Businesses Need Biden Administration to Tighten New Regulations for Economy to Thrive | Remark
We’ve seen them all – the “help wanted” signs posted in company windows and even the “we’re sorry” notes apologizing for long waits and reduced hours due to the shortage of workers. They are seen in northeast and north-central Nebraska and across the country.
What is rather ironic is that despite what was predicted to be a difficult time for workers amid the COVID-19 pandemic, 2021 has turned out – at least by some measures – to have had surprisingly positive results. for workers.
Things like record numbers of job postings, solid pay gains, new benefit programs, and increasingly flexible workplace policies.
But Rachel Greszler, senior policy analyst at the Heritage Foundation’s Data Analysis Center, points out that the situation this year has not been so bright for employers. And that, in the end, is bad for the employees as well.
“To begin with, it is estimated that 200,000 establishments have closed their doors because of the pandemic. Many of those who remain face significant challenges, including finding the workers they need, adapting to new and changing safety standards, and revising workplace policies and compensation programs to meet demands. employee desires for increased flexibility and other changes in the workplace, ”Ms. Greszler recently wrote.
This is a far cry from what many would expect from the COVID-19 pandemic.
In July 2020, for example, the Congressional Budget Office predicted that the US unemployment rate would be 8% in September 2021. Instead, it has already fallen below 8% to 7.8% in September 2020. La The decline continued until the August 2021 figure of 5.4%. .
“Normally, an unemployment rate of 5.4% (up from 3.5% before the pandemic) would always give employers the upper hand, with a lot of workers available. But not today, “she wrote.” Instead, employers are facing a new phenomenon with high unemployment and a severe labor shortage.
“There are currently a record 10.1 million job openings in the United States. “
Businesses are eager to resume pre-pandemic operations, and with the government sending out three rounds of stimulus checks that saved Americans nearly three times as much as normal in the year following the pandemic, consumers are eager to purchase their products and services. But there are not enough workers to meet the demand.
It is hoped that more workers will gradually return to the workforce now that September 4 marked the end of federal unemployment premiums, combined with a more normal school year for children.
But employers still face an uncertain future when it comes to the dozens of federal labor laws that dictate how they can and should do business. It is up to the Biden administration not to increase the burdens facing businesses and to reduce regulations.