President Joe Biden was not shy in touting his economic success with the latest #JobsReport. He then lambasted Republicans on the debt ceiling.
Biden touts April jobs report
Joe Biden gave a brief press conference to be followed by a more substantive one later in the day. He touted his economic prowess as the blockbuster job-creating engine continued to drive forward. The jobs report pointed much.
The labor market is still defying gravity. Employers added 253,000 jobs in April, the Labor Department reported Friday, in a reversal of the cooling trend that had marked the first quarter and was expected to continue. The unemployment rate was 3.4 percent, down from 3.5 percent in March, and matched the level in January, which was the lowest since 1969.
The higher-than-forecast job gain complicates the Federal Reserve’s potential shift toward a pause in interest rate increases. Chair Jerome H. Powell said on Wednesday that the central bank might continue to raise rates if new data showed the economy wasn’t slowing enough to keep prices down. It’s also an indication that the failure of three banks and the resulting pullback on lending, which is expected to hit smaller businesses particularly hard, hasn’t yet put the brakes on job creation.
“All these things are telling us it’s not a hard stop; it’s creating a headwind, but not a debilitating headwind,” said Carl Riccadonna, chief U.S. economist at BNP Paribas. “A gradual downturn is happening, but it sure is stubborn and persistent in the trend.”
The President then went on to tell the unfortunate truth about what MAGA Republicans are doing. They are holding the economy hostage, by demanding draconian cuts to social programs that would hurt Americans and the economy in general.
“Their budget would put 21 million people at risk of losing Medicaid,” Biden said. “It would cut federal law enforcement by 28,000 personnel, 28,000 FBI, DEA, etc. It would cut 100,000 teachers and support staff. It would cut 30 million veterans health care visits. I increased the VA budget because the veterans were in such difficult shape, having so much trouble getting appointments and the like, according to Moody’s, not not the Democratic Party, according to Moody’s. Their budget plan would eliminate 780,000 jobs, according to Moody’s.
The President then went after Trump and the MAGA Republicans.
“America’s debt is accumulated over 200 years,” the President said. “And my predecessor in the four years he was president increased it by that total debt by 40%, four years, four years. And by the way, even during that period, all the Republicans voted, the Republican Party, voted to increase the debt limit because it was the responsible thing you could do any rate. Let’s be clear. This is no small part about paying our bills that we accumulated, that were not by me, not by my administration, but by former presidents and previous Congresses.”
Let the posturing begin.
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