Good Morning. Yesterday’s quote was Ayn Rand about good intentions. Today Initial unemployment claims fall slightly; Biden proposes a fresh $2 trillion spending bill; and CES is back in action.
Nowhere do we need common ground more desperately than in our discussions of race. I get called Uncle Tom and the N word by progressives, by liberals. Just last week, a national newspaper suggested my family’s poverty was actually privilege because a relative owned land, generations before my time. Today kids are being taught that the color of their skin defines them again…From colleges to corporations to our culture, people are making money and gaining power by pretending we haven’t made any progress at all. I am more than hopeful—I am confident, that our finest hour is yet to come.
Initial unemployment claims again fell to fresh lows in the week ending April 24. Seasonally adjusted claims ended at 553,000, representing a 13,000 decrease from the prior week’s revised level. But that level was revised upwards by 19,000 claims. In other words, we actually would have done worse this week than last but for the bureaucratic mixup. High unemployment rates remain in Nevada, Connecticut, Alaska, New York, and Illinois. The full Department of Labor report can be found here.
In his de facto State of the Union address, President Biden announced his newest spending plan. It includes a new $1.8 trillion spending plan, including universal pre-K, two years of “free” community college, subsidized childcare, and expansion of Obamacare. That is separate and apart from his $2.25 trillion infrastructure bill, which contained approximately 5 percent spending on infrastructure (properly defined). And that is above and beyond the $1.9 trillion package, ostensibly to fight the COVID-19 pandemic, although only some 5 percent of the bill went to doing just that. Don’t forget the federal budget for fiscal year 2021, either. That includes $4.829 trillion in habitual spending by the US government. In sum-total, that’s $10,779,000,000,000 in proposed or approved spending (not including interest payments)—a whopping $32,564 for every man, woman, and child in the United States—in just Biden’s first 100 days.
After a 1-year hiatus, the world’s largest consumer-grade technology show is back in action. CES drew at least 171,000 people to Las Vegas in 2020 before going 100-percent online for 2021. The Consumer Technology Organization, which hosts the event, said that the event will take place on January 5—more than 1,000 corporations are expected to take part. That’s $11 billion that will come back to the Las Vegas-area economy in another showing that government lockdowns are winding down.