More good news for President Biden
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
James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making