The US workforce, which shrinks during the Covid pandemic, “cripples” the economic recovery, billionaire investor and businessman Barry Sternricht warned Wednesday.
The founder of Starwood Capital Group, which operates hotels as part of its broad portfolio, said the federal government should pay people to get back to work rather than stay home.
“The entire service economy is at stake, including restaurants, pizzerias, laundromats and small shops. Amazon can raise wages, but that’s okay,” Sternricht said on CNBC’s Skworkbox. Said in. .. “
Sternricht sometimes said it wasn’t a matter of money.
As an example, one of his hotels in Brooklyn, New York, is about to perform 40 jobs with 220 staff.
“It’s not what we pay for. They leave home or do nothing they do,” he said. US economy. “
Jobs, which dropped to 10.44 million in August, are historically still off the charts. The Ministry of Labor’s latest job and turnover survey, released Tuesday, showed that the shortage was exacerbated by records of 4.3 million workers quitting their jobs in August.
The decline in the unemployment rate in September was caused by a decline in the labor force participation rate, despite much weaker employment than expected. The workforce participation rate (a measure of working people or those who are actively looking for a job) has not skyrocketed as business activity has skyrocketed due to the closure of Covid’s mitigation measures and the lifting of restrictions.
Governments that have spent trillions of dollars helping unemployed and struggling businesses should make further efforts to encourage them to return to work, Sternricht said.
“They should actually leave people away from federal and state programs and pay people a bonus to get back to work and back into the workforce,” he said. “Then they tax them because they have a job.”
Sternricht, who said he was socially liberal and financially conservative, said the Biden administration was “overdoing it in the wrong direction. All these support programs … exacerbated the problem and made people worse. It may encourage you to stay home, and the country doesn’t really come back with people for that service who can’t work. “
In 1991, Starwood Capital founded Starwood Capital. Starwood Hotels is now part of Marriott, as are other leisure brands. Starwood Capital focuses on global real estate, hotel management, oil and gas sectors and energy infrastructure.
Barry Sternricht says he can’t find a worker and demands that the government pay people to get back to work
Source link Barry Sternricht says he can’t find a worker and demands that the government pay people to get back to work