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Days After ‘Recession’ Threshold Crossed, Biden Takes 500K Jobs Victory Lap

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WASHINGTON – Still testing positive for COVID-19 and barely per week after metrics suggesting the American economy had entered a recession, President Joe Biden donned his trademark Ray-Ban sunglasses Friday to take a victory lap over a robust jobs report.

“It’s the bottom unemployment rate in America within the last 50 years: 3.5%. Yes, 3.5%. Today, there are more people working in America than before the pandemic began,” Biden said to a small group of reporters gathered before him on the Blue Room balcony overlooking the South Lawn. “In truth, there are more there are more people working than at any point in American history.”

The Labor Department announced early Friday the economy had added 528,000 recent jobs in July, a staggering number greater than twice what economists were predicting. Previous months’ numbers were revised barely upward as well.

On July 28, a unique federal report showed that the country’s gross domestic product had shrunk by 0.9% within the second three months of the 12 months – the second straight quarter of negative growth. That has been the shorthand definition for recessions up to now. Nevertheless it will not be an accurate indicator following the federal government’s pandemic response, which involved pumping trillions into the economy to forestall it from collapsing.

Biden made no mention of that, as an alternative specializing in the employment situation, which included one other large increase within the number of producing jobs.

“Today’s jobs report is a component of a broader story,” Biden said. He went on to attribute the numbers to his economic policies. He also used the occasion to sell the brand new agreement amongst congressional Democrats to pass a scaled-back version of the great “Construct Back Higher” agenda he pushed on the campaign trail and in his first 12 months and a half in office.

Biden said he understands that many Americans are struggling due to high inflation rates, but that the brand new compromise laws – which principal architect Sen. Joe Manchin (D-W.Va) has dubbed the Inflation Reduction Act – will help address that.

“This bill is a game-changer for working families in our economy,” he said.

Biden tested positive for COVID-19 on July 21. With each initial vaccinations and two booster doses, nonetheless, his symptoms were mild, in keeping with the White House. He was also prescribed the brand new anti-viral Paxlovid, and he has continued working through the whole period.

After testing negative on July 26, Biden began testing positive again on Saturday, a typical occurrence amongst those that have taken Paxlovid.

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