(PresidentialWire.com)- According to National Federation of Independent Businesses, a record share of US small business owners say they had job openings during the month of August. And among those, an unprecedented number began boosting wages in order to lure potential employees.
A staggering fifty percent of small businesses had job openings they could not fill last month. That is a one percent increase from the month of July and the largest percentage of businesses for any month since 1986.
Forty-one percent of those business owners said they increased compensation offered in their attempts to lure the well-paid unemployed off their butts and back to work.
Of course by increasing compensation to entice workers, business owners were forced to pass on to their customers the added costs of these higher wages. This, naturally, will only fuel the already persistent inflation.
The lack of job skills is also a problem for companies. Ninety-one percent of those looking to hire say there are few or no qualified applicants for the positions available.
Ironically, the August jobs report was also released last week. And despite the clear glut of jobs available, only 235,000 jobs were added in the month of August. This was half million fewer jobs gains than economists forecasted for August.
In an effort to downplay his own role in the upside down job market, President Biden blamed this lack of hiring, not on the added unemployment benefits from his COVID relief plan, but on the Delta variant of COVID.
This makes absolutely no sense.
If the pandemic were responsible for the anemic jobs report, it would mean that those looking for jobs were unable to find them because these businesses weren’t hiring.
But businesses are desperate for workers.
The reality is, offering the unemployed more weekly income for being unemployed than they could get going back to work incentivizes the unemployed to remain unemployed. But the Biden administration refuses to acknowledge that. Hard to boast about what a job creator President you are when your policies are keeping people from looking for a job.