President Biden delivers remarks on the latest jobs report

. >>> GOOD MORNING. I'M GOING TO BE SOME WHAT SHORT TODAY BECAUSE SHORTLY THERE'S GOING TO BE A HELICOPTER LANDING OUTSIDE THE WINDOW HERE. I'M SUPPOSED TO BE IN COLORADO LOOKING AT THE DAMAGE WITH THE GOVERNOR AT THAT GOD AWFUL FIRE STORM THAT ROLLED THROUGH AND THEN HARRY REED'S FUNERAL. SO THIS MORNING I WANT TO TALK ABOUT I THINK IT'S A HISTORIC DAY FOR OUR ECONOMIC RECOVERY. TODAY'S NATIONAL UNEMPLOYMENT RATE FELL BELOW 4% TO 3-POINT #%. THE SHARPEST ONE YEAR DROP IN UNEMPLOYMENT IN UNITED STATES HISTORY. THE FIRST TIME THE UNEMPLOYMENT RATE HAS BEEN UNDER 4% IN THE FIRST YEAR OF A PRESIDENTIAL TERM IN 50 YEARS. 3.9% UNEMPLOYMENT RATE. EXPERTS SAID WE WOULDN'T BE ABLE TO DO IT AND WE HAVE ADDED 6.4 MILLION NEW JOBS SINCE JANUARY OF LAST YEAR ONE YEAR AND THAT'S ONE OF THE MOST — THAT'S THE MOST JOBS IN ANY YEAR BY ANY PRESIDENT IN HISTORY.

HOW? HOW? HOW DID THAT HAPPEN? WELL THE AMERICAN RESCUE PLAN GOT THE ECONOMY OFF ITS BACK AND MOVING AGAIN BACK ON ITS FEET. GETTING OVER 200 MILLION AMERICANS FULLY VACCINATED GOT PEOPLE OUT OF THEIR HOMES AND BACK TO WORK EVEN IN THE FACE OF WAVE AFTER WAVE OF COVID. WE GOT SCHOOLS OPEN. WE GOT BOOSTER SHOTS. WE BROUGHT DOWN THE POVERTY RATE AND WENT FROM 20 MILLION PEOPLE ON UNEMPLOYMENT ROLES A YEAR AGO TO UNDER 200 MILLION PEOPLE ON UNEMPLOYMENT ROLES TODAY.

AMERICA'S BACK TO WORK AND ARE MORE HISTORICAL ACCOMPLISHMENTS. THE INCREASE IN AMERICA'S JOINT LABOR FORCE WAS THE FAST YES THIS YEAR OF ANY YEAR SINCE 1996. AND THE PRIME AGE WORKERS AGES 25 TO 54 THEY'RE INCREASING LABOR FORCE PARTICIPATION WAS THE BIGGEST IN 43 YEARS. RECORD JOB CREATION, RECORD UNEMPLOYMENT DECLINES, RECORD INCREASES IN THE PEOPLE IN THE LABOR FORCE. I WOULD ARGUE THAT BIDEN ECONOMIC PLAN IS WORKING. AND IT'S GETTING AMERICA BACK TO WORK, BACK ON ITS FEET BUT THE RECORD DOESN'T STOP THERE. TODAY'S REPORT ALSO TELLS US THAT RECORD WAGE GAINS ESPECIALLY FOR WORKERS IN SOME OF AMERICA'S TOUGHEST JOBS WOMEN AND MEN WHO WORK IN THE FRONT LINE JOBS AND RESTAURANTS, HOTELS, TRAVEL, TOURISM, DESK CLERKS, LINE COOKS, WAIT STAFF.

