Part 2 of the stunningly good jobs report in July:
Continued Job Growth in July Points To Persistent Strength in Economic Recovery
"The Biden jobs boom
Under President Biden, the United States has added
9 million jobs—the highest number of jobs added in any president’s first 17 months. Not only is the unemployment rate at a historic low of 3.6 percent, but more Americans are now employed in the
private sector than at any time during the previous administration. As a result, the
number of Americans making initial claims for unemployment benefits is the lowest it has been in more than
half a century, and long-term unemployment saw its
fastest decline on record in the 12 months following enactment of the American Rescue Plan Act (ARPA).
This
unprecedented recovery in employment would not have been possible without President Biden’s rescue plan. Signed into law in March 2021, ARPA
provided funding for key public health measures, such as a historic vaccination and medical supply distribution efforts that were key to getting Americans back to work safely. Before ARPA, in February 2021, the Congressional Budget Office (CBO) projected that the unemployment rate would be 5.1 percent in fiscal year 2022. But one year later, in
May 2022, the CBO projected that the unemployment rate would be 3.8 percent in FY 2022, with the actual rate in
June 2022 even lower, at 3.6 percent. This recovery in employment was not inevitable: A
Moody’s Analytics report found that without ARPA, “Because of the weakened economy, unemployment rises back over 7% in summer 2021 and remains materially higher after that.”"
If one listens to Republicans, you'd think we were still in the wreckage of Trump's economy. If Republicans were still calling the shots, 2% more unemployment than we have today. And this was not an accident. The American Rescue Plan Act is saving this country from becoming the shithole nation that Republicans want it to be.