The amount of people who have lost their jobs during Biden’s economy has been nothing short of massive according to new numbers discussed by CNBC.
As first reported by the Daily Wire, “CNBC Investing Club with Jim Cramer” threw out some numbers on Friday morning that showed some 3.1 million people have been out of work due to closures thanks to inflation or government regulations.
“3.1 million people reported they’ve been unable to work because their employer closed or lost business,” Cramer said.
“This is what I’m hearing from a lot of CEOs is that basically, look, we can’t staff, or we’re looking for people, or a lot of our customers are going under,” he added.
CNBC: "3.1 million people reported they've been UNABLE TO WORK because their employer closed or lost business." pic.twitter.com/vkKREXflEf
— RNC Research (@RNCResearch) January 7, 2022
As RedState reported yesterday, jobless claims also climbed past what experts thought it would, hitting 207,000 when they thought it would sink to 195,000.
(READ: Jobless Claims Surpass Expert Predictions In Biden’s Economy)
To be sure, Omicron is to blame in a big way for this, but as CNBC noted, the inflation being experienced under President Biden has put many businesses out of commission:
Average hourly earnings rose more than expected as the U.S. sees its fastest inflation pace in nearly 40 years. Wages climbed 0.6% for the month and were up 4.7% year over year. That compares with respective estimates of 0.4% and 4.2%.
The interesting response to this by the American people has been to turn to freelance work and self-employment:
While the establishment survey showed much lower-than-expected job gains, the household count told a different story, with a gain of 651,000. There also were upward revisions for prior months, with the final October tally pushed up to 648,000, an increase of 102,000, while November’s disappointing report gained 39,000 in its first revision to 249,000.
We can extract some things from these numbers. For one, people have turned to working from home and jumping into more temporary freelance work since contract work is far safer of a bet. The Biden administration, and indeed states and cities run by Democrats, have created something of an unstable work environment. You never know when the next closure or crippling regulation is coming down the line, and so people have stopped attempting to find employment from others.
Indeed, at 3.1 million jobs lost, this economy has taught America not to trust it.
Democrats have ultimately shot themselves in the foot here. The Trump tax cuts put the self-employed in a much better position, and these are cuts that Democrats have outright declared war on. If Republicans are smart, they’ll advocate for a far lower tax rate for the self-employed, putting many people in a position to have the IRS be less of a burden on them going forward and winning over these hundreds of thousands who now find themselves relying more on self-employment than anything else.