On Monday, President Biden delivered remarks on how well the economy is doing and what still needs to be done to make sure the nation stays on track. These remarks come on exactly the sixth month of Biden’s presidency.
The President made note of what the economy looked like before he took his office. “Well it’s true that the economy was sputtering before I got here, adding only 60,000 jobs per month,” expressed Biden.
However, now six months later, the economy has gone from 60,000 jobs per month to 60,000 jobs every three days. “More than 600,000 jobs per month since I took office, more than 3 million new jobs all total. That’s the fastest growth I’m told at this point in any administration in history,” said Biden.
Six months into the Biden administration, the U.S. economy has experienced the highest economic growth rate in nearly 40 years.
Unemployment claims and the economy
Biden expressed that the number of new unemployment claims has been cut by more than half since he took office. He also added that just two weeks ago he issued a major executive order promoting fair and open competition, which is “The cornerstone of American capitalism. Banning non-compete clauses that suppress workers’ wages, lowering the price of things like hearing aids, prescription drugs, internet service, along with dozens of other actions,” said Biden.
The President added, “It turns out capitalism is alive and very well. We are making serious progress to ensure that it works the way it’s supposed to work for the good of the American people.
As the President expresses how well the economy is doing under his administration, he ensures that his plans are to keep the economy on track for the future. He stated, “We brought this economy back from the brink and we designed our strategy, not only to provide for a temporary boost but to lay the foundation for long term boom that brings everyone along.”
The President stated that a part of his plan to help Americans recover from the pandemic is the Child Tax Credit, which went into effect last week. Monthly payments began going out to nearly every working family raising a child in the United States of America.
“Thanks to the expanded Child Tax Credit in the American Rescue Plan, $300 a month is going out for each child under the age of six, and $250 for every child 6 through 17, every month for the next six months,” said Biden.
Biden believes that this money will reduce child poverty in America and will help millions of middle-class families by giving them “A little bit of breathing room every month.”
Pandemic and the economy
Despite the progress that is being made, Biden made clear that the “Economic recovery hinges on getting the pandemic under control.” He urged Americans to get vaccinated, in the wake of the more transmissible and dangerous Delta variant. Biden reminds the American people, “We can’t let up.”
The President addressed that cases are now rising particularly in communities with very low vaccination rates. Just four states accounted for nearly 40% of last week. He expressed that all hospitalizations and deaths are occurring amongst unvaccinated Americans. “These tragedies are avoidable,” said Biden.
He added, “The data couldn’t be clear. If you’re fully vaccinated, you have a high degree of protection against severe illness, hospitalization, and death. If you’re unvaccinated, you are not protected. So please, please get vaccinated.”
“This virus doesn’t have to hold you back any longer, it doesn’t have to hold our economy back any longer. But the only way we put it behind us is if more Americans could vaccinate,” pleaded Biden.
The President also addressed the issue of inflation, as many Americans see prices increasing significantly. “Some folks have raised worries that this could be a sign of persistent inflation, but that’s not our view. Our experts believe the data shows that most of the price increases we’ve seen were expected and expected to be temporary, the reality is you can’t flip the global economics light back on and not expect this to happen.”
Biden reminded Americans that as demand returns there are going to be global supply chain challenges. “My administration is doing everything we can to address it. But again, these disruptions are temporary,” said Biden.
The President also took the time to promote the passage of the bipartisan infrastructure framework and his Build Back Better Plan. This plan will be a “Force for achieving lower prices for Americans looking ahead, it’s another reason why the investments are so important.”
Biden stated that we will make prudent multi-year investments for better roads, bridges, transit systems, and high-speed internet in a modern resilient electric grid.
The President explains that it will break up the “bottlenecks in our economy.” According to Biden, goods will get to consumers more rapidly and less expensively. Small businesses will create and innovate much more seamlessly and there will also be an increase in the availability of quality affordable childcare, eldercare, with paid leave.
According to Biden, these steps will enhance the nation’s productivity, raising wages without raising prices that won’t increase inflation. He stated it will “Take the pressure off of inflation, give a boost to our workforce which leads to lower prices in the years ahead.”
President Biden will continue to advocate for his plans to help build the economy. “I’m incredibly optimistic about what we’re going to be able to build together in the next six months and years to come.”