President Joseph R. Biden Jr. held a meeting with members of the Invest in America Cabinet to discuss the progress made in implementing major legislation and promoting economic growth. The President began by announcing positive news from the latest jobs report, revealing that 250,000 jobs were added in the previous month, contributing to a total of 12 million jobs created since the start of his administration over two years ago.
This is what happens when you invest in America.
We have more work to do – but this is real progress. pic.twitter.com/Pur91mu3Pf
— President Biden (@POTUS) May 5, 2023
President Biden emphasized that the unemployment rate has reached a historic low of 3.4 percent, the lowest in 50 years. He also highlighted the record low Black unemployment rate and the high participation of working-age Americans in the labor force, which is at its highest rate in 15 years. Additionally, the President noted that inflation has decreased by 40 percent since last summer, dropping consistently over the past nine months.
While acknowledging that more work needs to be done, President Biden expressed confidence in the direction of the economy, attributing the progress to the administration’s focus on investing in America. He shared examples of successful projects that were carried out within the country, ensuring that work was done at the right price and in a timely manner.
The President underscored the administration’s achievements in attracting $470 billion in private sector commitments for manufacturing and clean energy technology. He emphasized the importance of bringing back the supply chain to the United States to reduce dependency on other countries, especially those that may not be considered friendly.
President Biden also highlighted the administration’s efforts in reducing the deficit by $1.7 trillion during the first two years and proposed a budget that would cut the deficit by an additional $3 trillion over the next 10 years. However, he expressed concerns about the opposition from some members of Congress, particularly the “MAGA Republicans,” who are threatening to let the country default on its debt unless their demands are met.
The President strongly urged Congress to pass the debt limit increase as every previous Congress has done, emphasizing that the debt ceiling issue should be separate from budget negotiations. He criticized the Republicans’ budget plan, stating that it would put millions of people at risk of losing Medicaid, cut federal law enforcement personnel, reduce the number of teachers and support staff, and eliminate hundreds of thousands of jobs, as predicted by Moody’s.
President Biden stressed that the United States is not a “deadbeat nation” and has always paid its bills. He called for a responsible and open debate on budget matters without the threat of defaulting on the country’s debt. The President highlighted the importance of discussing competing visions for the country’s future and reiterated his commitment to investing in America to build a stronger economy that benefits the middle class and the most vulnerable.
The meeting concluded with President Biden promising to address questions about various topics, including allegations of U.S. involvement in a drone attack over the Kremlin and his concerns regarding the dangers of artificial intelligence, in a press conference scheduled for later in the day.