THEY ALL SAW THEIR WAGES AT A HISTORIC HIGH. THE HIGHEST IN HISTORY. THEIR PAY WENT UP ALMOST 60% THIS YEAR FOR OUR HEAD OF INFLATION WHICH IS STILL A CONCERN. OVERALL WAGE GAINS FOR ALL WORKERS WHO ARE NOT SUPERVISORS WENT UP MORE IN 2021 THAN ANY YEAR IN FOUR DECADES. THERE'S BEEN A LOT OF PRESS COVERAGE ABOUT PEOPLE QUITTING THEIR JOBS. TODAY'S REPORT TELLS YOU WHY. AMERICANS MOVING UP TO BETTER JOBS. WITH TIER PAY AND BETTER BENEFITS. THAT'S WHY THEY'RE QUITTING THEIR JOBS. THIS ISN'T ABOUT WORKERS WALKING AWAY AND REFUSING TO WORK. IT'S ABOUT WORKERS ABLE TO STEP UP AND PROVIDE FOR THEMSELVES AND THEIR FAMILIES. THIS IS THE KIND OF RECOVERY I PROMISED IN HOPEFUL FOR THE AMERICAN PEOPLE WHERE THE BIGGEST BENEFITS GO TO PEOPLE WHO WORK THE HARDEST AND ARE MORE OFTEN LEFT BEHIND THE PEOPLE WHO HAVE BEEN IGNORED BEFORE. THE PEOPLE WHO WANT A DECENT CHANCE FOR THEIR FAMILIES GIVEN A CLEAR SHOT. FOR THEM WAGES ARE UP, JOB OPPORTUNITIES ARE UP, LAY OFFS ARE DOWN.

THE LOWEST LEVELS IN DECADES AND THERE ARE MORE CHANCES THAN EVER TO GET AHEAD. NO WONDER ONE LEANING ECONOMIC ANALYST DESCRIBE WHAT WE'VE ACCOMPLISHED IN 2021 AS THE STRONGEST FIRST YEAR ECONOMIC TRACK RECORD OF ANY PRESIDENT IN THE LAST 50 YEARS. TODAY AMERICA'S THE ONLY LEADING ECONOMY IN THE WORLD WHERE THE ECONOMY AS A WHOLE IS STRONGER THAN BEFORE THE PANDEMIC. NOW I HEAR REPUBLICANS SAY TODAY THAT TALKING ABOUT THIS STRONG RECORD SHOWS THAT I DON'T UNDERSTAND I DON'T UNDERSTAND A LOT OF PEOPLE ARE SUFFERING THEY SAY. THEY ARE. I'M NOT FOCUSED ON INFLATION. MALL YACKY AND TALK DOWN IN RECOVERY BECAUSE THEY VOTED AGAINST THE LEGISLATION THAT MADE IT HAPPEN.

THEY VOTED AGAINST THE TAX CUTS FOR MIDDLE CLASS FAMILIES. THEY VOTED AGAINST THE FUNDS WE NEEDED TO REOPEN OUR SCHOOLS TO KEEP POLICE OFFICERS AND FIREFIGHTERS ON THE JOB. TO LOWER HEALTHCARE PREMIUMS. VOTING AGAINST THE FUNDS WE'RE NOW USING TO BUY COVID BOOSTER SHOTS AND MORE ANTI VIRAL PILLS. I REFUSE TO LET THEM STAND IN THE WAY OF THIS RECOVERY AND NOW MY FOCUS IS ON KEEPING THIS RECOVERY STRONG AND DURABLE NOTWITHSTANDING REPUBLICAN OBSTRUCTIONISM BECAUSE YOU KNOW I KNOW THAT EVEN AS JOBS AND FAMILY INCOMES ARE RECOVERED FAMILIES ARE STILL FEELING A PENCH OF PRICES AND COST SO WE'RE TAKING THAT ON AS WELL. AND THAT'S THE — AND THE WAY TO DO THAT IS NOT TO STEP BACK FROM THE ECONOMIC PROGRESS WE MADE BUT TO BUILD ON IT. I LAID OUT A THREE PART PLAN TO ADDRESS COSTS FAMILIES ARE FACING. ONE, FIRST PART OF THAT PLAN FIXING THE SUPPLY CHAIN. TWO, PROTECTING CONSUMERS AND PROMOTING COMPETITION THREE, LOWERING KITCHEN TABLE COSTS INCLUDING WITH MY BUILD BACK BETTER ACT. FIRST THE SUPPLY CHAIN A COUPLE OF MONTHS AGO A LOT OF DIRE WARNINGS LEADING TO A CRISIS AROUND THE HOLIDAYS THANKSGIVING AND CHRISTMAS.

