WASHINGTON— New numbers released Tuesday show that the number of job openings hit a record high in March 2022. With 11.5 million job openings, there are 1.94 jobs available for every unemployed worker. With rising inflation and a record labor shortage, employers are having to raise prices even further.
According to the National Federation of Independent Businesses, 49% of business owners reported increasing compensation in March, but also a record-high 72% of business owners reported raising prices. And the percentage of businesses expecting the economy to improve hit an all-time low, with the NFIB reporting “expectations for sales growth and business conditions later this year are in the tank.”
Rachel Greszler, senior research fellow in budget and entitlements with The Heritage Foundation’s Hermann Center for the Federal Budget, released the following statement Tuesday on these troubling numbers:
“It’s time for the Biden administration to stop its massive spending spree and stop discouraging work. This administration’s policies are forcing people out of the workforce and meaningful employment, and everyone is suffering for it.
“Instead of attempting to close off certain types of work so that more people can be forced into unions, the administration should encourage people to pursue employment opportunities that work best for them.
“What won’t work is forcing blue-collar workers to pay for impractical college degrees by ‘forgiving’ student loan debts and forcing the costs onto them. Instead, the administration should eliminate subsidies to higher education and open up alternative pathways to successful careers, such as industry-recognized apprenticeship programs and employer-driven education. Until this administration changes course, employers will continue to struggle to fill open positions, prices will continue to rise, and working Americans will continue to suffer.”