Biden Hamstrings The Economy

The Latest Jobs Report Shows Biden’s Policies Are Failing American Workers And Businesses

BIDEN’S POLICIES ARE HINDERING THE RECOVERY HE WAS GIVEN

• The June jobs report shows that Joe Biden and Democrats are squandering the economic recovery they inherited.

• The unemployment rate rose to 5.9 percent in June, having barely budged since Biden took office.
  • The unemployment rate has only increased in two months since the recovery began, both of which were under Biden.
• Any progress that is being made on the jobs front is in spite of Biden’s policies, not because of them.
  • Republican Governors are ending Biden and Democrats’ policy of paying Americans more not to work, which is helping businesses rehire and getting workers back off the sidelines.

• Even Obama’s former chief economist Jason Furman admits Biden’s policy of paying Americans more not to work is harmful.

THE UNEMPLOYMENT RATE ROSE IN JUNE

• The unemployment rate rose in June to 5.9 percent, and it has barely budged since Biden took office, hovering around 6 percent – far too high for America’s workers.
  • The unemployment rates for women, Black Americans, Hispanics and Latinos, Asian Americans, and workers without a high school or college degree all went up.
  • Core unemployment also remains stubbornly high, well above the pre-pandemic level.

• The number of unemployed Americans increased in June to 9.5 million.
  • 4 million American workers have been unemployed for more than half a year, a number that has barely budged since Biden took office.

AMERICANS ARE BEING LEFT BEHIND IN BIDEN’S ECONOMY

• The labor force participation rate did not increase in June, even though this is a time when Americans should be re-joining the work force and employers are struggling to hire more workers.
• There are 9.5 million unemployed American workers, a number that rose in June.
• 6.7 million, or 30 percent, of the jobs lost since the coronavirus pandemic began have still not been recovered.
• 4.6 million Americans are still working part-time due to economic reasons.

REPUBLICAN POLICIES ARE LEADING THE RECOVERY, WHILE BIDEN AND DEMOCRATS ARE HOLDING IT BACK

• Americans are getting jobs back despite Biden’s policies, not because of them.
• Progress is being made because Republican Governors are ending Biden and Democrats’ disastrous policy of paying Americans more not to work rather than return to their jobs.
  • At least 25 states – all with Republican governors – have announced they will end this harmful policy.
• Through May, 16 of the top 20 states for recovering jobs from the pandemic are led by Republican Governors.
  • Out of the top 18 states with the lowest unemployment rates, 15 are led by Republican Governors.
• At the current pace under Biden, the economy will not recover all the jobs lost due to the pandemic for another year, and the economy will not get back to the pre-crisis trend for another two years.
  • This number comes after two straight months of disastrous jobs reports where hundreds of thousands of predicted jobs failed to materialize.

RISING PRICES ARE HURTING AMERICAN FAMILIES

• As American workers and businesses are still struggling to recover, families are facing rising prices for everyday goods.
  • This July 4^th weekend, gas prices are at their highest level in seven years.
  • Consumer prices surged 5 percent in May, the largest spike in 13 years.

• Core inflation, which excludes food and gas prices, rose in May at its fastest pace since 1992.

• Despite this, Biden is pushing policies that will smother the economy:
  • Biden is pushing a plan to bankrupt America which includes $6 trillion in new government spending.
  • Biden is calling for $3 trillion in new tax hikes, including hiking the business tax rate to 28 percent – higher than communist China.