WE ACTED. WE BROUGHT TOGETHER BUSINESS AND LABOR TO SOLVE THE PROBLEMS. THE MUMP PREDICTED CRISIS DIDN'T OCCUR. THE GRINCH DID NOT STEAL CHRISTMAS. NOR ANY VOTES. THE NUMBER OF CONTAINERS ON DOCS FOR MORE THAN EIGHT DAYS IS NOW DOWN BY NEARLY 40%. THE NUMBER OF PACKAGES DELIVERED ON TIME WAS NEARLY 99%. WORKERS STAYED ON THE JOB AND DID THE JOB TO BRING GOODS TO CONSUMERS. WE'RE CONTINUING TO WORK TO SPEED UP EVERY STEP OF THIS PROCESS. TRAINS, TRUCKING, MY BIPARTISAN INFRASTRUCTURE PLAN LAW INCLUDED SIGNIFICANT INVESTMENTS IN EACH OF THESE AREAS. AND I WANT TO REPUBLICANS IN THE SENATE AND 13 IN THE HOUSE WHO STEPPED IN TO HELP PASS IT SO WE DIDN'T HAVE TO FACE ANOTHER FILIBUSTER AND LOSE A VERY BADLY NEEDED PLAN.

THE SECOND AREA PROTECTING AMERICAN CONSUMERS. THE LAST FEW DECADES IN TOO MANY INDUSTRIES A HANDFUL OF GIANT COMPANIES DOMINATE THE MARKET. PROCESS, RAILROADS, SHIPPING. THEY USED THE POWER TO SQUEEZE OUT SMALLER COMPETITORS, STIFEL NEW ENTREPRENEURS AND RAISE THE PRICES REDUCING OPTIONS FOR CONSUMERS AND EXPLOITING WORKERS TO KEEP WAGES FAIRLY LOW. YOU SEE THAT IN YOUR OWN LIFE.

JUST LOOK AT YOUR GROCERY BILL AND THE COST OF MEAT. IT'S NOT BECAUSE A CATTLE FARMER IS GETTING RICH. MATTER OF FACT IT'S THE EXACT OPPOSITE BECAUSE FEWER PROCESSORS CAN CHARGE GROCERY STORES MUCH MORE MONEY FOR THEIR GROUND BEEF FOR EXAMPLE. YOU HEARD ME SAY IT BEFORE. CAPITALISM WITHOUT COMPETITION ISN'T CAPITALISM IT'S EXPLOITATION AND I'M DETERMINED TO END THE EXPLOITATION. LATER THIS MONTH I'LL BE MEETING WITH MY COMPETITION COUNCIL WHICH INCLUDES KEY ECONOMIC LEADERS FROM ACROSS MY ADMINISTRATION TO KEEP PUSHING FOR MORE BROAD ACTION AND INCREASE COMPETITION ACROSS OUR ECONOMY BECAUSE HEALTHY COMPETITION PRODUCES LOWER PRICES HIGHER WAGES AND MORE DYNAMIC AND INNOVATIVE ECONOMIES. THAT MAKES EVERYBODY BETTER OFF. THIRD, I'M WORKING TO INTRODUCE THE LARGEST COST HOUSEHOLD BUDGETS. COST THAT DON'T NEED TO BE SUCH A BURDEN. AND THE BIGGEST WEAPON IS MY BUILD BACK BETTER ACT WHICH WILL REDUCE WHAT FAMILIES HAVE TO PAY FOR BASIC NECESSITIES TO LIVE A LIFE RAISE A FAMILY FROM PRESCRIPTION DRUGS TO HEALTHCARE TO CHILD CARE AND MORE FAMILIES CAN COVER THE COST OF RAISING THEIR CHILDREN AND CARING FOR THEIR LOVED ONES, THEIR OLDER LOVED ONES AND OVER AND OVER AND OVER AGAIN THROUGHOUT THIS PANDEMIC IF PEOPLE CAN'T FIND AFFORDABLE CHILD CARE THEY CAN'T WORK.

