The order numbers released on Friday were exceptional. Once again. Under President Joe Biden, the unemployment rate has hit a new 50-year low, strengthening working-class communities normally left behind.
Justin Wolfers, a professor in the University of Michigan’s Economics Department, wrote of the new jobs numbers: “Wait a minute, I just calculated the unemployment rate to extra decimal places, and the December rate of 3.468% is a new 50-YEAR LOW, the lowest rate since 1969.”
The household survey shows a crazy rate of job growth (+717k), bringing it closer to the remarkable recent growth in the payroll survey.
Over the course of 2022, the household survey shows overall job growth of 3.2 million, while the wages and salaries survey says 4.5 million jobs have been created. Either is 🔥🔥🔥
Let me take back my earlier tweet… Wage growth of 0.27% this month translates to an annualized rate of 3.4% and if that continues our inflation woes would resolve. The Fed should be *very* glad that this month’s wage numbers are unlikely to be inflationary.
Let me draw a line under today’s jobs report: fast job growth, record low unemployment and wage growth at levels likely to cool inflation is a stunning combination of good news.
Oh, you’re saying that ain’t interesting when the Republicans over there in the House of Representatives put on their lowest clown show yet? That could be a problem.
It would be a great disservice to the working class to ignore this good news and not tell the story about the Biden economy on the basis of Biden/Democratic values and policies.
The White House sent a statement to PoliticusUSA drawing attention to the fact that many of these wins impacted people who were usually left behind:
Unemployment is near record lows for blacks and Hispanics.
Unemployment among people with disabilities is at a record low.
Hourly wages rose 0.3% in December after five months of real wage increases.
Manufacturing employment continued to grow, with the addition of 8,000 manufacturing jobs last month, representing 750,000 manufacturing jobs added since Biden took office.
The labor force grew as labor force participation in this recovery continues to grow faster than in previous periods, particularly for prime-aged workers.
750,000 jobs in manufacturing – that’s a lot. Trump promised that and didn’t keep it.
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On Thursday, President Biden was in Kentucky to celebrate and advocate for his bipartisan infrastructure bill. Biden pointed out that the law reads, “…we do all this with American workers and American products that are made in America. It’s a simple concept. I can sum it up in two words: Buy American.”
“I don’t sign anything that Congress passes unless it buys something American.”
Biden said, “We’re making sure the iron, steel and structural materials that they’re building for this bridge are made here in America, in the United States — made in Ohio, made in Kentucky — and employing thousands of people throughout.” by itself.”
And here we come in part via unions. In many ways, unions can be seen as an antidote to the encroachment of authoritarianism, because they empower workers against the oligarchs and help inoculate people from the desperation that leaves them vulnerable to conspiracies and charlatans.
“And most of that work we will do, and most of it will be done by the unions. Not worker, union. I can say the word “Union”. (Applause.) Laborers, electricians, carpenters, cement workers, iron workers, steel workers, communications workers, auto workers, and so much more. These are good jobs to raise a family and most don’t require a college degree.”
“All of this is about investing in America’s heartland, in America’s people, in America’s future.”
The Heartland. “Transfer country.” Forget the country. The country where Trumpism unexpectedly took root.
America’s greatest generation has understood the importance of buying American. It means well-paying jobs, it means a working class who can buy a house and feel financially secure in their old age. It means dignity for the working class.
If we don’t discuss how this happened, if we don’t acknowledge it and celebrate a great victory for working people in this country by allowing dysfunctional Republicans to once again suck all the oxygen in the newsroom, we are setting the stage for one another Trump.
What we focus on the most is what is being increased. We need to train ourselves to focus on what’s working and what’s broken, or we’re ripe for another fake artificial-turf populist puppet.
Chris Hayes pointed out that this is an opportunity for the left to tell a story about this economy, as the right said about Reagan: “Obviously inflation remains high and it’s not like all the problems of American capitalism have been solved were – far from it! — but it really feels like this should be an opportunity for leftists/liberals to tell a story about this economy like the one the right told about Reagan.”
As a matter of fact.
President Biden said in a statement to PoliticusUSA, “Today’s jobs report shows the economy added 223,000 jobs over the past month – capping the two strongest years of job growth in history. This is just the latest sign that President Biden’s economic plan is working as we continue the transition to steadier, more resilient growth without giving up all of the historic gains made for American workers.”
Joe Biden is the Reagan of the left.
Biden has shifted the perspective of economics to focus on the working class instead of Reagan’s “trickle down” theory.
Republicans still cling to the debunked “trickle-down” theory because it justifies the gift of tremendous economic welfare to the wealthy and corporate. It does this by deregulating corporations and giving even more tax cuts to the rich and corporations under the guise that one fine day they would magically trickle down.
As we saw when Trump and the Republicans did this in 2017, it didn’t work. Yet this is still a country that’s been brainwashed into believing it licks the top 1% to such an extent that we’re okay with bad actors getting huge government contracts and tax subsidies while hard-working Americans don’t be able to afford a day-care center one day.
This is a fundamental change with long-term implications. Joe Biden somehow managed to get about 19 Republicans to join all 50 Democrats and Independents to pass his infrastructure bill in the Senate. Only 13 House Republicans managed to muster the diligence to invest in our nation’s infrastructure and jobs, but even that was an achievement given the state of the modern Republican Party.
The majority of Republicans in the House of Representatives have pledged to obstruct everything this President does and even impeach him with conspiracies. They will do so with an attitude against good-paying jobs in America, against investment in our own country, and against economic security for the working class.
Joe Biden has always been a champion of working people. He redeemed the broken Trump promise to the economically dependent. This will transform people’s lives for years to come and deserves recognition and must be championed if we are to continue.
Joe Biden: The President who actually leaked it by doing the opposite of Reaganomics.
Listen to Sarah on the PoliticusUSA Pod on The Daily’s newsletter podcast here.
Sarah was accredited to report on President Barack Obama, then-Vice President Joe Biden, 2016 Democratic presidential nominee Hillary Clinton, and she exclusively interviewed spokeswoman Nancy Pelosi multiple times and exclusively reported on her first appearance at home after the first impeachment of then President Donald Trump.
Sarah is a two-time Telly Award-winning video producer and a member of the Society of Professional Journalists.
Connect with Sarah on Post, Mastodon @PoliticusSarah@Journa.Host and Twitter.