Unemployment Rate Drops to 54-Year Low: Biden’s Economic Plan is Working
By On Feb. 3, President Joe Biden addressed the nation on the January job report.[0] The report exceeded expectations, providing the president with a boost days before his State of the Union address.[1] The unemployment rate fell to a 54-year low of 3.4%, which was last seen in May of 1969.
“The last time the unemployment rate was that low was May 1969,[3] Biden said, speaking from the White House. [3]More people are coming into the market looking for jobs and getting jobs, a positive sign for the health of the economy going forward.[2][3]
Friday's jobs report from the Bureau of Labor Statistics showed that the U.S. unemployment rate decreased to 3.4%, which is the lowest it has been in nearly 54 years, surpassing the 3.6% predicted by economists. In January, the number of nonfarm payrolls rose by 517,000, significantly higher than the 187,000 predicted by the market and more than double the 260,000 increase in December.[4]
In a nutshell, I would suggest that the Biden economic plan is proving effective. Over the last two years, many disbelievers have dismissed my economic plan, but I would disagree.[5] I have always had a feeling that those who are critical and skeptical of our plan are mistaken, and the data from today further confirms that. Despite any bumps in the road, our strategy is succeeding due to the determination of our nation's laborers.[6]
Biden noted that wages have risen by 10.1% over the past two years, while the CPI has risen by 14%.[7] Real incomes of Americans decreased by 3.9% during that period.[7] He also claimed that his administration had cut the deficit by $1.7 trillion, but this reduction came after the largest increase in government spending in all of U.S. history.[7] Approximately $5 trillion has been allocated in “stimulus” programs due to the pandemic during 2020 and 2021.[7]
The American Rescue Plan, a 1.9-trillion-dollar spending bill passed by the Democrats in March, 2021, has been the focus of criticism of President Biden's performance, with the belief that the Administration took too many steps to assist families in the midst of the pandemic.[8] According to a recent Gallup poll, two-thirds of those surveyed anticipate an increase in inflation, rather than a decrease, during the first half of 2023.[9] Last year, 79 percent was observed, when inflation was at its highest.[6]
0. “Biden Delivers Remarks on January Jobs Report” The Epoch Times, 3 Feb. 2023, https://www.theepochtimes.com/biden-delivers-remarks-on-january-jobs-report_5029618.html
1. “WATCH LIVE: Biden to tout economic record at water infrastructure event” Colorado Springs Gazette, 3 Feb. 2023, https://gazette.com/news/us-world/watch-live-biden-to-tout-economic-record-at-water-infrastructure-event/article_3aac0a49-ad77-540e-a6c3-695b27fe4b46.html
2. “U.S. President Biden's Remarks on January Jobs Report” Mirage News, 3 Feb. 2023, https://www.miragenews.com/us-president-bidens-remarks-on-january-jobs-940997/
3. “Biden Boasts Historic Job Growth. Here's Why That Might Be Misleading” The Motley Fool, 7 Feb. 2023, https://www.fool.com/the-ascent/personal-finance/articles/biden-boasts-historic-job-growth-heres-why-that-might-be-misleading/
4. “Decades-low unemployment rate is welcome news for Biden ahead of State of the Union” CNBC, 3 Feb. 2023, https://www.cnbc.com/2023/02/03/low-unemployment-rate-is-welcome-news-for-biden-ahead-of-state-of-the-union.html
5. “Jobs report gives Biden pre-State of the Union boost” WHBF – OurQuadCities.com, 3 Feb. 2023, https://www.ourquadcities.com/hill-politics/jobs-report-gives-biden-pre-state-of-the-union-boost
6. “Biden wants credit for a strong economy. Americans aren’t buying it.” The Hill, 7 Feb. 2023, https://thehill.com/finance/3845925-biden-wants-credit-for-a-strong-economy-americans-arent-buying-it/
7. “Biden's State of the Union Took Undeserved Credit for Jobs and Inflation” Barron's, 8 Feb. 2023, https://www.barrons.com/articles/biden-state-of-the-union-inflation-economy-51675894837
8. “Does the President Have Control Over Inflation?” The New Yorker, 11 Feb. 2023, https://www.newyorker.com/business/currency/does-the-president-have-control-over-inflation
9. “Biden Blew a Chance to Be Honest About Inflation” Independent Women's Forum, 9 Feb. 2023, https://www.iwf.org/2023/02/09/biden-blew-a-chance-to-be-honest-about-inflation/