RIGHT NOW THERE ARE TWO MILLION EXTREMELY QUALIFIED WHO HAVE NOT BEEN ABLE TO RETURN TO WORK BECAUSE THEY CAN'T FIND OR CAN'T AFFORD CHILD CARE. HEALTHCARE. WE'VE MADE QUALITY COVERAGE THROUGH THE ACA MORE AFFORDABLE THAN EVER BEFORE WITH FAMILIES SAVING ON AVERAGE OF $2400 ON ANNUAL PREMIUMS AND FOUR OUT OF FIVE CONSUMERS FINDING QUALITY COVERAGE FOR UNDER $10 A MONTH. AND THE RESULT, WHEN YOU REDUCE THE COST OF HEALTHCARE MORE PEOPLE CAN AFFORD TO GET IT. OVER 4 MILLION PEOPLE HAVE GAINED COVERAGE SINCE I BECAME PRESIDENT. THEY'VE HEARD ME SAY A MILLION TIMES HEALTHCARE IS ALSO ABOUT PEACE OF MIND. FOR EXAMPLE WE'RE GOING TO MAKE IT SO NOBODY WILL PAY MORE THAN $35 A MONTH FOR INSULIN. IMAGINE YOUR PARENTS AND ONE OF THE 200,000 CHILDREN IN THIS COUNTRY WITH TYPE ONE DIABETES INSULIN CAN COST ON AVERAGE OF $650 A MONTH BUT CANNOT COST AS MUCH AS $1000 A MONTH.

EVEN THOUGH A VIAL OF THAT INSULIN COSTS ABOUT $10 TO MANUFACTURE. WE CAN DO ALL OF THIS AND DO WITHOUT INCREASING INFLATION WITHOUT INCREASING THE DEFICIT. NOBODY MAKING MORE THAN $400,000 A YEAR LESS THAN $400,000 A YEAR WILL PAY A PENNY MORE IN FEDERAL TAXES SO WE'RE GOING TO KEEP WORKING ON THESE FRONTS. SOME OF THE COMPONENTS THAT ARE IMMEDIATE LIKE UNSTICKING THE SUPPLY CHAIN SOME WILL SHOW THEIR BENEFITS OVER TIME LIKE INVESTMENTS IN INFRASTRUCTURE BUT ALL WILL HELP AMERICA'S FAMILIES AND IT'S URGENT WE GET MOVING ON ALL OF IT WITHOUT DELAY BECAUSE AT THIS MOMENT AS A COUNTRY WE FACE AN IMPORTANT CHOICE. DO WE TAKE THE STEPS TO CREATE AN ECONOMY WITH STRONG SUSTAINABLE GROWTH, HIGHER WAGES AND MORE OPPORTUNITY FOR ALL AMERICANS OR DO WE SETTLE FOR AN ECONOMY THAT WASN'T WORKING FOR OUR MIDDLE CLASS EVEN BEFORE THE PANDEMIC BEGAN? OUR ECONOMY HAS DELIVERED SLUGGISH GROWTH, STAGNANT WAGES, LIMITED OPPORTUNITIES.

