Spinning the Job Numbers: Two Divergent Viewpoints - AP, AMAC Foundation
President Donald Trump and presumptive Democratic presidential nominee Joe Biden each took stands regarding the recent government reports on the 4.8 million jobs added in June and the downward trend in unemployment levels. As could be expected, they disagreed on what the current numbers mean in the overall economic picture, with Trump calling it a “major victory” and Biden suggesting “we’re still in a deep hole” with respect to economic recovery (and, of course, the pandemic). An article by Steve Peoples, AP National Political Writer posted on martinsvillebulletin.com provides an analysis of the conflicting viewpoints. Check it out here…
Despite the positive and negative commentary about jobs and the economic recovery, one point sometimes does get overlooked in the media. Simply put, the faster the economy can get folks safely back to work, the more quickly the worsening Social Security funding picture can be addressed. Payroll taxes, of course, are the primary source of income for Social Security, and the longer the excessive unemployment lingers, the sooner the program’s long-term point of insolvency arrives. The weeks and months ahead will play a key role in Social Security’s future financial situation.