Economy

The U.S. Economy Got Great News Today

We don't need Biden's 21st century 'New Deal' to rebound.

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The U.S. economy added 916,000 jobs in March, the Labor Department said Friday, far exceeding the Dow Jones estimate forecasting that payrolls would increase by 675,000. Unemployment fell to 6 percent.

It's the fastest growth the country has seen since August 2020 and a sign that the U.S. is bouncing back after a year of COVID-19 restrictions that hamstrung the economy. Hospitality and construction added the most positions, coming in at 280,000 and 110,000 respectively. Notably, the uptick materialized without manipulation, casting doubt on the idea that we need President Joe Biden's American Jobs Plan to chart a return to productivity.

The proposal would pour $2 trillion into U.S. infrastructure. True to the plan's name, it's not really about that. It's about creating jobs—specifically union jobs, the likes of which directly contribute to the dizzyingly-high price of American infrastructure.

"Prevailing wage laws that require federal infrastructure projects to pay union rates to workers are a known contributor to America's outrageously high infrastructure costs," writes Reason's Christian Britschgi. "So are Buy America provisions that generally mandate federally-funded infrastructure projects procure (often more expensive) domestic parts and materials."

The result: "Biden's $2 trillion spending plan will buy a lot less infrastructure than it otherwise could."

About $621 billion would go toward transportation, including revamping bridges and expanding Amtrak. Another $650 billion would address "quality of life," which Biden would spend on constructing or giving makeovers to affordable housing, public schools, and various commercial buildings. He endeavors to replace every lead pipe and water service line for $11 billion, notes USA Today.

An additional $400 billion would go toward caregivers for the elderly and those with disabilities, and another $300 billion is set aside for manufacturing projects. He would devote $180 billion to research and development, focusing on fleshing out clean energy solutions.

It's certainly true that U.S. workers experienced quite the shock this past year in the face of government-imposed lockdown orders and individual caution over the COVID-19 pandemic, upending livelihoods across a slew of sectors. Luckily, the country already has a solution: the vaccine, which is the key to rebounding both to normal life and a normal economy. Though Biden has reportedly sought to style himself after former President Franklin Delano Roosevelt, the U.S. does not actually need a 21st century New Deal.

Despite fearmongering to the contrary, the lifesaving vaccines are already helping to curb hospitalizations and deaths related to COVID-19. The national percent positive test rate for the virus currently sits at 4.7 percent, down from January's 13.9 percent. California, which was slammed as the coronavirus hotbed through fall and winter, boasts a percent positive test rate of 1.5 percent, the lowest in the country.

And though case counts are seeing a slight bump in certain parts of the U.S., raw cases were never an appropriate metric to evaluate the severity of the virus in the first place. The elderly are far more likely to suffer should they contract COVID-19, and they have been prioritized nationwide for inoculation.

In other words, once the vaccine becomes even more widely available—as it is expected to be come May 1—cases, hospitalization, and deaths will continue to trend downward as the arc of the U.S. economy naturally follows the opposite direction. According to Axios, one estimate predicts the economy will grow by a full 8 percent in 2021—"the largest economic expansion for the U.S. in generations."

"Business activity has returned to close to normal levels in much of the country despite the restrictions, with a tracker by Jefferies indicating that activity is at 93.5% of its pre-pandemic level," reports CNBC. "Data from Homebase shows that employees working and hours worked both gained sharply over the past month, with significant improvements in both hospitality and entertainment. Those have been the hardest-hit sectors, but have improved over the past two months as governments have loosened up on some of the harshest restrictions on activity."

And what about manufacturing, which Biden has specifically put a multibillion spotlight on in his plan? The sector "is enjoying a boom," adds the network, "with an Institute for Supply Management gauge of activity in the sector hitting its highest level since late 1983 in March."

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  1. Inherited Trump’s economy …

    1. Give him time; droolin’ Joe will kill it.

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    2. Yup! And turned it around, just like President Obama and VP Biden did the last time Biden was in the Whitehouse.

      1. 120 years ago!

      2. 200 Million dead from Covid! Joe knows his numbers. Merry Christmas

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  2. Guess what, we’re getting the “deal” anyway.

  3. We don’t need Biden’s 21st century ‘New Deal’ to rebound.

    “Need” has nothing to do with it you sniveling statist-enabling half-wit. If you haven’t figured out what’s going on, I don’t think explaining it to you slowly is even going to help.

    1. Taking a half century to explain how the 20th century New Deal is unneeded and more harmful than helpful should’ve clued you in that they’re apathetic at best.