I'M NOT AN ECONOMIST. I'VE BEEN DOING THIS A LONG TIME. HERE'S THE WAY TO LOOK AT IT. CAR PRICES ARE TOO HIGH RIGHT NOW. TWO SOLUTIONS. YOU INCREASE THE SUPPLY OF CARS BY MAKING MORE OF THEM OR YOU REDUCE DEMAND FOR CARS BY MAKING AMERICA POOR. THAT'S THE CHOICE. BELIEVE IT OR NOT THERE'S A LOT OF PEOPLE IN THE SECOND CAMP. YOU'RE HEARING THEM COMPLAIN THAT WAGES ARE RISING TOO FAST AMONG THE MIDDLE CLASS AND WORKING CLASS PEOPLE WHO HAVE ENDURED DECADES OF A STALLED INCOME.

THE ECONOMY SAYS THE ONLY SOLUTION TO OUR CURRENT FUTURE CHALLENGES IS TO MAKE THE WORKING FAMILIES THAT ARE THE BACK BONE IN OUR COUNTRY POOR OR KEEP THEM IN THE SAME STATE THEY'RE IN. IT'S A PESSIMISTIC VISION. I REJECT IT. I REJECT THE IDEA THAT WE SHOULD SOMEHOW PUNISH PEOPLE BECAUSE THEY FINALLY HAVE A LITTLE MORE BREATHING ROOM. AMERICA DOESN'T NEED TO SETTLE FOR LESS. WE NEED AN ECONOMY THAT HAS THE CAPACITY TO GENERATE MORE GROWTH, MORE JOBS AND MORE OPPORTUNITY FOR ALL AMERICANS. THAT'S WHY WE'RE GOING TO KEEP DOING EVERYTHING WE CAN TO UNSTICK THE BOTTLENECKS THAT ARE KEEPING GOODS FROM GETTING CONSUMERS. TWO, BUILD BACK INFRASTRUCTURE TO GET PARTS AND GOODS TO FACTORY FLOORS QUICKER AND CHEAPER. THREE, BRING MORE OF THAT PRODUCTION BACK HERE TO THE UNITED STATES TO MAKE OUR SUPPLY CHAIN MORE SECURE. LET'S MAKE AMERICA — LET'S MAKE WHAT WE'RE SELLING IN AMERICA MADE IN AMERICA.

RISK OF FOREIGN SUPPLY CHAINS AND SHIPPING DELAYS AND IN DOING SO GET MORE AMERICANS WORKING. IN JOBS WITH RISING WAGES. I WANT TO BE CLEAR. I'M CONFIDENT THE FEDERAL RESERVE WILL ACT TO ACHIEVE THEIR NEW GOALS OF FULL EMPLOYMENT AND STABLE PRICES AND MAKE SURE THE PRICE INCREASES DO NOT BECOME ENTRENCHED OVER A LONG TERM WITH THE INDEPENDENCE THAT THEY NEED WATT THE BEST WAY THAT I AS PRESIDENT AND THE CONGRESS AS A LEGISLATURE TACKLE HIGH PRICES IS BY BUILDING MORE PRODUCTIVE ECONOMY WITH GREATER CAPACITY TO DELIVER FOR THE AMERICAN PEOPLE. A GROWING ECONOMY WHERE PEOPLE HAVE MORE OPPORTUNITIES, MORE SMALL BUSINESSES OPENING AND I MIGHT ADD 30% INCREASE IN THE APPLICATION FOR NEW SMALL BUSINESSES AND GOODS GET TO MARKET FASTER.

