History Made: Biden Sets Economic Precedent Not Seen Since WW2

Joe Biden and his administration of globalist liberals have nearly succeeded in radically transforming the U.S. economy into what closely resembles Communist China — an insidious mixture of capitalism, consumerism, and communism.

The federal government has coddled U.S. workers like never before by providing massive assistance in the form of stimulus checks and other handouts. As a result, workers have escaped the labor force en masse and have become more reliant upon government assistance.

Unfortunately for business owners, finding quality employees has become a headache and the Biden administration is doing nothing to improve conditions.

Worker productivity fell 7.5% in the first three months of the year, the sharpest decline since 1947, the Bureau of Labor Statistics said earlier this week.

Economists had expected this measure of nonfarm productivity to fall a milder 2.5% after a 6.3% rise in the fourth quarter of 2021. Nonfarm productivity is measured by comparing the total number of hours worked to the economy’s total output.

Unit labor costs, a measure of what businesses pay to produce a unit of output, jumped 11.6 percent. Over the last four quarters, unit labor costs are up 7.2 percent. That’s the largest year-over-year gain since 1982.

This barometer was also worse than expected. Economists had forecast a 6.8% rise in unit labor costs. The higher than expected figure shows that inflation was even stronger than thought as the year took off.

The economy contracted 1.4% in the first quarter even as businesses went on a hiring spree. Unemployment dropped to 3.6% in the quarter and job openings rose to a record-high 11.5 percent.

Simultaneous to the downfall of the U.S. labor market, the Biden administration is in the process of importing an entirely new workforce from third world, “s*** hole” countries. This ultimately drives down wages for American workers as foreign employees tend to accept less pay as a security measure.

Now the largest American companies have become reliant on cheap foreign labor, much to the chagrin of American-born workers. Business owners are forced to take any relief wherever they get it as it’s become increasingly expensive to operate thanks to Biden’s massive tax increases and superfluous red tape regulation — not to mention the China Virus pandemic — which Democrats insist on maintaining.

Author: Monica Hedren