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President Biden will defend his record on the economy when he delivers his State of the Union address Tuesday night, arguing that he rebuilt the economy after the COVID-19 lockdowns.
Mr. Biden will boast about job creation under his watch, claiming credit for creating 12 million jobs and restoring jobs lost during the pandemic. He will also call for bipartisanship to get his agenda through the Republican-led House.
“Two years ago our economy was reeling. As I stand here tonight, we have created a record 12 million new jobs – more jobs created in two years than any president has ever created in four years,” Mr. Biden will say, according to excerpts released by the White House.
Mr. Biden can point to economic growth since taking office, highlighting low unemployment, cooling inflation and replacing millions of jobs lost during the recession. Employers added an impressive 517,000 jobs in January, signaling a red-hot job market despite recession fears and inflation.
The influx of jobs reduced the January jobless rate to 3.4%, its lowest level since 1969. That’s lower than the nation’s 3.5% jobless rate in March 2020, before the COVID-19 pandemic.
Inflation declined to 6.5% in December compared to 7.1% in November, marking the sixth straight monthly slowdown. Prices also dropped by 0.1% in December compared to November, the first such drop since May 2020.
