Initial jobless claims filed for the week ending 9 January came in at 965,000! This is another in a long line of devastating and heart-breaking figures. Such a number has not been seen since last August. Now while the major stock averages closed slightly lower today, they nonetheless traded higher during the day session, following this news release. This is just further evidence as to how Wall Street has grown numb to and decoupled from Main Street. Perhaps it is the promise of another $2T that we do not have that is being promised by the incoming Biden team. This will increase the $600 checks to $1,400, thus making the total $2,000. Extensions will also be given to unemployment benefits as well as increases to those benefits. Currently these extensions were scheduled to last until the end of the first quarter, but now, if the new bill passes, will extend the extension to September. Eviction moratoriums are also a part of the deal and will receive further extensions as well. When will this all end? This is hundreds of billion of dollars in back rent and mortgage payments. How is this all going to be paid back?
And also in the bill is the increase in the minimum wage to $15 per hour. They really have to be trying to be this stupid and irresponsible. We are in the midst of the largest economic and job loss crises perhaps ever seen, where the hardest hit industries are those with low wages and they want to increase the minimum wage? If these employers cannot afford to keep their employees on payroll at lower wages, then what makes one think that they will be able to afford the $15 minimum? This is only going to serve the purpose of prolonging the structural unemployment and underemployment situation. All of this spending in totality is doing nothing more than robbing us and future generations of future growth and prosperity. There is no free-lunch and printing presses do not print jobs or productivity. The remainder of today’s discussion briefly mentions the Federal Reserve’s balance sheet and M1 and M2 money stock. Stay diversified, stay vigilant, and stay wit The Kapital News. #Economy #Jobs #FireCongress #Debt #Inflation #Gold #Silver #Liberty #Revolution #EndTheFed #BananaRepublic #USA