Eugene Scalia is an economist and former U.S. Labor Secretary under President Donald Trump. According to Fox Business’ Neil Cavuto, only 315,000 U.S. job creations were recorded in August compared to July’s 528,000 increase.
Cavuto was told by Scalia, the son of former Supreme Court Justice Antonin Scalia that Scalia believes the recent rise in labor participation is a good thing. But it’s not the only story when you combine it with another report about job openings.
This was one of the major concerns regarding the pandemic economy. There are still many people who remain on the sidelines.
The economy has started to recover. Neil, I believe there are still job opportunities, but I don’t think there were significant recessionary effects.
You all know that the July job openings report was important. It shows that there are still 11.2 million job opportunities and only 6 million are currently unemployed. We will continue to monitor inflation and wage trends in this market.
Scalia was then asked by the host if the analyst’s report was something that retailers and business leaders should be concerned about.
Scalia agreed too, noting that the current regulatory environment under Biden, which is burdensome for businesses, and the one we had during Trump’s years, are starkly different:
I have spoken to executives and clients about their concerns regarding the regulatory environment. …. From our previous discussions, we agreed that one of the reasons that Trump’s years were so successful is because the president has eased economic burdens.
President Biden is increasing regulatory burdens. Take a look at the Securities and Exchange Commission; take a look at Federal Trade Commission. A rule would make it harder for companies to hire independent contractors. These types of regulatory costs and the associated costs of hiring are well-known.
My colleagues and I have written extensively about similar burdens California business owners and contractors face due to the state’s AB5 legislation. The White House and leftists in Congress would love to unleash them on the whole country, either through federal law or unelected bureaucrats such as Team Biden.
View the complete interview via Fox Business.