Denial Is Not Going To Fix The Economy

By Richard E Walrath and Patricia L Johnson

The Hill published the following article :Toomey: Economy is ‘roaring back,’ another stimulus package would be ‘inappropriate’”

Senator Pat Toomey (R-PA) must be talking about a different country’s economy because he certainly cannot be commenting on the US economy.  Even with a stimulus, should they ever get it passed, our economy is not going to come roaring back.  The policies of the prior administration, along with the COVID-19 pandemic have ensured the fact that our economy needs a massive influx of cash for an extended period to come “roaring back”.   In January, Toomey claimed that Biden’s stimulus plan would “likely slow down a recovery in employment,” 

It would be pretty near impossible for employment to “slow down” anymore than it has already.  49,000 jobs created for the month of January 2021 is quite simply unacceptable.

Our country has a population of approximately 329 million people.  Of the 329 million, only 150 million are employed, giving us a Labor Force Participation Rate of 61.4 percent [the labor participation rate is the number of people working (or seeking work) as a percentage of the working population].  Note:  If a person stops looking for a job, they are no longer considered part of the labor force.

Of the 150 million persons employed in this country, only 125 million have full-time jobs.  The other 25 million are all part-time workers and in many cases are working more than one job.

Numbers are meaningless unless you have something to compare so let’s compare the US Labor Participation Rate to a few other countries.  We’re at 61.4%, the UK is 79.3%, France is 71.6% and Australia is 66.2%.  Let’s remember the COVID-19 pandemic hit all the countries with the same force so why is the US so far behind the rest of the world in providing jobs for residents?

The Pandemic Unemployment Assistance claims for the week ending February 6, 2021 were 334,524.  That means 335,000 of your friends, neighbors or coworkers that are out of work applied for PUA last week.  Who are these people?

They are folks that have exhausted their rights to regular Unemployment Compensation, or have no rights to Unemployment Compensation due to the fact they are self employed workers, freelancers or independent contractors.

Since many members of Congress feel the Biden proposed stimulus plan is over the top, it seems the only way they’ll be able to relate to their fellow citizens is to paddle the same boat.  

Immediately, their salaries should be withheld so they have no income, and then perhaps they would be able to comprehend the necessity of providing assistance to those in need.

©  2021 Richard E Walrath and Patricia L Johnson

Richard E. Walrath  is a former Budget Analyst for Ohio State University, residing in Central Ohio with his family.  Patricia L Johnson is a former special assignment writer/photographer currently residing in Northeastern IL.