Yesterday, the Washington Post reported on a Congressional Budget Office Report that forecast that while the economy is expected to recover this year to pre-pandemic records, unemployment will lag through the rest of the decade.
One idea to help solve the unemployment problem is to create an Employee Addition Tax Credit. Specifically, there would be incentives for companies that add employees and expand their workforce to pre-pandemic levels. This incentive would not be an effort to "save jobs" like the Employee Retention Credit.
Policymakers must find ways to incentivize entrepreneurs to take risks in new and emerging industries. The hard truth is that consumer behavior has shifted, and some industries will never recover. We must focus some of our efforts on moving some of these jobs.
So here is my question for you this morning. If your mission was to add at least one full-time employee to your payroll this year, what would your plan be? Our country is counting on us to take risks and grow.