This article originally appeared on Fox Business on April 12, 2021.
This is Job Creation Rule #1: businesses invest in growth and hiring when they can forecast a profit. But that’s hard to do when the Biden administration’s message to American businesses boils down to: "We’re going to increase your labor and energy costs, unionize your business, and then over-regulate and over-tax you."
That message will not inspire businesses to create the millions of jobs required to reach the Biden administration’s goal of full employment.
Nonetheless, the forecasts are extremely optimistic. On the heels of Democrats passing their $1.9 trillion "stimulus" bill, the Federal Open Market Committee is forecasting a drop in the current 6% unemployment rate to 4.5% by year-end, and 3.9% in 2022. The Biden administration has similarly argued that this legislation would get us "back to full employment" (an unemployment rate between 4% and 4.5%) by late next year.
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