A big win for the Biden administration and America.
Good news the January jobs report was just released and whereas it was predicted that about 188, 000 jobs would be added the US economy, instead 517,000 jobs were added; bringing the total jobs added in the first two years of Biden's presidency to 12.1 million. Not only the most jobs ever added in the first two years of a presidential term but more jobs that have been added even in a four-year term; meaning that in just two years Biden did what no other president,
could do in four of those 12.1 million jobs.
800 000 were manufacturing jobs spurred by legislation passed by democrats to bring jobs back to America and companies have responded with an avalanche of investment including companies like Toyota for solar Sparks Corning LG Honda Micron Qualcomm and Intel just to name a few.
Just those companies alone will be responsible for Investments of hundreds of billions of dollars and tens of thousands of new jobs. Kind of crazy what happens when you prioritize renewable energy and green jobs over protecting the dwindling 59,000 jobs left in Coal. Almost like doing the bidding of fossil fuel companies only actually helps the bottom lines of those politicians in their re-election campaigns and not the actual people who live in this country.
For those who say yeah well those are just jobs coming back that were lost during the pandemic, which was true up until August 2022 when all 22 million jobs lost during covid actually came back. But the jobs added after August 2022 have been in addition to the jobs lost meaning despite Republicans best efforts to undermine this accomplishment. The simple fact is that the economy is operating at historic strength with this influx of jobs is an unemployment rate of 3.4
Percent. It hasn't hit that number in the 2010s OR 2000s or 1980s or 1970s, the last time that it was that low was in 1969 before we even landed on the moon.
For comparison the lowest unemployment rate under Trump was 3.5 percent in fact Trump came into office with a 4.7 unemployment rate meaning he got it down about 25 percent at its best point. Biden came into office with a 6.2 percent unemployment rate meaning he got it down 45 percent. Almost double what Trump did in half the time. The Black and Hispanic unemployment is also near record lows at 5.4 and 4.5 respectively. I mean this isn't economy that's working from the bottom up not the top down for everyone.
Remember trickle down is the make-believe phrase that Republicans use to trick their base into thinking that giving millionaires and billionaires a tax break will somehow help the rest of America. As opposed to the reality which is that it only helps Millionaires and billionaires. The Lion's Share of wealth in this country was lost in 1980 right when Ronald Reagan took office and brought the top marginal tax rate down from 71 to 28 percent. He introduce the concept of trickle-down economics and created a permanent underclass incapable of growing wealth that persists to this day. So the next time a republican pretends to be a populist you should ask why the actual policies they support only serve the ultra-Rich.
As for the worries about the economy consider the fact that annual inflation fell for the last six months for the lowest rate in more than a year with the latest headline CPI rate at negative point one percent. All the while the economy continues to surge with GDP growing at 2.9 percent last quarter. We've had the strongest two years for small business applications on record with 10 and a half million new businesses created and real wages are higher than they were seven months ago. With wages up 4.4 percent in the past year, it shows the difference when you invest in the economy from the bottom up versus the top down could not be more apparent. America is more than just a few billionaires and Millionaires and this recovery is as clear proof of that. Despite this proven success still Republicans are moving Full Speed Ahead to undermine this progress. Their economic plan is largely Under Wraps but from what we do know they're looking to do entitlement reform which has been their Call to Arms for decades.
Republicans have been chomping at the bit to eliminate Social Security, Medicare and Medicaid for years because they view your earned benefits as welfare and as we all know welfare is only allowed for billion-dollar corporations. But that's not the only horrific policy position they've been pushing for. They have the fair tax act which would eliminate the IRS all personal and corporate income taxes the inheritance tax the payroll tax and all of that would be replaced by a national sales tax.
A national sales tax would be a gift to the wealthy because instead of collecting income tax commensurate with your income which for the wealthy is a lot. Instead, they'll just slap a flat tax on all items which means every time you buy a shirt a meal a roll of toilet paper it'll cost more. All so it is not the wealthy being tax based on their income, which is disproportionately higher than everyone else's; it's everyone else the working class that carries the brunt of the tax burden.
Because for the umpteen time Republicans do not care about you if you are not a millionaire they've seen how an economy focused on the working class can succeed. The republican plan is the polar opposite. Gutting our tax revenues, our deficit would explode which means it would be impossible to shrink our national debt. And so even though Republicans cry about the debt on an endless this Loop; when a democrat is in office, they waste exactly zero time trying to increase it even more. They don't care that what they say and what they do aren't even on the same Planet aside from handouts to Millionaires and billionaires their governing philosophy is just abject shamelessness. And here's the most incredible part while all of this was happening Republicans have been screaming recession on an endless loop,
Why not because there is one clearly considering I wouldn't exactly call the lowest unemployment rate more than half a century, a recession. Republicans want one they want to have a weak economy because hurting Democrats is more important than helping Americans.
TLDR - Democrats rock and again pick up the mess a republican administration left on the way out.