More good news for President Biden

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The June jobs report came in showing a bit of much needed good news for President Biden with a slightly better than expected number of jobs created, yet another month of steady growth that we’ve seen over the last three years, as the administration continues to focus on building a robust economy from the middle class up, a reverse of the false promises made by trickle down economics.

Unemployment remained steadily low, while labor force participation hit a record high, up 0.1% since last month. Although right-wingers love to claim that low unemployment is largely due to people who gave up looking for jobs, the report also contradicts this nonsense directly – with the rate of discouraged workers and those holding part-time jobs remaining at a steady 7.4%, while the prime age rate of labor force participation is the highest it’s been in 22 years.

This is all happening while stock market futures are going up higher, and a solid sign that we may be headed for rate cuts in September. Although Republicans have loved to pretend that they’re the “fiscally responsible” party that’s better for the economy, a myth that’s refused to die since the Reagan years, we’re watching this myth be debunked in real time, as every Democrat running for re-election can tout the strong economy as a reason for re-election, regardless of the media’s own spin on the issue. This is just one of many reasons to re-elect President Biden on Nov 5, along with Democrats down the ballot. Donate to Palmer Report

New: Palmer Report is moving to a reader-supported format with a significantly reduced number of ads so we can reach a broader audience at this crucial time for our democracy. Donate to Palmer Report via PayPal (click here) or GoFundMe (click here).