This kind of stupidity ought not be tolerated. Is there a point at which idiocy can actually be criminalized? If so, I think the recent report by JP Morgan Chase – my once favorite financial institution – has just found that point. Their report is so full of fallacies and outright lies that it doesn’t even warrant the title of “report.” We might as well call it fanfiction.
The “report” by JP Morgan Chase links – without any real evidence – increased unemployment benefits to increased unemployment. Does it say that increased unemployment leads to increased unemployment benefits? No. It says that when you give people a larger safety net, more people tend to use it. And that is just ludicrous.
We increased the benefits because of companies (I’m talking to YOU, JP Morgan Chase) who kept laying off more and more people and refusing to hire any new employees. And to say that people will quit their job or intentionally get fired in order to live off of the paltry sum that unemployment benefits give you truly underestimates the American worker.
Let’s be honest here for a moment. Unemployment sucks. The pay is crap, and the longer you are out of work the harder it is to get a job. On top of that, it is hard on one’s self esteem. I was unemployed for a long time. I had times where I felt completely worthless. As working adults, much of our identity is tied into our work – wrong or right – we value ourselves on our ability to take care of ourselves and our loved ones.
JP Morgan’s report is akin to saying that when I hit my sideview mirror on the post next to my parking spot, it was clearly the posts fault for being there and breaking my mirror! A nice argument to make when you are trying to push any responsibility away from yourself but not entirely accurate.
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