President Joe Biden celebrated Thursday’s historic jobs report, claiming the unemployment data prove his economic policies are working.
Data released by the Bureau of Labor Statistics showed new unemployment claims dropping to 28,000 last week, the lowest point since 1969.
UNEMPLOYMENT CLAIMS DROP TO LOWEST LEVEL SINCE 1969 AS ECONOMIC RECOVERY CONTINUES
“This historic progress is no accident: It’s the result of an economic strategy to grow the economy from the bottom up and middle out, starting with the American Rescue Plan,” he claimed. “And it’s the result of effective management of emergency pandemic resources that resulted in 75% of adult Americans vaccinated and 99% of schools reopened.”
Biden stated that the administration has “more work to do to cut costs for families” but added that “today’s data are a reminder that the U.S. economy is uniquely well positioned to deal with the global challenge of inflation.”
“We will continue the fight to lower costs with every tool at our disposal, from making more here in America and rebuilding our supply chains, to lowering costs that have held back Americans for decades, to promoting competition to ensure markets can operate effectively and consumers are protected,” the president concluded.
Yearly inflation increased in both back-to-back months to start 2022 after tapering off at the end of 2021. The latest consumer price index report saw the yearly increase jump to 7.9%, which the White House heavily attributed to a 3.5% jump in energy prices, supply chain bottlenecks, and other pandemic-affected sectors. Biden himself began blaming Russia’s war in Ukraine as a key inflationary factor and referred to the spike in domestic gas prices as the “Putin price hike.”
Meanwhile, the White House Council of Economic Advisers predicted that inflation would continue to increase for the foreseeable future.
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“Energy and commodities prices will likely contribute substantially to inflation in the coming months,” the council said in a mid-March statement. “We know that the recovery from the pandemic will not be linear. The Council of Economic Advisers will continue to monitor the data as they come in.”
