{"id":1049636,"date":"2024-11-01T14:34:03","date_gmt":"2024-11-01T18:34:03","guid":{"rendered":"https:\/\/democrats.org\/?p=1049636"},"modified":"2024-11-01T14:34:04","modified_gmt":"2024-11-01T18:34:04","slug":"job-numbers-rise-and-inflation-falls-under-biden-harris-administration-while-trump-pushes-project-2025-blueprint-to-tank-the-economy","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/job-numbers-rise-and-inflation-falls-under-biden-harris-administration-while-trump-pushes-project-2025-blueprint-to-tank-the-economy\/","title":{"rendered":"Job Numbers Rise and Inflation Falls Under Biden-Harris Administration While Trump Pushes Project 2025 Blueprint to Tank the Economy"},"content":{"rendered":"\n

In response to reports of continued economic growth under the Biden-Harris administration, <\/em>DNC Spokesperson Kelly Ramirez released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cAmerica\u2019s economy continues to grow thanks to President Biden and Vice President Harris, with 16 million jobs created, the lowest average unemployment rate of any administration in 50 years, and inflation continuing to decline on their watch. Meanwhile, Donald Trump and JD Vance are campaigning on their disastrous Project 2025 agenda that would cost America 3.1 million jobs<\/a>, give billionaires and big corporations more tax cuts<\/a> on the backs of the middle class, and tank the economy with an \u2018inflation bomb<\/a>.\u2019 In just four days, the American people will reject the Trump-Vance ticket\u2019s extreme blueprint and choose Vice President Harris and Governor Walz\u2019s plan to lower costs and create an opportunity economy where every American can succeed.\u201d<\/p>\n\n\n\n

NEW: The Biden-Harris administration continues to fight for the middle class by creating jobs and lowering costs for families. <\/strong><\/p>\n\n\n\n

Heather Long, Washington Post<\/a>: \u201cThe US economy has gained 16.1 million jobs since President Biden took office in January 2021.<\/strong><\/p>\n\n\n\n

\u201cThat\u2019s 6.7 million more jobs than pre-pandemic.<\/strong><\/p>\n\n\n\n

\u201cUnemployment rate in Jan 2021: 6.4%<\/strong><\/p>\n\n\n\n

\u201cUnemployment rate now: 4.1%\u201d<\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cThe Fed\u2019s favorite inflation index just cooled again\u201d<\/p>\n\n\n\n

\u201cFriday\u2019s report also contained even more good news for Americans and economic activity: Incomes continue to grow, and consumers continue to spend and keep the economy churning.\u201d<\/strong><\/p>\n\n\n\n

Associated Press<\/a>: \u201cUS economy grew at a solid 2.8% pace last quarter on strength of consumer spending\u201d<\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cWhoever wins the White House next week will take office with no shortage of challenges, but at least one huge asset: an economy that is putting its peers to shame.<\/p>\n\n\n\n

\u201cWith another solid performance in the third quarter, the U.S. has grown 2.7% over the past year. It is outrunning every other major developed economy, not to mention its own historical growth rate.<\/strong><\/p>\n\n\n\n

\u201cMore impressive than the rate of growth is its quality. This growth didn\u2019t come solely from using up finite supplies of labor and other resources, which could fuel inflation. Instead, it came from making people and businesses more productive.\u201d<\/p>\n\n\n\n

NBC<\/a>: \u201cHowever, the ADP report indicates that the labor market has held up. In addition to hiring rising, wages grew 4.6% from a year ago.<\/strong><\/p>\n\n\n\n

Moreover, gains were widespread. Leading sectors included education and health services (53,000), trade, transportation and utilities (51,000), construction and leisure and hospitality, which added 37,000 apiece, and professional and business services, which contributed 31,000.\u201d<\/p>\n\n\n\n

The Harris-Walz administration will chart a New Way Forward for the nation by spurring job growth, building up the middle class, boosting small businesses, and investing in entrepreneurs.<\/strong><\/p>\n\n\n\n

A New Way Forward for the Middle Class<\/a>: \u201cGoldman Sachs estimates the biggest boost to the U.S. economy from a Vice President Harris win. They estimate that job growth will be higher and inflation lower than if Donald Trump is elected. A Harris victory would lead to between 10,000 and 30,000 more new jobs per month than if Trump is elected.\u201d<\/strong><\/p>\n\n\n\n

Reuters<\/a>: \u201cUnder Harris, job growth would be 10,000 a month higher than if Trump wins with a divided government, and 30,000 higher than with a Republican sweep, Goldman estimates.\u201d<\/p>\n\n\n\n

