Biden embraces ‘Bidenomics’ despite job growth slowdown.

President Biden: “Bidenomics in Action”

President Joe Biden is confident that his economic plan is making a positive impact, despite signs of slowing job growth. In June, the economy added 209,000 jobs, marking its slowest gain since December 2020. However, Biden released a statement on Friday morning emphasizing that progress is still being made.

“This is Bidenomics in action,” he declared. “Our economy added over 200,000 jobs last month, bringing the total to 13.2 million jobs since I took office. That’s more job creation in two and a half years than any president has achieved in a four-year term.”

The latest report from the Bureau of Labor Statistics indicates a slowdown in the labor market, as the Federal Reserve tightens monetary policy to combat inflation. Despite this, the unemployment rate dropped slightly to 3.6%, which is historically low.

“The unemployment rate has now remained below 4% for 17 consecutive months, the longest stretch since the 1960s,” President Biden highlighted. “The percentage of working-age Americans with jobs is at its highest level in over 20 years. Inflation has decreased by more than half. We are experiencing stable and consistent growth.”

While it is true that inflation has decreased by more than half since its peak of 9.1% last June, it is important to note that the inflation rate was only 1.4% when Biden took office, which is still roughly double the Fed’s target rate of 2%. Experts predict that the Fed will continue to raise interest rates to cool down the economy.

The term “Bidenomics” has been heavily promoted by the White House in recent weeks, while Republicans have criticized it and pointed to statistics such as falling real wages under the Biden administration.

“That’s Bidenomics,” President Biden asserted on Friday. “We are growing the economy by creating jobs, reducing costs for hardworking families, and making intelligent investments in America.”

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