There have been countless comparisons made between our current situation here in the United States, and the economic factors that led to one of America’s most prosperous eras.
The 1920’s, known colloquially as the “roaring twenties”, was a time of unkempt and prosperous American excellence, spurred on by the industrial revolution and, in an odd way, by the 1918 Spanish Flu pandemic.
Of course, we have our own pandemic today, and it has forced a great many Americans to spend less, save more, and generally adjust their habits to be a bit more secluded and boring. When the floodgates open, there are plenty of us who will be flush with cash and pent up energy, ready to stimulate our economy once again.
And, in what appears to be a sign that this roaring 2020’s version could be even more impactful than its predecessor, jobless claims have already reached an important milestone…even before the nation is truly back open for business.
The number of people seeking unemployment benefits fell sharply last week to 684,000, the fewest since the pandemic erupted a year ago and a sign that the economy is improving.
Thursday’s report from the Labor Department showed that jobless claims fell from 781,000 the week before. It is the first time that weekly applications for jobless aid have fallen below 700,000 since mid-March of last year. Before the pandemic tore through the economy, applications had never topped that level.
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And this hiring spree still doesn’t include a great many businesses who aren’t yet clear to open to full capacity, including restaurants, music venues, sporting arenas, and more.
Buckle up kids – America is about to be a whole lot of fun again.
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