The United States Economy IS hurting….
And Donald Trump is about to leave office worried about himself as things get handed over to Joe Biden AGAIN like in 2009 when Biden came into office with President Obama….
The already sputtering economic rebound went into reverse in December, as employers laid off workers amid rising coronavirus cases and waning government aid.
U.S. employers cut 140,000 jobs in December, the Labor Department said Friday. It was the first net decline in payrolls since last spring’s mass layoffs, and though the December loss was nowhere near that scale, it represented a discouraging reversal for the once-promising recovery. The U.S. economy still has about 10 million fewer jobs than before the pandemic began.
The December losses were heavily concentrated in leisure and hospitality businesses, which have been hit especially hard by the pandemic. The industry cut nearly half a million jobs in December, while sectors less exposed to the pandemic continued to add workers.
The unemployment rate was unchanged at 6.7 percent, down sharply from its high of nearly 15 percent in April but still close to double the 3.5 percent rate in the same month a year earlier.
Unemployment rate
The new year won’t bring much relief, at least right away. The virus is still raging out of control, leading cities and states to reimpose restrictions on businesses and leading consumers to pull back on activities that could put them at risk. Many forecasters expect more weak economic data for January and February.
“I can’t see that the labor market is going to get a whole lot better until we get the pandemic under control,” said Erica Groshen, a Cornell University economist and a former commissioner of the Bureau of Labor Statistics.
The December data, the last of President Trump’s time in office, marks the end of a year of violent swings in the labor market. Employers cut 22 million jobs in March and April, then began rehiring furloughed workers en masse in May and June. By August, the economy had regained close to half of the lost jobs.
But momentum soon faded. Hiring has slowed every month since June, and the economy lost about nine million jobs in 2020 as a whole, the first calendar-year decline since 2010 and the worst on a percentage basis since the aftermath of World War II.
Congress last month passed a $900 billion relief package that will provide temporary support to households and businesses and could give a boost to the broader economy. And in the longer run, the arrival of coronavirus vaccines should allow the return of activity that has been suppressed by the pandemic.
But the vaccine and the aid came too late to prevent a sharp slowdown in growth….
Joe Biden is speaking now about moving to jump starting the economy….
Wants a second stimulus/virus bill…
Pledges to ramp up vaccine production…
Pledges for a $2,000 next stimulus check …
Pushing for $15he min wage….
Help for small business …
Mentions minority business help…
Post coming on this….
Biden explains why Sanders wasn’t given the Labor job and he give’s “Bernie’ props….
Good party politics move….
That whole statement was nothing but a complete sop to the Bernie Bros and that wing of the party
He has not indicated who else he was considering but did not pick for any other job and he definitely was never going to pick Bernie Sanders.
The excuse about Georgia making it too risky to now have a special election in Vermont in 2022 is ridiculous.
Biden just said he almost nominated Bernie Sanders for Secretary of Labor but decided not to only after Georgia made it clear that Democrats would control the Senate. He was indicating that had the Republicans won and held the majority, he would have picked Bernie, and not been as concerned about a special election in Vermont.
What mularkey. Not one part of that is true.
Have you “withdrawn” your support of Biden yet?
A vote doesn’t mean I “support” a politician. A vote is a vote. I don’t regret it.. at least not yet, I support America.
I am legitimately surprised Biden did not see it fit to name just one anti-Trump Republican to be part of his Administration. His Cabinet does not “look like” all of America. It doesn’t even look like the coalition that allowed him to beat Trump.
I always thought that Biden putting someone from the GOP on his cabinet RIGHT NOW was NOT smart…
why?
There are perhaps six to seven legitimate anti-Trump Republicans the could conceivably qualify for a role in a Biden Administration given the whole Party’s history of support for a criminal President.
Most Republicans should resign now given their support for this coup attempt.
Why would Biden reward their behavior these past four years?
There are millions and millions of Americans, some who had worked in government before, some who had always been in the private sector who had voted in the past for Republican Presidents and also voted for Biden.
It’s preposterous to suggest that not one of them is qualified for a job anywhere at a high level of government.
Obama was far more generous on this. He had at least two nominal Republicans in his Cabinet at all times. He even nominated Judd Gregg, a fairly conservative Senator, who had campaigned against him, for a Cabinet post.
I said a few weeks ago ,when this was first raised ,this was no big deal .
It isn’t.
Like any average Democrats would know that Wilbur Ross or Peter Navarro called themselves “Democrats” when Trump appointed them(both became Republicans after their appointment);.
No one cares about this.Who knows?
Biden might appoint a Republican later on and ala Ross and Navarro?He/she can become a Democrat!
Whoooppee !,
You conveniently leave out Shulkin, who was a holdover from Obama.
In looking at the 15 Members of the nominated Cabinet, there are two African-Americans, which matches what George W. Bush had in his original 14 Department Cabinet.
Two Irishmen- which Biden made a point of mentioning in announcing both at the time.
No AAPI
Also 4 out of the 15 are Jewish (State, Treasury, Justice, and Homeland Security)
First openly gay person nominated for a Cabinet spot but still nobody of the Muslim faith.
Yeah no one cares.
Biden just called the Republican thugs who invaded the Capitol domestic terrorists.
As a former Executive from a department that had two Secretaries from opposite parties I can say from experience that it brings absolutely nothing to any Administration in the way of accomplishment or cooperation.
Ray LaHood was useless, his years of service with the other Republicans on the Hill brought us nothing because that meant nothing. The hatred of Obama overrode everything and LaHood was a massive waste of time.
This cross party appointment is a quaint arcane idea especially when we’re dealing with the mess the Republicans created. As Jack points out, it doesn’t work.
I suggested a few weeks ago that Romney be named Czar of a national vaccination plan.
Probably he would decline ,although I really wonder why he wants to stay in the Senate.
He’s experienced at this kind of undertaking ,is known as an efficient organizer and could perform one of the biggest services to our country I can think of.
He could emerge a true national hero!
I think it’s pretty obvious why he would want to be in the Senate. But it would be a good idea to listen to his advice on vaccine and other matters, especially Russia.
Biden just called Mitt Romney a person of “enormous integrity who lives his faith.”
Very true. Certainly more accurate than the time Biden said Mitt Romney wanted to put African-Americans “back in chains.”
Let it go.
He can’t
When you let go what Rush Limbaugh said about Jerry Garcia in 1993.
We really don’t have a lot of evidence that Mitt could organize this kind of campaign. I think his one mediocre term as Governor would be a better example of his abilities rather than a successful Olympics. I attended and it was great. But there is a big difference between getting a bunch of rich Mormon businessmen to fund a successful homogeneous open air party and vaccinating 300 million plus Americans.
I appreciate Mitt’s comments on Trump. But his attempt to get a job with this Administration enabled Trump as he began his reign of terror.
They all enabled Trump on some level. But, of course, Biden will be gracious to them.