  4. “Notably, the uptick materialized without manipulation”

    Pay no mind to the 8 or so trillion dollars that has been created out of thin air in the past year or the interest rates held at obscenely low levels. This is what you call a bubble being inflated, Billy. Libertarians are supposed to understand economics.

    1. The manipulation happened last year when all the coastal economies shut down. Amazing how many jobs are created when things start returning to normal.

    2. Libertarians understand very little other than how to gripe and moan. And that they do very well.

  5. Tesla hired most of them.

  6. “We don’t need Biden’s 21st century ‘New Deal’ to rebound.”

    I agree. We only need Biden’s Koch-friendly immigration policy.

    #OpenBordersWillFixEverything

  7. As long as the government keeps the schools closed, many parents will not return to work.
    As long as the government keeps the businesses closed or at reduced capacity, many jobs will not be opened.
    “the economy” is pretty much based on government ’emergency orders’.
    Vote for fascists, get fascism. Damn, whodathunkit?

  8. “We don’t need Biden’s 21st century ‘New Deal’ to rebound.”

    Incidentally, this was also true before Trump wasn’t reelected.

    It’s the same packages Biden was hyping on his campaign website.

    We didn’t need them before November, which is why both President Trump and the Senate Republicans refused to sign off on their stimulus bills in the days before the election, too.

    The latest jobs report was not necessary to defeat Biden. All of this was not only foreseeable but also foreseen.

    1. What a wonderful selective memory you have. The truth is that Trump was begging for both additional coronavirus spending and a large stimulus plan. It was you rightwing Republicans, i.e. “libertarians”, that sank his reelection.

      1. Not this large. No bailouts for state government employees’ unions. 2 or 3 trillion more than Trump planned to spend may not sound like much to you, but it’s real money.

  9. Manufacturing up with all those tariffs? Rut roh. Seems Trump’s policies are working.

    1. Biden’s policies …

      When it works, Biden’s. When it does not, Trump’s.

  10. “We don’t need Biden’s 21st century ‘New Deal’ to rebound.”

    Well now how else is he going to take credit for it?

    1. He has altered the deal. Pray he doesn’t alter it further.

  11. What’s the libertarian plan for modernizing a continent’s worth of infrastructure? Wait around for the market to get around to it?

    What about fixing climate change? The libertarian position has been, at best, acknowledging the problem but pretending it’s not so bad. Of course, libertarianism has spent its entire existence being the dirty slut of fossil fuels, so…

    I’m just wondering when the Fortune 500 will get around to overhauling crumbling roads and bridges and ending fossil fuel dependence.

    1. What’s the libertarian plan for modernizing a continent’s worth of infrastructure.
      Private investment and the individual states should handle it.

      What about fixing climate change?
      Get out of the way of private industry.

      1. So just drive around West Virginia, I guess.

        How would private industry fix a global climate problem? And would that include one of history’s most powerful private industry, which depends on extracting and burning fossil fuels? How do you counter their decades of propaganda?

        Dogmas are for stupid people. The good news is nobody’s forcing you to adopt any.

        1. I think you should move to China and start protesting beings massive buildup of coal power plants

          1. I don’t think they treat protesters too well there, but I suppose you’ll permit China’s behavior to provide excuses for having terrible ideas, yes?

          2. Why are you so enamored of what China does? Here in America, we have our own problems and need our own solutions.

        2. a global climate problem

          +

          Dogmas are for stupid people.

          =

          LMAO

          1. Link to a reliable scientific source that says climate change is a religion.

            1. Poor tony.

        3. I assume private industry would fix global warming by needlessly dumping trillions of dollars into the economy for the specific purpose of boosting material consumption.

          Then, they would wonder who’s going to come along and solve all the CO2 they generated doing that.

          1. You write this on an article talking about the Biden administration’s ambitious climate policy?

            Do you even care about fixing this problem? No, right?

            1. The ambition of spending a fraction of the infrastructure bill subsidizing Elon Musk?

              I’m just glad there’s someone in that equation who can actually build something and solve a problem, rather than just looking for excuses to give kickbacks to unions.

        4. Are you riding the Callie Rail yet Tony? How fast is it?

          Government does not come in on budget, and is always behind. I know you don’t care because you get your welfare check but others do.

    2. What about fixing climate change?

      LMAO

      Oh god, my sides.

      1. You shouldn’t insult a persons religion.

      2. The climate will be about the same whether we spend the 3 trillion bucks or not. But in one case the national debt will be 3 trillion dollars lower.

    3. What’s the governments plan to deal with the whiny bitchy little assholes that need all of their desires validated at the highest level of societal hierarchy? Tell them to keep doing it more?

      1. Looks like you guys got this one.

      2. We can talk about Trumpers if you want, but i was talking about investments vital to the survival and prosperity of the American people.

