Washington DC – PRESIDENT JOE BIDEN: Hello, friends. Hello. Today we received great news for our economy and our recovery, as well as for the American people.
This morning we learned that in May our economy created 559,000 new jobs, the unemployment rate fell to 5.8% and wages rose for American workers. That means we have now created over 2 million total jobs since taking office – more jobs than ever in the first four months of any presidency in modern history, triple the rate of my predecessor, eight times the rate of President Reagan. .
The unemployment rate is now below 6% for the first time since the start of the pandemic. The first 14 months – the first time – the first time in 14 months, we saw the biggest drop in the number of long-term unemployed, more – in more than a full decade, in the past 10 years.
Long-term unemployment fell by the second highest amount on record. Not only that, but the signs of further progress are already there.
This report is based on a weekly – one week beginning of May. That’s how we – they determine the – the employment rate – the growth or loss; we have growth. And that – and that – this week of May, we only had 35% of working-age adults who had been fully immunized. Now, we are still all – they still all wore masks.
Since then, an additional 21 million adults have been vaccinated, making it easy for them to return to work safely. In short, it is progress, historic progress. Progress that is pulling our economy out of the worst crisis it has seen in 100 years. And that is a testament to the new strategy that is growing this economy, not just growing it, but growing it from the bottom up and from the middle out.
Remember when I took office in January our economy was in free fall, job growth was stalled, COVID-19 was raging, average initial UI claims exceeded 830 000 per week. Now those claims have dropped below 430,000 – about half of what they were when I took office.
Before I took office, nearly 24 million Americans were hungry. Remember those long lines of cars, miles long, people just waiting for a box of food to put in their trunk? That number has already fallen by 25 percent. Still too many, but clear progress.
Before I took office, independent experts predicted that the US economy would grow by 3-4% in 2021, this year. This week, the Organization for Economic Co-operation and Development – the so-called OECD, which constitutes a group that includes the world’s largest economies among its members and was one of the meeting bodies analyzing economic growth in the world in every country – increased their projection for US economic growth this year to 6.9% in 2021. That’s the fastest pace in nearly four decades.
In fact, the United States is the only major economy where projections for future growth are stronger today than they were before the 2020 pandemic.
And in May, manufacturing activity was almost as strong as it has been for over 15 years – stronger than in 15 years. No other large economy in the world is growing as fast as ours. No other great economy is gaining jobs as quickly as ours.
And none of these successes are an accident; it is not luck. This is due in large part, first of all, to the cooperation of the American people in responding to my efforts to bring COVID under control – wearing masks to begin with and getting vaccinated.
And that’s no small part of the bold action we’ve taken to get around the US bailout. The plan provided these resources to get people beaten up; subscribe to the vaccination effort; enough vaccines for every American; no more vaccinators, people with injections in their arms; and more vaccination sites.
And now, 52% – 52% of American adults are fully immunized. 75 percent of our seniors are fully immunized. And the American rescue pan [sic] – Plan provided economic benefits directly to the American people.
As a result of this law, over $ 167 million of those rescue payments of up to $ 1,400 have been made to individual families. A recent study – Census Bureau data revealed how important these checks were. They radically reread [sic] – reduction of depression – according to the study – anxiety and difficulties for families. More than 40% fewer families struggled to pay for food, rent, utilities, car payments, student loans and health expenses.
Small businesses and restaurants are – were being killed. Now we are providing loans and the support they need to reopen and stay open.
Schools are struggling to reopen, so we have made vaccinating teachers a priority. We provided the schools with the support they needed. State and local governments have had to lay off tens of thousands of educators and first responders. Many are now back to work, thanks to the bailout.
In fact, in May, state and local governments created 103,000 education jobs – sent them back to work. These funds continue to flow this month to support state and local governments, which will help get more people back to work.
Small and medium-sized businesses can now take advantage of a special tax credit called the âEmployee Retention Tax Creditâ. It offers businesses a generous tax credit to retain or hire more workers.
Through our Restaurant Revitalization Fund, we expect to be able to help over 100,000 hard-hit restaurants remain open or reopen.
And from next month, most families with children will get a tax cut, which will go – deposited into their accounts – directly into their bank accounts each month.
We know that access to child care is one of the main obstacles for parents to return to work. Our administration provides $ 39 billion in child care assistance to help get child care providers back on their feet – providers – and serve more families.
And this month our economy added nearly 20,000 more child care jobs that weren’t there last month – in fact, giving parents access to help.
And the temporary increase in unemployment benefits that ended – which we enacted, should I say – has helped people who have lost their jobs through no fault of their own and who may still be firing. get vaccinated. But it will expire in 90 days. That makes sense, it expires in 90 days.
To sum up: look, COVID-19 cases are down, COVID deaths are up [down], unemployment claims are down, hunger is down and vaccinations are up, jobs are up, wages are up, manufacturing is up, growth is up, people benefiting from medical coverage is on the rise and the confidence of small businesses is on the rise.
America is finally on the move again. As we continue this recovery, we will encounter obstacles along the way. Of course, it will happen. We cannot restart the world’s largest economy like flipping a ni-light switch.
There will be ups and downs in jobs and economic reports, but we are going to be – supply chain issues and price pressures on the way back to stability and steady growth.
In the coming weeks, my administration will take action to combat these supply constraints, building on the work we are doing on computer chips; that is, we are supplying more computer chips to be manufactured here in the United States so that it does not slow down the manufacturing of automobiles, for example.
Everyone however needs to get their shots. Now is the time to accelerate the
treat [progress] we have done. Now is the time to build on the foundations we have laid, for while progress is undeniable, it is not assured.
That’s why I came up with the American Jobs Plan and the American Family Plan for the generational investments we need today. We need to make these investments today so that we can continue to be successful tomorrow.
We have a chance to take advantage of the economic momentum of the first months of my administration, not only to rebuild, but to rebuild better.
It is already clear: we are on the right track. Our plan is working. And we’re not going to let go now. We will continue to move forward. I am extremely optimistic. I hope you are too.
And God bless you, God bless America, and God protect our troops. Thank you all for being here this morning. Thank you.
Q President Biden, did you (inaudible) on the infrastructure talks?
PRESIDENT. – I will have a lecture this afternoon, and I can report back to you after.
Q Are you waiting for a counter-offer, Mr. President?
PRESIDENT. – I’ll tell you after my meeting this afternoon.
Q Mr President, do you still trust Dr Fauci?
PRESIDENT. – Yes, I have great confidence in Dr Fauci.
American Family Plan, American Jobs Plan, American Rescue Plan, Coronavirus, COVID-19, Economy, Jobs, Joe Biden, US President, unemployment, Washington DC