Today, we learned that our private sector has recovered all of the jobs lost during the pandemic, and added jobs on top of that. This has been the fastest and strongest jobs recovery in American history, and it would not have been possible without the decisive action my Administration took last year to fix a broken COVID response, and pass the American Rescue Plan to get our economy back on track.
In the second quarter of this year, we created more jobs than in any quarter under any of my predecessors in the nearly 40 years before the pandemic. We have more Americans working in the private sector today than any day during Donald Trump’s Presidency – more people than any time in our history.
The historic strength of our job market is one reason our economy is uniquely well positioned to tackle a range of global economic challenges – from global inflation to the economic fallout from Putin’s war. No country is better positioned than America to bring down inflation, without giving up all of the economic gains we have made over the last 18 months.
Of course, having added a record number of new jobs, and achieved historically low levels of unemployment, additional job growth from this strong position will be slower. That is not a bad thing, because our economy should move to stable growth for the years ahead.
The best way to achieve that goal is for Congress to pass legislation that lowers costs for families – from prescription drugs to utility costs – while reducing the federal budget deficit, in addition to passing the Bipartisan Innovation Act.