Rehoboth Beach Convention Center
Rehoboth Beach, Delaware
THE PRESIDENT: Hi guys. Good Morning. Today we received great news for our economy and recovery and for the American people.
This morning we learned that in May our economy created 559,000 new jobs, the unemployment rate fell to 5.8 percent, and wages for American workers rose. That means we have created over 2 million jobs in total since I took office – more jobs than ever in the first four months of a presidency in modern history, three times as many as my predecessor, eight times as many as President Reagan.
The unemployment rate is now below 6 percent for the first time since the outbreak of the pandemic. For the first 14 months – for the first time – for the first time in 14 months, we have seen the sharpest fall in the number of long-term unemployed, more – in more than a full decade, in the last 10 years.
Long-term unemployment fell by the second largest value ever recorded. Not only that, the signs of further progress are already there.
This report is based on a weekly newspaper – a week in early May. This is how we determine – they determine – the employment rate – growth or loss; we have growth. And that – and that – that week in May we only had 35 percent of working-age adults fully vaccinated. Now we’re all still – they all still wore masks.
Since then, 21 million more adults have been vaccinated, making it easier for them to return to work safely. In short, this is progress – historical progress. Advances that will bring our economy out of the worst crisis in 100 years. And it’s evidence of the new strategy that is making this economy grow, not just, but bottom-up and out of the middle.
Remember, when I took office in January, our economy was in a downturn, employment growth had stalled, COVID was raging, average initial jobless claims were over 830,000 per week. Now those demands have fallen below 430,000 – about half what they were when I took office.
Before I took office, nearly 24 million Americans were starving. Do you remember those long lines of cars, miles long, people waiting for just a box of food to be packed in their trunk? That number has already fallen by 25 percent. Too much, but clear progress.
Before I took office, independent experts predicted that the American economy would grow 3 or 4 percent in 2021 – this year. This week, the Organization for Economic Co-operation and Development – the so-called OECD, which forms a group that includes the largest economies in the world among its members and is one of the analyzes of global economic growth in individual nations, its membership increased its forecast for the US economic growth this year to 6.9 percent in 2021. That’s the fastest pace in nearly four decades.
In fact, the US is the only major economy where forecasts for future growth are stronger today than they were before the 2020 pandemic.
And in May production activity was almost as strong as it had been in more than 15 years – stronger than in 15 years. No other major economy in the world is growing as fast as ours. No other major economy is gaining jobs as quickly as ours.
And this success is no accident; it’s no luck. This is not least due to the cooperation of the American people in responding to my efforts to get COVID under control – initially wearing masks and getting vaccinated.
And it’s no small part of the courageous measures we took in adopting the American rescue plan. The plan provided those resources to shoot people in the arms; sign the vaccination effort; enough vaccines for every single American; more vaccinated people, people who shoot shots in the arms; and more vaccination sites.
And now 52 percent – 52 percent of American adults are fully vaccinated. 75 percent of our seniors are fully vaccinated. And the American rescue pan [sic] – Plan brought direct economic benefits to the American people.
As a result of this law, more than 167 million of these bailouts of up to $ 1,400 went to individual families. A recent study – the data from the Census Bureau found the importance of these controls. You have held back drastically [sic] – Reduced depression – according to the study – anxiety and distress for families. More than 40 percent fewer families struggled to afford food, rent, utilities, car payments, student loans, and health care costs.
Small businesses and restaurants were – were killed. Now we are providing the credit and support they need to reopen and stay open.
Schools are struggling to reopen so we have made vaccination of teachers a priority. We gave the schools the support they needed. State and local governments have had to fire tens of thousands of educators and first aiders. Many are now back at work thanks to the rescue plan.
In fact, state and local governments created 103,000 jobs in education in May – they got them back to work. These funds will continue to be spent this month to support state and local governments that will help get more people back to work.
Small and medium-sized businesses can now take advantage of a special tax credit called “Employee Retention Tax Credit”. It offers companies a generous tax credit to help retain or hire more workers.
Through our restaurant revitalization fund, we assume that we can support over 100,000 badly affected restaurants to open or reopen.
And from next month, most families with children will receive a tax break that will be paid into their bank accounts every month – deposited into their accounts.
We know that access to childcare is one of the biggest barriers to parents getting back into work. Our administration is providing $ 39 billion in childcare funding to help childcare providers get back on their feet – the providers – and support more families.
And this month our economy created nearly 20,000 additional childcare facilities that weren’t there last month – in fact, parents have access to help.
And the temporary unemployment benefit hike that ended – which we decided, I should say – helped people who had lost their jobs through no fault of their own and who may still be vaccinated. But it will expire in 90 days. That makes sense, it will expire in 90 days.
To sum it up: look, COVID cases are declining, COVID deaths are increasing [down], The number of jobless claims has decreased, hunger has decreased and vaccinations increased, jobs increased, wages increased, production increased, growth increased, the number of people getting health insurance increased, and the confidence of small businesses is up gone up.
America is finally on the move again. As we continue this recovery, we will encounter some bumps along the way. That will of course happen. We can’t restart the world’s largest economy like flipping a light switch.
There will be ups and downs in jobs and economic reports, but we will – supply chain problems and price pressures on the way back to stability and steady growth.
In the coming weeks my government will take steps to address these supply shortages, building on the work we are doing on the computer chips; That said, we’re supplying more computer chips made here in the United States so that it doesn’t slow down the production of cars, for example.
However, everyone has to take their pictures. Now is the time to do that
process [progress] we have done. Now is the time to build on the foundations we have laid because progress, while undeniable, is not guaranteed.
That’s why I proposed the American Jobs Plan and the American Family Plan for the generation investment we need today. We have to make these investments today in order to be successful tomorrow.
We have the chance to use the economic dynamism of the first few months of my term in office to not only build up, but to build up better.
One thing is already clear: we are on the right track. Our plan works. And we’re not giving up now. We will go on. I am extremely optimistic. I hope you are too.
And may God bless you, may God bless America, and may God protect our troops. Thank you all for being here this morning. Many Thanks.
Q President Biden, did you (inaudible) talk about the infrastructure talks?
THE PRESIDENT: I will have an interview this afternoon and I will be able to report back to you afterwards.
Q Are you expecting a counteroffer, Mr. President?
THE PRESIDENT: I’ll tell you that after my meeting this afternoon.
Q Mr. President, do you still have confidence in Dr. Fauci?
THE PRESIDENT: Yes, I am from Dr. Fauci very convinced.