On Friday, President Joe Biden announced that the economy of the nation had recovered as the number of jobs increased substantially and unemployment rate fell to 3.6 percent. He also spoke of the budget proposal and the opposition from the Republicans saying that they could not argue that that 20 percent was an unfair rate for a billionaire.
President Biden spoke from the White House after promising figures of job increases, decreasing numbers of unemployment and other solid outcomes were released by the Bureau of Labor Statistics, on Friday.
In March, the nation added 431,000 jobs. This caused the unemployment rate to decline steeply and it is now at 3.6 percent which is slightly above pre-pandemic rates. There has also been a growth in wages but this rate trails inflation.
President Biden said that the nation’s economy had “gone from being on the mend to on the move.” He acknowledged that inflation was a challenge but also said that more “American workers had real power” in these times as they were making more money and finding better jobs after tens of years of “being mistreated and paid too little.”
He conceded that there was more to do “to get prices under control” as the inflation rate is high. He said that his administration’s job remained unfinished. He mentioned that Putin’s invasion of Ukraine had caused a global spike of gas and food prices. He also spoke of his order on Thursday that would release about 180 million barrels of oil to reduce inflation. This oil will be sourced from the nation’s Strategic Petroleum Reserve.
The president has high hopes on his recent budget proposal but requires support for it to be passed as there is strong opposition to the administration raising taxes that are levied on the super rich. Biden said that they had to do something “to make sure corporations and the super wealthy begin to pay their fair share.” He blamed the “previous administration and the Republicans” for refusing to pass legislation that would compel the super rich including individuals and corporations to pay a fair share of taxes.
Image: Facebook President Joe Biden