing on Main Street businesses.” Without addressing this worker shortage, a wage-price spiral will only push the economy towards recession.
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- There are nearly two job openings for every worker who is looking for work.
- Small businesses are desperate for workers– the U.S. has now hit nine consecutive months of more than 10 million job openings.
- According to the recent Beige Book, the labor shortage helped cause prices to increase.
- President Biden discouraged work and continues to threaten crippling tax hikes that will cost working families and Main Street businesses.
- Analysis by the San Francisco Fed found that President Biden’s trillions in stimulus spending fueled inflation.
- Small businesses are still desperate for workers and are having to pass higher prices onto consumers. More than 86 percent of Main Street businesses report having to raise prices to keep up with inflation, and the majority of small businesses worry inflation might even close down their businesses.
- Economists are warning the U.S. is in a wage-price spiral and the risk of a recession is growing.
- Most Americans are financially worse off now than they were during the height of the pandemic.
- Economic optimism has plunged for both small businesses and families to the lowest levels in 50 years.