The latest jobs and unemployment report was recently released, and President Biden managed to stand front and center for a few minutes to discuss the disappointing numbers and advertise for his proposed infrastructure bill. A bill many Democrats are suggesting is a huge move during the early days of the Biden administration.
Biden recently crossed his 100-day threshold for being in office. A traditional milestone for sitting presidents to review their achievements. Ever since the first 100 days of the F.D.R. presidency, following presidents and American citizens have looked at and compared their list of accomplishments within the first 100 days as a sign of how much they plan to get accomplished within the rest of their term.
With the Biden administration’s recent completion of their first 100 days, let’s take a look at where we currently stand and what we can expect from the current administration for the remainder of their term.
Vaccine Distribution
What many look at as the most successful part of the Biden term so far is the successful distribution of the coronavirus vaccination throughout the country. With many Americans now vaccinated or with plans in place to be vaccinated, and most American’s who want jobs now getting them (don’t worry, we’ll talk about that in a bit…) most Democrats see the first part of the Biden administration as pretty successful.
That being said, one can’t help but wonder how much of this progress the Biden team can actually take full credit for…
- Did the Biden team create the vaccination?
- Did the Biden team set initiatives to speed up vaccine clearance and distribution?
- What about setting up the stimulus check program and pandemic relief that so many American’s are so willing to take advantage of… Is Team Biden responsible for these?
The answer to all three of these questions is, NO!
So, what DID Team Biden do to receive the recent praise they’ve doted upon themselves? Well, they managed to come in at the last minute and take credit for it all, of course!
Let’s look at this in easy-to-understand, everyday terms… If you wanted to bake a cake and you made a shopping list, went to the grocery, brought the ingredients home and mixed them together and stuck it in the oven only to have someone else come into the kitchen at the last minute, take it out of the oven and accept all the praise for it, would that be understandable? The answer: NO! You did the research, you put in the hard work, you deserve the credit! And that’s the exact situation we’re facing with vaccine distribution in the United States today.
It’s well known that Trump was no stranger to taking credit for other people’s hard work. In fact, one could argue that some of the accomplishments he received praise for within his own first 100 days were the result of Obama’s efforts. Obviously, this is not a new strategy in politics… Blame the bad on the last guy and take credit for the good. In this instance, however, it’s obvious that all Biden has really managed to do in his first 100 days is threaten Americans and their employers with higher taxes to support a left leaning bill disguised as a helping hand to American citizens and create a stampede of illegal immigrants at the southern border… A task that he was more than happy to hand off to President Kamala Harris (oops… I mean Vice President) that she has still not taken the upper hand with as she has now been heading up the border crisis for 45 days with no press conference on the issue. And when she was asked about visiting the border, she laughed it off with a snide remark. Clearly the Vice President is too busy complaining about being forced to stay in the 119 room, 4 story Blair House longer than expected while her Vice-Presidential mansion is being remodeled to address the issues she ran on. Talk about getting your priorities in order!
Biden Addresses Low Job Numbers
Kamala isn’t the only one who’s been avoiding the press lately as it was recently reported that White House Press Secretary Jen Psaki – who’s already planning her exit from the West Wing — often encourages the President himself to stay away from reporters asking questions that might be too tricky for him to answer. (The first tactical strategy that both parties can probably agree with…)
Today, however, Biden broke with his Press Secretary’s recent recommendation and answered a handful of reporter questions on topics such as meeting Putin and the low numbers coming out of the jobs and unemployment reports.
The recent release of the April 2021 Jobs and Unemployment reports showed upsetting job creation growth of 266,000. Considerably lower than the 700,000 estimated jobs that were expected.
When asked whether or not he believed the high value government assistance being given to citizens with previously low paying jobs is keeping said citizens from reentering the job market, Biden said he didn’t believe it was to a measurable extent. A theory that many Republican lawmakers continue to disagree with.
The recent theory to which the above reporter was referring to is the fact that some citizens (and some non-citizens) are now able to stay home and do nothing and collect more from the government than they could if they were to return to their previous jobs. Of course, no one would dare assume that there’s people out there that would rather sit around the house doing nothing and getting paid for it than work a full day to earn it! No, of course not! (Can you feel the sarcasm in that statement?)
… And even if they do believe in the spread of this laziness throughout the country, the current White House wouldn’t dare point it out as many Republicans believe this is, in fact, their end goal… To have the entirety of the American population completely dependent on the government. To many Democratic lawmakers, a world by this definition would be their version of Xanadu!
The Markets of Tomorrow
Despite the recent upset in the jobs sector, the markets continue to rise. But a majority of this action appears to continue to revolve around the regular big-name companies like Amazon, Netflix, Tesla, Bitcoin, etc.
This jobs news and the threat of higher corporate taxes may not be affecting the major companies like these, but it sure is hurting the small business owners who can’t get their employees to return to work due to the large government handouts being provided to them and wouldn’t be able to afford to keep them with the proposed high tax rates even if they did return.
The markets are always tricky to maneuver, but these recent developments economic certainly aren’t helping the situation. If you find yourself struggling to work your way through the deluge of daily market updates, don’t worry… You’re not alone! That’s why the DTI team is here… Join our recent Ask the Pros roundtable below to get further updates on today’s markets and how these trading professionals plan to play out the days ahead…
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