Why The Vaccine Mandate Is Going To Be An Economic Challenge?
Updated: Sep 11, 2021
Companies such as United Airline already took necessary action to hire or retain employees who are vaccinated. However, concerns remain about unvaccinated people.
Nonetheless, certain groups of people will remain unvaccinated because they have no incentive to do so. In other words, there is no financial incentive for unemployed people and low-class people to get the vaccine.
On September 4, 2020, the weekly jobless claimed was at 310.000 which is closed to March 14, 2020, report. However, CNN, WSJ, and even MarketWatch reported a shortage of employees for many businesses. And many States already limited government unemployment assistance. As a result, people are not filing for unemployment, and again, it does not mean they found a job.
Large Companies Must Contribute to Labor Market
Large companies must contribute to the labor market to overcome Covid-19 and the wealth gap. A fear technique doesn’t work on people when they are broke. It is also true that many candidates reject the job offer because the salary is lower than the one advertised by the company.
According to WSJ, Goldman Sachs claimed to give 30% raise to an entry-level employee. Although, this news is exciting. The reality is a different story. To get this nice salary, you must be from a top university or have a solid referral letter from someone. Unfortunately, low-class people don’t have the luxury of such a network. Someone with a Ph.D. in Business reported applying for more than 30 positions at JP Morgan without even a chance of interview. To be fair, JP Morgan has more than 100 000 applicants per year. The standard selection starts with software picking your resume based on the position the candidate applied for.
U.S Bureau of Labor Statistics reported an increase in the Black - African unemployment rate from July 2021 to August 2021.
An increase in unemployment will also affect the housing market. The price of houses and condos has been at their all-time high. The housing market will have to face the challenge of the inflation rate across industries.
While foreclosures and homelessness might increase, many civilians will also have to face the rise of crime in their neighborhoods.
Every national decision has an economic impact on our import-export, labor market, and international relationship. However, the longtime effect might not be linear.