GDP Grew 4% In 4th Quarter, First-Time Jobless Claims Hit 847,000, JCN Reacts
Today, the Bureau of Economic Analysis announced that Gross Domestic Product (GDP) rose 4.0 percent in the fourth quarter of 2020. Additionally, the Department of Labor revealed the number of first-time unemployment claims was 847,000 last week.
“Today’s GDP report confirms that America’s economy was making solid gains in late 2020,” says Alfredo Ortiz, President and CEO of the Job Creators Network (JCN). “After a record-breaking 33 percent rise in GDP in the third quarter, GDP continued to grow four percent in the fourth quarter, even after a new wave of lockdowns late in the year. Those lockdowns, however, are starting to take a major toll on the job market, with first-time unemployment claims remaining at a very high level. We need to begin reopening society with many small businesses on the verge of close permanently. Even California Governor Newsom has acknowledged that the arbitrary lockdowns need to end – although it took the threat of a recall for him to reverse course. President Biden should pay close attention to today’s reports. He inherited a solid economic foundation, but lockdowns and far-left policies could send us back into recession quickly. A $15 minimum wage, in particular, would be devastating – threatening up to 3.7 million jobs. America’s economic future is in the balance. It’s time to start empowering small businesses – not the government – to accelerate our recovery.”
Last week, JCN released a backgrounder, “3 Days of Biden EO’s = Million of Jobs Lost.” To read and share the backgrounder, click here.
Last week, Breitbart published Mr. Ortiz’s op-ed on Biden’s minimum wage proposals. To read it, click here.