U.S. Politics

[Rick Plant]

President Biden @POTUS

When we pass the Inflation Reduction Act, not a single American in the middle class will pay higher taxes.

It’s that simple.

For too long, big, super-wealthy corporations haven’t paid their fair share in taxes.

We’re going to change that with Inflation Reduction Act.

It's time for Medicare to have the power to negotiate prescription drug prices.

The Inflation Reduction Act will get it done.

The Inflation Reduction Act won't just be the largest investment in clean energy and American energy security in history.

It will be the largest investment in American manufacturing as well.

The Inflation Reduction Act will cap the amount of money seniors pay on prescription drugs at $2,000 a year for cancer and any other diseases.

That’s a godsend for so many families.

Today, I sat down with leaders from some of America's largest companies and labor organizations to talk Inflation Reduction Act and how this bill meets the needs of working families now and sets us up for stronger, sustained economic growth for the years ahead.






Tune in to the Inflation Reduction Act roundtable with business and labor leaders as I discuss how we’ll lower costs and the deficit, fight inflation, and bolster domestic manufacturing.

Watch: https://twitter.com/i/broadcasts/1MYxNnMObLRxw

[Rick Plant]

The July 2022 Jobs Report has just been released and the Biden Boom continues.

Economists were expecting 258,000 jobs and the July jobs report crushed expectations with 528,000 in July.

Unemployment dropped to 3.5%.

What President Biden has done for jobs and the economy is truly historic. No President in history has created this many jobs this fast at nearly 11 million in less than 2 years.     

[Rick Plant]

US economy adds 528,000 jobs, far outpacing expectations
The unemployment rate fell to 3.5%.

The U.S. hiring saw a dramatic increase in July, as the economy added 528,000 jobs and the unemployment rate fell to 3.5%, according to data released by the Bureau of Labor Statistics on Friday.

The 528,000 jobs added in July marks a significant uptick from 372,000 jobs added in June. Moreover, the figures signals an improvement from the already-robust hiring sustained over the first half of 2022, during which the economy added an average of 461,000 jobs each month.

The overall robust hiring in recent months defies typical conditions for a recession, Daniel Zhao, a senior economist at the career site Glassdoor, told ABC News prior to the data release.

"It would be very unusual to have a recession when we’re still adding several hundred thousand jobs a month," he said.

https://abcnews.go.com/Business/expect-july-jobs-report/story?id=87923595


Hiring surged in July, with employers adding 528,000 jobs

Hiring surged in July, with U.S. employers creating 528,000 jobs last month, the Labor Department said Friday. That far exceeded economist expectations for gains of 250,000 new jobs during the period. It was also a jump from the previous month, when businesses added 372,000 jobs despite the highest inflation in 40 years.

The unemployment rate ticked down to 3.5% from 3.6% in June, marking the lowest since February 2020, just before the COVID-19 pandemic erupted. Before the latest payrolls report, the economy was adding roughly 450,000 jobs per month.

https://www.cbsnews.com/news/jobs-report-528000-july-08-05-2022/

[Rick Plant]

‘Ain’t no recession’: Economists praise ‘huge’ employment numbers – ‘We’re back, baby’



Employers in July hired more than double the number of people experts had predicted, 528,000, after many predicted the number to be just 258,000. Unemployment is now at the lowest level in half a century, at 3.5%.

CNBC calls today’s report from the federal government’s Bureau of Labor Statistics “far better than expected, defying signs that the economic recovery is losing steam.”

That was far from the only good news in Friday’s release.

“Wage growth also surged higher, as average hourly earnings jumped 0.5% for the month and 5.2% from the same time a year ago,” CNBC notes. “Despite downbeat expectations, the July gains were the best since February and well ahead of the 388,000 average job gain over the past four months.

“The bureau noted that private sector payrolls are now higher than the February 2020 level, just before the pandemic declaration,” a massive accomplishment, as economists are noting.

Economist Justin Wolfers, a professor at University of Michigan, New York Times contributor and a Senior Fellow at Brookings sums up today’s news.

“Put that recession talk away, and change the subject. A vibecession ain’t no recession: July payrolls came in at a huge +528k, and unemployment is down to 3.5%. A whap-bop-a-loopa-a-whap-bam-boo!”

Minutes later he added: “Hang on… I just-recalculated the unemployment rate (to extra decimal places), and at 3.46%, THIS IS THE LOWEST UNEMPLOYMENT RATE IN OVER HALF A CENTURY.”

Wolfers, continuing to examine the report, finds even more good news.

The number of people forced to work “part-time for economic reasons, — is also at the lowest rate ever recorded.”

Putting another economic overview on the data, Wolfers explains: “We’re back, baby.”

David Rothkopf, who wears many hats including professor of international relations, political scientist, journalist, CEO, podcast host, author, and member of the Council on Foreign Relations also summed up the news.

“To recap,” he writes. “More jobs created during Biden presidency than the net of the preceding 8 yrs added up. More jobs created during Biden presidency than the last 3 GOP admins added up. More jobs created last month than the net total of the entire Trump presidency. In short: Lotta jobs.”

Economist David Rothschild takes a moment to examine how the negativism of the media is affecting the economy.

“Disconnect between reality of healthy US economy and negative mainstream media narrative is startling: beyond demonstrating a Republican bias in trying to undermine Democrats, it is an actual serious source of harm to the an economy where confidence & expectations matter.”

He adds: “Mainstream Media/Republicans will argue that ‘numbers’ don’t tell real story of how working class (obviously for them they mean white working class) families are hurt by inflation: but reality is jobs are plenty & wage growth is keeping pace w/ inflation.”

Rothschild also preempts any talk of recession.

“Amazing job growth, strong & sustainable wage growth, and slowing inflation: WE ARE NOT IN A RECESSION.”

And economist Danny Blanchflower, an economics professor at Dartmouth, has a word of advice for workers: ask for a raise.

“Workers should definitely not refrain from asking/demanding inflation adjusted pay increases. They can tell the bosses it is their turn to show up.”

https://www.rawstory.com/aint-no-recession-economists-praise-huge-employment-numbers-were-back-baby/

[Rick Plant]

The lowest unemployment rate since 1969.
All pandemic recession job losses recovered.
One of the best jobs markets in U.S. history.
Gas prices falling 50+ days in a row.

And historic legislation to lower prescription drug prices and fight the climate crisis on the way.

[Rick Plant]

President Biden @POTUS

When you're seeing the biggest and fastest job recovery in American manufacturing since the 1950s, Make It in America isn't just a slogan.

It’s a reality.

After my predecessor exploded the federal deficit, I said: no more.

And I've kept my word. The deficit is down a record $1.7 trillion this year. And that’s on top of the $350 billion we reduced the deficit by last year.

We’ve now created 9.5 million jobs since taking office.

That’s millions more families with the dignity and peace of mind that a paycheck provides.



https://twitter.com/POTUS/status/1555675020558573571

[Rick Plant]

The economy has grown 3 times faster under Biden than under Trump.