The disappointing May job numbers were a surprise, signaling that the economic recovery may take longer than previously thought.
The number of jobs is still 5 percent below the number in February 2020, concerning policymakers.
The truth is, policymakers in Washington have placed some breaks on job growth. The continuation of enhanced unemployment insurance into the summer discourages work for those whose wages would be less than the payments. Many states have announced they will soon be ending these benefits to encourage people to return to work as businesses struggle to fill job openings.
President Biden’s opponents have accused his early legislative agenda of killing jobs. For instance, the corporate tax increase in the American Jobs Plan is projected to raise taxes on 90 percent of small businesses.
As a response, some members of Congress have introduced bills to reduce some of the existing barriers to finding a job. Although these bills are being considered by Congress, they are designed to impact state-level policies for occupational licensing.
Occupational licensing laws can be thought of as a permission slip from the state to work in a profession. They set minimum standards of education, training and exams that aspiring professionals must meet before working.
Continue reading at The Western Journal.
Edward Timmons, Associate Professor of Economics and Director of the Knee Center for the Study of Occupational Regulation at St. Francis University, writes frequently on the history and rise of occupational licensing and it’s relation to economic mobility.
Economics of Flourishing
The disappointing May job numbers were a surprise, signaling that the economic recovery may take longer than previously thought.
The number of jobs is still 5 percent below the number in February 2020, concerning policymakers.
The truth is, policymakers in Washington have placed some breaks on job growth. The continuation of enhanced unemployment insurance into the summer discourages work for those whose wages would be less than the payments. Many states have announced they will soon be ending these benefits to encourage people to return to work as businesses struggle to fill job openings.
President Biden’s opponents have accused his early legislative agenda of killing jobs. For instance, the corporate tax increase in the American Jobs Plan is projected to raise taxes on 90 percent of small businesses.
As a response, some members of Congress have introduced bills to reduce some of the existing barriers to finding a job. Although these bills are being considered by Congress, they are designed to impact state-level policies for occupational licensing.
Occupational licensing laws can be thought of as a permission slip from the state to work in a profession. They set minimum standards of education, training and exams that aspiring professionals must meet before working.
Continue reading at The Western Journal.
Edward Timmons
Edward Timmons, Associate Professor of Economics and Director of the Knee Center for the Study of Occupational Regulation at St. Francis University, writes frequently on the history and rise of occupational licensing and it’s relation to economic mobility.
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