Sunday, June 26

Biden urges approval of his proposals after employment report

(CNN) — President Joe Biden argued on Friday that the US needs the kind of large-scale investments that his economic proposals contemplate after Friday’s disappointing employment report, which was very below expectations.

“We cannot slow down, this employment report makes that clear. We have a lot of work to do, ”Biden said from the White House.

The president introduced his American Jobs Plan and his American Families Plan, which together add up to about $ 4 trillion, as ways to boost America’s economy and create more jobs. The plans invest heavily in infrastructure, education, childcare and paid leave.

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Biden rejected the idea that expanding unemployment benefits limits the number of job seekers. He stated that there was “nothing measurable” to suggest that this was the case.

Biden on jobs: The economy is moving in the right direction, but there is a long way to go

The US economy only added 266,000 jobs in April, well below the 1 million jobs economists had predicted. Experts had predicted that the national rollout of COVID-19 vaccines and the reopening of the economy would boost hiring.

The unemployment rate rose to 6.1% in April from 6% the previous month as more people rejoined the workforce to actively seek work, the Bureau of Labor Statistics reported Friday. The employment figures for March were also revised downwards, standing at 770,000 jobs compared to the 916,000 initially reported.

Negotiations on Biden’s economic proposals are intensifying on Capitol Hill. The President and top Congressional Democrats plan a sustained push to achieve a bipartisan agreement on a smaller infrastructure project over the next two weeks, CNN reported.

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Next week, the president is scheduled to hold a key meeting with Republican and Democratic leaders from the Senate and House of Representatives. Biden also invited the Republican Party’s top negotiator in the Senate, Sen. Shelley Moore Capito of West Virginia, to the White House for a separate meeting.

Biden said Friday that the employment report showed that the US economy “is moving in the right direction” but that there is still a long way to go.

Impact of aid against covid-19

The president praised the effects of his comprehensive $ 1.9 trillion COVID-19 emergency aid law. He said it was designed “to get back to where we were, but that’s not enough.”

“We knew that we were facing a pandemic only in the century and an economic crisis only in a generation. We knew this would not be a sprint, but a marathon, “said Biden.

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And he continued: “Frankly, we are moving faster than I thought.”

The president said the US is still “digging itself out of an economic collapse.” And he claimed that the $ 1.9 trillion emergency aid law he signed was designed to help the nation “over the course of a year.”

“We never thought that after the first 50 or 60 days everything would be fine,” Biden said.

Yellen sees the US reaching “full employment” next year

The president said Friday’s employment report underscores “how vital the actions we are taking are,” from stimulus checks to financing small businesses, taking care of children and reopening schools, which they were part of his broader United States Rescue Plan.

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“Our efforts are starting to work, but the climb is steep and we still have a long way to go,” Biden said.

Biden noted that not all of the programs that were approved as part of the American Rescue Plan have been fully implemented. In this sense, he explained that the US $ 1.9 trillion of financing will continue to be distributed.

Treasury Secretary Janet Yellen said Friday that the employment report “underscores the long road back to recovery.” However, he added, the US has made “remarkable progress.”

Yellen said he believed the US would reach “full employment” next year, cautioning that one-month data should not be interpreted alone as an underlying trend.

Pelosi’s Response

House Speaker Nancy Pelosi said Friday that the disappointing employment report “highlights the urgent need” to pass Biden’s two economic proposals, the American Jobs Plan and the American Families Plan. which both add up to about US $ 4 trillion.

“We have to take bold steps to build back better (‘Build Back Better’) from this crisis by investing in our nation, our workers and our families,” Pelosi said in a statement.

He continued, “House Democrats are already working on strong employment legislation, which will create millions of high-paying jobs, revitalize our nation’s infrastructure, and lay the foundation for a generation of growth. economic”.

As negotiations intensify on Biden’s economic proposals, the president suggested Thursday that he was open to imposing a corporate income tax of between 25% and 28% to defray his infrastructure and employment proposal. The statement was the most concrete opinion he has given to date on his negotiating position.

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The president traveled to Louisiana on Thursday as part of his “Getting America Back on Track” tour to argue that his economic proposals would benefit middle-class Americans and provide the funding needed to rebuild the United States in the aftermath of the devastating coronavirus pandemic.

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