Economic Doom: United States Unemployment Numbers Increased in August
According to a report by the Financial Times, the United States unemployment rate increased by 3.8% in August.
This latest development has led to rumors that the Federal Reserve will likely back off from future interest rate hikes as the issue will be discussed at the Fed’s meeting slated for November.
Some investors believe that inflation could still be tamed without creating the conditions for a recession to occur.
Per data from the Bureau of Labor Statistics, the US economy witnessed an increase in 187,000 in new non-agricultural jobs in August. This represents the third straight month of job increases below 200,000.
In a similar vein, the Department data illustrated that job openings plummeted in July to the lowest level in over two years. In July, there were 8.8 million job vacancies, which was a decrease from the 9.2 million job vacancy figure in June, per the Openings and Labor Turnover Survey published on September 29, 2023.
It cannot be stressed that the American economy is far from normal. Its current sketchy state is the product of multiple decades of economic interventionism — unconstitutional taxation, a burdensome regulatory state, and loose monetary policies.
Such policies have clear consequences that many political pundits refuse to acknowledge. Instead, these interventionists would rather blame the free market, capitalists, and other non-political actors that have little to do with our current economic problems. Such scapegoating diverts attention from the real culprits who have wrecked our economy.
To move forward, the Right must not only recognize that government intervention in people’s private affairs generates economic turmoil but it must also identify the exact politicians who push this nonsense and make their lives as miserable as possible until they are relieved of the burden of holding higher office or retire.