The Biden economic agenda is getting people back to work. This morning, we learned that the unemployment rate is 4.2 percent - down a historic full 2 percent just since President Biden took office. In November, 210,000 Americans were back to work. Prior to the American Rescue Plan, the Congressional Budget Office estimated that the US would not have a 4.2 percent unemployment rate until the end of 2024. After the Great Recession, it took 9 years for the US to reach a 4.2 percent unemployment rate. Because of the President’s economic plan, the US economy is creating jobs three years ahead of schedule.
In total, the job creation in the first ten full months of the President’s administration is about 6 million jobs, a record for a new president. The economy has created 588,000 jobs per month since January 20. The unemployment rate is dropping even as more people are re-entering the workforce and looking for jobs. That’s good news.
Wages are up. And, thanks to the American Rescue Plan (ARP), the President and Congressional Democrats delivered significant tax cuts for families raising kids. Tax cuts and rising wages for middle-class families mean that Americans on average have about $100 more in their pockets each month than they did last year. The US is the only leading economy in the world where household income and the economy as a whole are stronger than they were before the pandemic.
Applications for new small businesses are up 30 percent compared to before the pandemic.
America’s jobs and economic recovery is strong, and our Covid19 strategy is allowing millions of workers to find and keep jobs and keep kids safely in school.
On top of the ARP and the Bipartisan Infrastructure Law, there is more work to do: the historic Build Back Better Act will cut costs that American families have struggled with for years, grow our economy, and create jobs.