President Biden Continues to Deliver Job Growth and Fight for Working Families – While MAGA Republicans in Congress Root for Recession

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WASHINGTON, D.C. — President Biden is rejecting the failed trickle-down economics of the past and building an economy that works for working families from the bottom up and the middle out. From historic job growth to lower gas prices, rising incomes, and historically low Latino and Black unemployment rates, under the president’s leadership, America’s steady economic growth is delivering for working families. This economic strength and vision stands in sharp contrast to MAGA Republicans in Congress, whose economic plan delivers tax cuts to the ultra wealthy and big corporations, raises costs, and threatens Medicare and Social Security.

“President Biden’s vision for our country looks out from Main Street, not Wall Street, and delivers lower costs, more good-paying jobs, and greater opportunities for working and middle class families,” said Building Back Together Executive Director Danielle Melfi. “He knows that there is more work to be done to help working Americans get ahead, and he has a plan to continue lowering the cost of essentials like prescription drugs and health care – unlike MAGA Republicans in Congress, who would gut Social Security and Medicare, make prescriptions and health care more expensive, and give tax breaks to the ultra wealthy and big corporations. Working families should ask themselves: who’s really fighting for them?”

While President Biden delivers lower costs and good-paying jobs for working Americans, MAGA Republicans in Congress want to increase costs and cut taxes for the ultra rich.

  • Over 10 million jobs have been created since President Biden took office, including nearly 700,000 manufacturing jobs.
  • Today’s jobs report shows 261,000 jobs added in October, continuing strong, steady growth, while the unemployment rate remains at a historically low 3.7% – and Black and Latino unemployment rates remain at historic lows.
  • On top of overseeing this job growth, President Biden signed legislation to lower the cost of essentials like health care, prescription drugs, and energy bills, as well as boost manufacturing and support small businesses.
  • MAGA Republicans in Congress want to undo the progress for middle class Americans by repealing this cost-cutting, job-creating legislation.

MAGA Republicans in Congress have a plan to gut Medicare and Social Security, programs that working Americans have paid into for decades.

  • Poverty among seniors dropped by half after Social Security was established, and many more were able to get health coverage when Medicare was created. 
  • Instead of cutting these hard-earned benefits, President Biden is defending them from MAGA Republican attacks and making them stronger for the future. 
  • Under President Biden’s leadership, Social Security checks are going up for the first time in decades while Medicare costs are going down, meaning seniors can get ahead of inflation. 

Thanks to the CHIPS and Science Act, the Inflation Reduction Act, and other key elements of the president’s agenda, manufacturing jobs are coming back to the U.S. from overseas.

  • During President Biden’s first year in office, the American economy created more manufacturing jobs on average per month than any other president in the last 50 years. 
  • In recent weeks, we’ve seen historic investments by American companies to create manufacturing jobs here at home, including:
    • IBM is investing $20 billion over the next ten years to build semiconductors and quantum computers in New York – creating an estimated 10,000 jobs.
    • Micron is investing $100 billion to build a massive semiconductor facility in New York, a project expected to create 50,000 jobs.
    • Micron is investing $15 billion to build a new memory-chip manufacturing facility in Idaho.
    • First Solar, the largest American solar panel manufacturer, recently announced plans to increase their domestic production by around 75%.
    • AT&T announced the first fiber-optic manufacturing facility in the U.S.
    • Honda and LG announced a $4.4 billion solar manufacturing plant in Ohio.
  • The Inflation Reduction Act President Biden signed will build on this growth and spur further manufacturing investments.
    • Experts estimate that the Inflation Reduction Act will create upwards of 9 million jobs over the next decade, an average of nearly 1 million jobs every single year.