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President Biden: "Bidenomics" Drives Record-Low Unemployment

  • October 06th, 2023
  • 335 views

President Joe Biden highlighted the economy's recent performance, sharing that the U.S. economy added 336,000 jobs in September, bringing the total job creation to 13.9 million since he took office. He emphasized that these jobs are not just paychecks but also about dignity, respect, and security for families.

President Biden noted that the unemployment rate has remained below 4% for 20 consecutive months, a 50-year record. He highlighted record-low unemployment rates for various groups, including women, African Americans, Hispanics, and people with disabilities. He attributed this success to his economic strategy, often referred to as "Bidenomics."

The President emphasized his focus on growing the economy from the middle and bottom-up, not the top-down, and mentioned the decrease in inflation, which is now the lowest among major economies.

He celebrated National Manufacturing Day, highlighting the creation of 815,000 manufacturing jobs during his tenure and the increase in investments in American manufacturing. President Biden expressed his commitment to investing in industries of the future and bringing supply chains back to the U.S.

The President stressed the importance of reducing the federal deficit by ensuring the wealthy and large corporations pay their fair share of taxes. He criticized House Republicans for jeopardizing progress by seeking extreme cuts in programs supporting working Americans and seniors.

Regarding potential government shutdown risks, President Biden urged Congress to fund the government, avoid a shutdown, and protect the gains made in the economy. He emphasized the need for bipartisan cooperation.

President Biden also briefly addressed the possibility of a meeting with President Xi of China and expressed his willingness to work with whomever becomes Speaker of the House, emphasizing the importance of cooperation.

About the border wall funding, he clarified that he attempted to reappropriate funds and change the law to allocate resources for border security more effectively.

Regarding public perceptions of the economy, President Biden acknowledged that media often focus on negative news but stressed that those who found jobs and saw improvements likely felt more positive about the economy. He acknowledged concerns about global issues, like the situation in Russia, but reiterated that the American people are better off financially under his administration.

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