Biden is squandering the recovery he inherited

The April jobs report shows that Joe Biden is squandering the economic recovery he inherited.

Under the leadership of President Trump and Republicans in Congress, the economy recovered 56% of the jobs lost in the pandemic. But instead of building on this progress, Biden’s policies are obstructing the recovery.

Here’s what the jobs report showed us:

• The unemployment rate ROSE in April to 6.1 percent. This is the first the unemployment rate has gone up during the recovery.
• The economy added back just 266,000 jobs, well below economists’ expectations of 1 million jobs. This is “the biggest miss, relative to expectations, in decades.”
• The Labor Department revised the number of jobs added in March down by 168,000.​

Economists were hoping for a figure roughly 1 million jobs larger — making this the biggest miss, relative to expectations, in the history of the payrolls report. https://t.co/BjLqZN5Llk

— Axios (@axios) May 7, 2021

The deeper you dig the worse this report gets. The Biden recovery slowdown is especially hurting minorities and workers:

• The Black unemployment rate rose to 9.7 percent.
  • The unemployment rate for Black men spiked to over 10 percent.

• The unemployment rate for Latinos failed to decrease.
• 18,000 manufacturing jobs were lost in April.
• No construction jobs were added in April.
• Working class Americans with wages in the middle of the spectrum lost jobs in April.
• The number of unemployed workers rose in April, and there are still 9.8 million unemployed Americans.
• Unemployment rates for Americans without any college education rose.
• The broader unemployment rate – which includes those who are employed part time for economic reasons – is still over 10 percent.
• Women had a net loss of jobs as “schools remained closed.”

Now Biden is pushing a $6 trillion American Bankruptcy Plan that will only make things worse. He is calling for nearly $3 trillion in new tax hikes, including hiking the business tax rate to 28 percent – higher than communist China. According to the Penn Wharton Budget Model, this would SHRINK the economy and LOWER workers’ wages.

Biden should be reopening American businesses and schools, but instead he is floundering and slow-walking on reopening with disastrous results:

• 9.4 million Americans were unable to work in April because their employer was closed or had lost business because of the pandemic.
• 1.5 million U.S. mothers have fallen out of the workforce, and many are staying home to take care of their children because schools have not re-opened.

As American workers and businesses are still struggling to recover, and families are facing rising prices, now is not the time for Biden’s $3 trillion tax hike and $6 trillion plan to bankrupt America.  Biden needs to open this economy and empower Americans through pro-growth policies, instead of relying on job-killing socialist schemes from Washington, D.C.