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July Jobs Report Shows Bidenomics is Working After Trump’s Failures
Today’s jobs report is yet another sign that Bidenomics is working:
- 187,000 jobs created in July,
- Unemployment rate fell to 3.5% – under 4% for 18 months in a row, the longest stretch in over 50 years,
- Share of prime working age Americans who have jobs is near a 20-year high,
- As of June, wages are higher than a year ago, accounting for inflation.
Today’s report is the latest in a string of strong economic indicators:
- GDP report showed the economy grew at a 2.4% rate last quarter – beating expectations, with business investment increasing by nearly 8%,
- Morgan Stanley credited the president’s economic plan – Bidenomics – for “much stronger” than expected growth this year,
- Consumer confidence jumped to a two-year high,
- The PCE report showed annual inflation is at its lowest rate in nearly two years.
Since President Biden took office, his economic plan – Bidenomics – has been growing our economy from the bottom up and middle out:
- The U.S. has seen the highest economic growth among leading economies since the pandemic,
- About 13.3 million jobs created,
- Manufacturing coming back with nearly 800,000 new manufacturing jobs created, with companies investing in communities often left behind,
- Annual inflation falling for 12 straight months – to the lowest level in 2 years,
- Historically low unemployment rate for the longest period in more than 50 years,
- Reached record low unemployment rate for African Americans, Hispanic Americans, and people with disabilities,
- Share of women aged 25 to 54 in the workforce is at a 70-year high,
- More small businesses created in first two years of this presidency than ever before,
- Bipartisan Infrastructure Law rebuilding roads and bridges, creating good-paying jobs, and spurring economic development,
- Inflation Reduction Act lowering the cost of prescription drugs and health care, tackling climate change, and making investments in clean energy.
And people are starting to feel it:
- About 3/4 of Americans are satisfied with their financial well being,
- Job satisfaction is at a record high.
Meanwhile, Donald Trump’s presidency showed what MAGA control of our economy looks like, and we can’t go back. His record speaks for itself:
- Left office with the worst jobs record since the Great Depression,
- Proposed cuts to Medicare and Social Security programs every year he was in office,
- Blew up the deficit to give massive tax cuts that rigged the economy for the ultra-wealthy and big corporations,
- Created incentives to ship jobs overseas,
- Turned “infrastructure week” into a punchline that he failed to deliver.
Democrats are growing the economy by growing the middle class.
Democrats are growing the economy by growing the middle class. By investing in American workers and creating a record number of good-paying jobs, President Biden is ensuring the middle class have the tools and opportunities they need to thrive. Today’s strong jobs report shows this agenda is working.
Key Proof Points
187,000 new jobs added in July — 13.4 million since President Biden took office.
We have now regained ALL of the jobs lost during the pandemic, plus over 3.8 MILLION more!
- Businesses have added 170,600 new clean energy jobs since Biden’s Clean Energy Plan passed, and the U.S. has added 800,000 manufacturing jobs since Biden took office.
- Excluding the 10 million jobs that got us back to pre-pandemic levels, job growth has been nearly 2x faster under President Biden, compared to the previous administration.
Labor force participation maintained record highs in July.
- Workforce participation among women ages 25-54 hit record highs this summer.
- Entrepreneurship is booming — 10.5 million small business applications were filed in the last 2 years.
BREAKING: Unemployment rate DROPS to near 50-year low.
Average hourly earnings rose 4.4% from last year.
Growing the economy by growing the middle class and creating a record number of good-paying jobs to ensure working people are able to thrive — that’s Bidenomics.
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