By The Numbers: 

• The economy has created 8.7 million jobs since President Biden took office, and the unemployment rate dropped from 6.4% when Biden took office to 3.6%. North Carolina’s unemployment rates is at record lows.

• Our economy is in a period of transition, from what has been the fastest economic recovery in history to what can be stable and steady growth that works for working families. As we move through this transition, the Biden-Harris administration and the Federal Reserve fight to bring down inflation. 

• When the president took office, millions of Americans were receiving unemployment benefits, today that’s down to 1.3 million, the lowest number in decades.

• The American economy has recovered faster than other major economies, and is poised to grow faster than China’s this year for the first time since 1976.

• And, the deficit was down $350 billion last year and President Biden is on track to reduce it by $1.7 trillion this year – a record.

• The president’s top economic priority is addressing inflation, and, unlike Republicans, he has a plan to address inflation.

  • President Biden has a plan to lower costs – from blunting the impact of Putin’s price hike at the pump and lowering utility bills by investing in clean energy to lowering prescription drug and health care costs; from lowering the cost of child care and long-term care to easing the burden of housing costs by investing in building more affordable homes.

  • The deficit is on track to fall by $1.7 trillion under President Biden this fiscal year. And the president has a plan to reduce the deficit even more – even as we invest in lowering families’ costs – by passing tax reform so that wealthy Americans and large corporations pay their fair share.

The Dangerous Approach of Congressional Republicans:

• Republicans in Congress have offered no plan to address inflation except for raising taxes on millions of working- and middle-class Americans, repealing the ACA, and putting Social Security and Medicare on the chopping block. They are obsessed with extreme social issues, overturning Roe v. Wade, and an ultra-MAGA agenda.

• Every Republican voted against tax cuts for working families, funding for schools to deal with the pandemic, and funding for the vaccination effort that has gotten 75% of adults fully vaccinated.

• From day one, President Biden’s economic agenda has been about generating more growth and more innovation by giving America’s middle class more opportunities and more financial security, and by investing in expanding the productive capacity of our economy.

• Trump lost 3 million jobs on his watch, the first president in decades to actually lose jobs, in part because of his catastrophic COVID response that made our economy worse. Under President Biden, the economy has created more than 8 million already, with a competent COVID vaccination response.