Biderman's covid benefits encouraging unployment.
Roughly 50% of those collecting enhanced unemployment benefits have more income not working than they do working.
This has led to a massive employment shortage. There is a huge surplus of jobs and nobody wanting to work.https://www.wsj.com/articles/millions-are-unemployed-why-cant-companies-find-workers-11620302440
In a red-hot economy coming out of a pandemic and lockdowns, with unemployment still far higher than it was pre-Covid, the country is in a striking predicament. Businesses can’t find enough people to hire.
Rising vaccination rates, easing lockdowns and enormous amounts of federal stimulus aid are boosting consumer spending on goods and services. Yet employers in sectors like manufacturing, restaurants and construction are struggling to find workers. There are more job openings in the U.S. this spring than before the pandemichit in March 2020, and fewer people in the labor force, according to the Labor Department and private recruiting sites.
Surveys suggest why some can’t or won’t go back to work. Millions of adults say they aren’t working for fear of getting or spreading Covid-19. Businesses are reopening ahead of schools, leaving some parents without child care. Many people are receiving more in unemployment benefits than they would earn in the available jobs. Some who are out of work don’t have the skills needed for jobs that are available or are unwilling to switch to a new career.
Hiring has been robust recently, despite the labor shortfall. U.S. employers added 916,000 jobs in March, according to the Labor Department, and economists project that the April jobs report, due out Friday, will show employers added 1 million more. Weekly unemployment claims fell to 498,000 last week, a new low since the pandemic began.
the shortage threatens what is otherwise shaping up to be a robust post-pandemic economic recovery. Some businesses are forgoing work, not bidding, or staying closed