US Jobless Claims Continue to Climb

(AbsoluteNews.com) – When the country began shutting down at the beginning of the pandemic, former President Donald Trump sprang into action. He wanted to try to mitigate the damage the restrictions were going to have on the economy. The former president worked with Congress to pass federal aid, the Federal Reserve lowered interest rates and Trump incentivized the scientific community to make a vaccine at warp speed.

Although the damage from the shutdowns was quite profound, including high unemployment and business losses, it seemed as though the country was spared a massive downturn. Then Joe Biden took over. Now, unemployment is starting to rise and there’s a real concern the new president is going to hurt businesses with his massive tax hike.

Jobless Claims on the Rise

On Thursday, April 8, the Labor Department released the jobless numbers for the week ending on April 3. The numbers ticked up unexpectedly to 744,000 new claims. The number was a lot higher than the 694,000 economists were expecting and followed 728,000 the previous week.

The increased jobless numbers come after they fell to a pre-COVID-19 level in mid-March of 695,000. Economists told CNBC that one of the reasons for the high claims number could be because of filing backlogs.

Impact of Infrastructure Plan

The recent news comes amid Biden’s push for his infrastructure plan. The president recently introduced the $2-trillion project that he believes will create good-paying jobs for the American people. However, it’s possible the jobs he creates in one area could be wiped out in another as a result of his desired corporate tax increases.

The president wants to pay for his bill by implementing a tax increase on the country’s job creators. Experts have already said that the tax increases will slash jobs and shrink the economy. That’s not the news the American people want to hear while they’re struggling to recover from a pandemic.

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