THE ECONOMY — WE DON'T JUST GROW THE ECONOMIC PIE WHO MAKE SURE PEOPLE WHO BAKE THE PIE GET A FAIR SLICE OF IT AS WELL FOR TOO LONG THROWN AROUND TERMS LIKE PRO GROWTH AND SUPPLY SET ECONOMICS TO DRIVE AN ECONOMIC AGENDA THAT DIDN'T DELIVER ENOUGH GROWTH AND SUPPLIED MORE WEALTH TO THOSE WHO ALREADY WERE VERY WELL OFF. FROM DAY ONE MY ECONOMIC AGENDA HAS BEEN DIFFERENT. IT'S BEEN ABOUT TAKING THE FUNDAMENTALLY NEW APPROACH TO OUR ECONOMY. ONE THAT SEIZED THE PROSPERITY OF WORKING FAMILIES AS THE SOLUTION NOT THE PROBLEM. THERE'S NEVER BEEN A TIME I CAN THINK OF WHEN THE ONE MIDDLE CLASS HAS DONE WELL THAT THE WEALTHY HASN'T DONE VERY WELL. WORKING FAMILIES NEED TO GET A FIGHTING CHANCE AND BY THE WAY THE STOCK MARKET, THE LAST GUY'S MEASURE OF EVERYTHING IS ABOUT 20% HIGHER THAN IT WAS WHEN MY PREDECESSOR WAS THERE.

IT HIT RECORD AFTER RECORD AFTER RECORD ON MY WATCH WHILE MAKING THINGS MORE EQUITABLE FOR WORKING CLASS PEOPLE AND THE SAME TIME CREATED JOBS, REDUCED UNEMPLOYMENT, RAISED WAGES. AS I'VE ALREADY SAID WHEN WORKING PEOPLE DO WELL EVERYBODY BENEFITS. I'M DETERMINED TO GROW THE ECONOMY FROM THE BOTTOM UP AND MIDDLE OUT BECAUSE WHEN WE DO WE GET MORE GROWTH, HIGHER WAGES, MORE JOBS AND OVER TIME LOWER PRICES. BUT DON'T TAKE MY WORD FOR IT. JUST LOOK AT THE RESULTS. HISTORICAL RESULTS. RESULTS FOR WORKING AMERICANS. ECONOMISTS CALL THIS INCREASED OF PRODUCTIVE CAPACITY OF OUR ECONOMY. I CALL IT BUILDING BACK BETTER. THAT'S WHAT WE'RE GOING TO KEEP DOING. WE'RE GOING TO KEEP BUILDING. I THANK YOU ALL VERY MUCH AND I'LL GET A CHANCE TO TALK TO ALL OF YOU ON TUESDAY WHEN I AM DOWN IN GEORGIA TALKING ABOUT VOTING RIGHTS BUT THANK YOU.

[ YELLING ] >> NO I DON'T THINK COVID IS HERE TO STAY BUT HAVING COVID IN THE ENVIRONMENT HERE IN THE WORLD IS PROBABLY HERE TO STAY BUT COVID AS WE'RE DEALING WITH IT NOW IS NOT HERE TO STAY. THE NEW NORMAL DOESN'T HAVE TO BE. WE HAVE SO MANY MORE TOOLS WE'RE DEVELOPING AND CONTINUE TO DEVELOP CONTAINED WITH OTHER IF YOU TAKE A LOOK WE'RE VERY DIFFERENT TODAY THAN WE WERE A YEAR AGO. WE STILL HAVE PROBLEMS BUT 90% OF THE SCHOOLS ARE OPEN NOW. IT WAS 98 DOWN TO 90 BUT OPEN NOW BECAUSE WE SPENT THE TIME AND THE MONEY IN THE RECOVERY ACT TO PROVIDE FOR THE ABILITY OF SCHOOLS TO REMAIN OPEN. AND YOU KNOW WHAT WE'RE DOING NOW IS WE TALKED ABOUT HOW WE'RE DEALING WITH TESTING BUT YOU KNOW WE HAVE BEEN DOING NOW 300 MILLION TESTS PER MONTH SO FAR AND THAT'S 11 MILLION TESTS A DAY IN ADDITION TO THAT WE'RE IN THE PROCESS FOR 500,000 NEW TESTS AND SO WE'LL BE ABLE TO CONTROL THIS THE NEW NORMAL IS NOT GOING TO BE WHAT IT IS NOW.

IT'S GOING TO BE BETTER. THANK YOU. [ YELLING ].

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