President Biden went after Republicans’ economic message and vowed to keep working to bring down inflation following a jobs report Friday that showed robust hiring in October but a slightly higher unemployment rate.
“Let me be clear. We’re going to do what it takes to bring inflation down. But as long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs. Or that too many working Americans finally have more dignity in the workplace. Or that our largest, most profitable corporations shouldn’t have to pay their fair share,” the president said in a statement.
“I will continue to work for an economy built from the bottom up and the middle out, not the top down as my Republican friends would have,” he added.
Biden argued that the economy “continues to grow and add jobs even as gas prices continue to come down,” while accusing Republican leaders of “rooting for a recession.”
The U.S. added 261,000 jobs in October, according to data released by the Labor Department, beating expectations.
Still, the labor market showed other signs of slowing. Economists expected the U.S. to add roughly 190,000 jobs last month and keep the unemployment rate steady at 3.5 percent, according to consensus estimates, though the unemployment rate rose to 3.7 percent.
The president said in his statement that inflation is the top economic challenge and that he has a plan to bring down prices by lowering health care costs and energy costs. Meanwhile, he argued that Republicans’ push to repeal Democrats’ sweeping climate and tax bill if they take control of Congress would increase costs.
“The Republican plan is very different. They want to increase prescription drug costs, health insurance costs, and energy costs, while giving more tax breaks to big corporations and the very wealthy. Here’s the deal: cutting corporate taxes and allowing big pharma to raise prices again is the Republican inflation plan and it’s a disaster,” Biden said.
The president has been sharpening his economic message ahead of the midterms, arguing last week that Republicans seem to be hoping for a recession.
Source: The Hill