Axios<\/a>: \u201cThe paper, titled \u2018A New Way Forward for the Middle Class<\/a>,\u2019 says that Harris will \u2018call on Congress to pass the first-ever federal ban on price gouging.\u2019<\/p>\n\n\n\n

\u201c\u2018The bill will set rules of the road to make clear that big corporations can’t unfairly exploit consumers during times of crisis to run up excessive corporate profits on food and groceries.\u2019\u201d<\/p>\n\n\n\n

Politico<\/a>: \u201cIn her speech, Harris reiterated her support for several other major economic efforts, including a federal ban on corporate price-gouging, expanding tax credits for new small businesses, extending the child tax credit and pledging to build 3 million new homes to address the housing shortage.\u201d<\/strong><\/p>\n\n\n\n

Politico<\/a>: \u201cHarris\u2019 proposal, released on Tuesday, calls for significantly expanding the tax deduction for start-up expenses from $5,000 to $50,000, while also setting the goal of 25 million new small-business applications during her first term<\/strong>, according to a Harris campaign official granted anonymity to describe details of the plan. The plan also proposes reducing barriers to getting occupational licenses and developing a standard tax deduction for small businesses.\u201d<\/p>\n\n\n\n

The contrast couldn\u2019t be clearer. Trump has been clear that he would send new, good-paying manufacturing jobs overseas by repealing the Biden-Harris Inflation Reduction Act. His Project 2025 plans would <\/strong>cost the U.S. millions of jobs<\/strong><\/a>, send inflation soaring, and raise taxes on everyone but the wealthy elite.<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cElon Musk Sees Trump\u2019s Economic Plans Causing \u2018Temporary Hardship\u2019\u201d<\/strong><\/p>\n\n\n\n

Associated Press<\/a>: \u201cTrump\u2019s economic plans would worsen inflation, experts say\u201d<\/strong><\/p>\n\n\n\n

Newsweek<\/a>: \u201cNobel Prize Winner Explains How Trump Could Cause \u2018Economic Chaos\u2019\u201d<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201cTrump\u2019s inflation bomb: How his second-term plans could make it worse\u201d<\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cA drumbeat of reports from Wall Street economists have warned that Trump\u2019s plans could substantially slow economic growth while driving up consumer prices.\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law \u2026 Further cutting corporate taxes \u2026 would primarily benefit large firms.\u201d<\/strong><\/p>\n\n\n\n

USA Today<\/a>: \u201cUnder a Trump administration, inflation would rise from 3% this year to 3.5% in 2025, compared to 2.4% under Harris, the Moody\u2019s analysis shows. At the end of a Trump tenure the U.S. would have 3.1 million fewer jobs than under Harris and a 4.5% unemployment rate, a half percentage point higher.\u201d<\/strong><\/p>\n\n\n\n

The Guardian<\/a>: \u201cThey were billed as a \u2018middle-class miracle\u2019 but according to a new book Donald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/strong><\/p>\n\n\n\n

Politico<\/a>: \u201cDonald Trump pledged Thursday to rescind any \u2018unspent\u2019 funds under the Inflation Reduction Act should he be elected in November \u2014 potentially upending key parts of the Democrats\u2019 climate law and its benefits to Republican-led communities.\u201d<\/p>\n\n\n\n

Center for American Progress<\/a>: \u201cProject 2025\u2019s tax plan includes an \u2018intermediate tax reform\u2019 that includes changes to tax brackets and corporate tax cuts that would shift the tax burden toward middle-income households.<\/strong> And the \u2018fundamental tax reform\u2019 it proposes would replace all individual income and corporate taxes with consumption taxes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to reports of continued economic growth under the Biden-Harris administration, DNC Spokesperson Kelly Ramirez released the following statement:  \u201cAmerica\u2019s economy continues to grow thanks to President Biden and Vice President Harris, with 16 million jobs created, the lowest average unemployment rate of any administration in 50 years, and inflation continuing to decline on […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1049636","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nJob Numbers Rise and Inflation Falls Under Biden-Harris Administration While Trump Pushes Project 2025 Blueprint to Tank the Economy - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/job-numbers-rise-and-inflation-falls-under-biden-harris-administration-while-trump-pushes-project-2025-blueprint-to-tank-the-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-01T18:34:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-01T18:34:04+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/job-numbers-rise-and-inflation-falls-under-biden-harris-administration-while-trump-pushes-project-2025-blueprint-to-tank-the-economy\/\",\"url\":\"https:\/\/democrats.org\/news\/job-numbers-rise-and-inflation-falls-under-biden-harris-administration-while-trump-pushes-project-2025-blueprint-to-tank-the-economy\/\",\"name\":\"Job Numbers Rise and Inflation Falls Under Biden-Harris Administration While Trump Pushes Project 2025 Blueprint to Tank the Economy - 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