        The people who ignore all that stuff in favor of an obsessive need to have their cultural biases validated are in the next room fucking a farm animal.

        1. The people who need all their biases validated are the whiny little bitch race haters that have convince themselves that anyone who doesn’t like their policies must be racist.

          That flavor of absolute mental masturbation is… you and yours.

          1. So this is why you choose to side with people who want to protect the Seuss estate from itself?

            1. The progressives think kids aren’t old enough to do drugs, or old enough to consent to sex, but they can decide to get hormone treatments for their gender identity issues, and should be encouraged to do so by adults.

              And they made this decision within the last few years based on no scientific studies whatsoever.

              Then they tell everyone else that they have to go along with whatever gender they choose they’re sexist bigots.

              I’m sorry if you want to paint a vagina on your ball sack, but I’m doing science, and you’re doing whatever crazy bullshit of the week progressives decided is the most important issue.

              And no, not being allowed to play basketball against girls as a dude isn’t oppressing you. Quite the opposite. We’re not saying you’re bigoted assholes who need to die or go away. We’re just saying you’re stupid and shouldn’t get your stupid way.

              On the other hand, some people still like Dr Seuss. At least they’re not assholes.

              1. But you’re supposed to be the individual freedom people.

                Why do you spend all your time harassing trans kids and their families? Why do you keep insisting that the government intervene in their most personal choices?

                It’s the fundamental contradiction with libertarians. You’re socially conservative at heart, which works fine when it comes to arguments for keeping more of your sweaty dollar bills in your own mattresses, but when it comes to other people actually living the lives they want, if you can’t handle their choices, you find the first government goon you can find to unleash on them.

                I don’t think you can be a personal-freedom type person if you have such strong cultural requirements of other people.

                1. Exactly. I’m a personal freedom guy. Don’t tell me I have to call you a woman just because you duct taped your dock to your choad, or that I’m sexist if I don’t date you.

                  That’s why I’m a personal freedom guy and they’re assholes.

                2. In terms of other people’s kids: telling parents you should go ahead and start urging your children to take hormones to change genders without any long term studies on mental health is both anti-science and tantamount to child abuse.

                  Even though I’m not asking for the government to intervene: isn’t that your job?

                  It’s kind of funny how even government intervention to protect children from crazy people gets tossed aside by progressives, along with science, when it collided head long with… favored identity group claiming victim status.

                  That’s not how smart people work. Smart people shape theories to the facts, not shoving facts into their ideologies.

                  Again, I’m not saying you people should be hated and driven out of society. I’m just saying you’re stupid and shouldn’t get your stupid way, especially by people smart enough not to abuse their own children.

                3. For the sake of children, though, you people shouldn’t be allowed to talk to children.

                  They’re not old enough to let you pick their gender. They’re also not old enough to have sex with you. If you’re a tranny who thinks that would be ok because you’re a victim, too: please stop having weird sex with children.

        2. The people who ignore all that stuff …

          … are the rational adults in the room lmao

          I’m laughing so hard I … can’t … breathe!!!

          HAHAHAAHA

        3. I won’t argue that some of Biden’s planned spending isn’t important to the prosperity of certain people.

          But I do know who will be paying for it — me.

    4. Not sure about crumbling roads. But the dependence on fossil fuels will last no more than 50-100 years because, with the current level of consumption, there will be no more fossil fuels by that time.
      The private companies will change this course certainly, even without the need for government intervention.

      1. We were supposed to run out of oil by 2020, IIRC.

        1. And all be underwater or a new set of glaciers by now.

    5. What’s the libertarian plan for modernizing a continent’s worth of infrastructure? Wait around for the market to get around to it?

      Didn’t Obama spend $800 billion on ‘America’s crumbling infrastructure’ during his time in office before the GOP took ck Congress? Wasn’t that supposed to bring us into the 21st century? Did it work, or are you saying he failed?

      1. There’s a reason the infrastructure is always crumbling — it’s because the government manages it. Maybe we should fix that.

  12. The U.S. economy added 916,000 jobs in March

    Yeah, but I’m told they weren’t good jobs.

  13. We are getting Biden’s New Deal whether it is needed or not. The graft must flow.

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  15. “America’s economy is on the upswing!”

    AKA

    “States like Texas and Florida reopened almost fully, against the wishes of the Biden administration!”

  16. Exactly. Stop the stimulus. Lift all the restrictions and let everyone go back to work, school and vacation. Stop digging the national debt deeper for taxpayers to pay back later. It’s not helping.

  17. I know Tony and his horde don’t like this answer but jobs recovered inspite of Biden. Biden wants everything to be lockdown. States are opening on their own.

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