Good Labor News

August 14, 2020 |

How about a little (relatively) good economic news? The Labor Department reported today that 963,000 workers filed for unemployment benefits last week, the first time since March and the beginning of the COVID-19 (Chinese) coronavirus lockdowns that they’ve fallen below 1 million.

While that’s better than economists predicted and a hopeful sign that the economy is starting to recover, there are still tens of millions of Americans collecting unemployment, more than during the Great Recession of 2009. But then, there are still state and city governments forcing businesses to stay shut down, sometimes for the most irrational of reasons (does the virus really spread in bars that serve only pretzels but not in bars with a sandwich menu?)

At least the drop is a positive indicator that the economic plunge was an artificial, government-imposed anchor dropped on what was (and fundamentally, still is) a very strong economy. Democrats are trying desperately to blame Trump for it and claim that only Joe Biden can revive it. But I believe Americans are smart enough to remember that Obama/Biden were entrusted with getting us out of the Great Recession of 2009. Their policies mostly managed to keep some of the worst parts of it going until 2017. If history is any guide, voters will have to decide whether they want to weather the economic downturn only until the virus goes away or until Biden (or Harris) leaves office.

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