Today the Labor Department released the latest week of jobless claims. Another 406,000 jobless claims have been filed, lower than the mainstream economic expert’s forecast of roughly 425,000.
This is equivalent to 3.5 fully-packed University of Michigan football stadiums.
Last week the Labor Department reported 444,000 claims were filed.
And just like many of the weeks previous, the mainstream on both political sides were ecstatic to hear these numbers.
Additionally paired with this economic news, MarketWatch also reports that durable goods from April slipped 1.3% versus the 0.9% gain that experts predicted. This dip is reportedly the largest in over a year.
MarketWatch attributes this almost solely to the chip shortage the United States is facing, leading to a massive drop off in sales of cars and trucks. Demand is hot but the factories cannot keep up.
Also reported by MarketWatch, A McDonald’s location in Illinois is now enticing new employees with a brand new iPhone if the new employee works for at least 6 months.
The WinePress has noted in other reports that the service sector, especially restaurants, are having a very difficult time acquiring new staff and are forced to find creative ways to get potential employees just to show up for the interview.
Restaurants Offering Money To Just Show Up For The Interview Plus Other Incentives
Biden’s Budget
According to documents obtained by the New York Times, the Biden administration will be looking to secure $6 trillion on fiscal spending for 2022, evolving into $8.2 trillion by 2031.
The Times say that Biden intends to pay for this agenda with increased taxes on higher-earning Americans and corporations, with the budget deficits starting to decrease by 2030, according to the obtained documents.
Biden plans to reveal more details tomorrow, May 28th.
It just seems like the trillions keep on coming.
Senator Shelley Moore Capito
Capito is spearheading a group to counter Biden’s current infrastructure proposals of $1.7 trillion.
Biden’s proposals will still have to pass through the House of Representatives and Senate, first.
According to Reuters, ‘Biden’s plans may also include proposed funds for foreign aid, immigration, policing and national defense.’
AUTHOR COMMENTARY
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 22:7
Regular WinePress readers pretty much already know what I am going to say. It’s the same old song and dance as always.
The Quickest Way To Know The Economy Is Broken Beyond Repair
Why Is The Housing Market On Fire? What The Media Never Wants To Talk About
European Central Banks Buying Up Ridiculous Amounts Of Junk Bonds
Additionally, it cracks me up when Republican senator Capito whines about Biden’s trillions, but when Trump signs $6.2 trillion, $900 billion, and plenty of other bailouts and increases on military spending, where were he and his other lobbyist buddies complaining? Hypocritical political parasites as usual.
[29] When he giveth quietness, who then can make trouble? and when he hideth his face, who then can behold him? whether it be done against a nation, or against a man only: [30] That the hypocrite reign not, lest the people be ensnared.Job 34:29-30
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