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August 11, 2020

US government needs to cut red tape to reduce unemployment

By Paul Dennis

11 August

The unemployment rate in the US is slowly falling but the country still has a long way to go before returning to pre-Covid-19 levels.

Daniel Lacalle, chief economist Tressis SV, shared an article on the need to bring unemployment rates to pre-Covid-19 levels quickly in the US to ensure economic recovery.

He notes that the government should reduce cut red tape to increase job creation and avoid copying interventionist measures implemented in other countries.

Although unemployment rate fell to 10.2% in July, the rate of job creation is slow. However, compared to the Eurozone the US is better placed.

Unemployed, furloughed and people receiving subsidised jobless schemes account for more than 23% of the labour force in the Eurozone, according to Morgan Stanley.

In the US, unemployed, people staying home from work and others account for 16.5%.

The article noted that strong supply-side measures, tax incentives and policies to attract capital were required to bring unemployment rates to the levels before the pandemic.

In other news, Timothy McBride, Bernard Becker Professor at Washington University, shared an article on how one third of people in the US are unwilling to get vaccinated against Covid-19.

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