Steny H. Hoyer
01/10/2025 | Press release | Distributed by Public on 01/10/2025 10:52
Hoyer Statement on December Jobs Report
WASHINGTON, DC - Congressman Steny H. Hoyer (MD-05) released the following statement today on the December jobs report:
"Today's jobs report revealed that December marked the 47th consecutive month of job growth under the Biden-Harris Administration. In that time, 16.6 million jobs were added to the economy, including 256,000 just this past month. Unemployment has dropped to 4.1% from 6.7% four years ago, hovering near its fifty-year low. This is far more than a post-pandemic rebound, with 7.2 million more Americans working than in February 2020, the month before the pandemic began. This progress is the undeniable result of President Biden and Democrats' efforts to rebuild our economy for the future by Investing in America.
"Americans started a record 20 million small businesses since January 2021. Contrary to Republicans' insistence that a recession was imminent, GDP grew at a healthy pace throughout Biden's presidency. We've brought inflation down from a peak of 9% in 2022 to 2.7% today. This year, investment in new factories in America reached its highest level in more than 40 years. Responding to the incentives Democrats put on the table, over the last four years private companies have announced a historic $1 trillion in commitments to expand American semiconductor manufacturing, clean energy, and other crucial industries. Although many Americans are still struggling, we would be far worse off had Democrats not made historic investments to help American workers and businesses get ahead in the 21st century global economy.
"Despite inheriting one of the worst economic disasters in American history from the previous administration, Democrats built our economy back even stronger than before the pandemic. As Moody Analytics Chief Economist Mark Zandi recently said, 'President Trump is inheriting an economy that is about as good as it ever gets.' The next president will have to decide whether he wants to let our broadly felt economic success continue or whether he will reverse it by undermining the historic laws Democrats secured and by passing additional tax cuts for those already at the top."
"Today's jobs report revealed that December marked the 47th consecutive month of job growth under the Biden-Harris Administration. In that time, 16.6 million jobs were added to the economy, including 256,000 just this past month. Unemployment has dropped to 4.1% from 6.7% four years ago, hovering near its fifty-year low. This is far more than a post-pandemic rebound, with 7.2 million more Americans working than in February 2020, the month before the pandemic began. This progress is the undeniable result of President Biden and Democrats' efforts to rebuild our economy for the future by Investing in America.
"Americans started a record 20 million small businesses since January 2021. Contrary to Republicans' insistence that a recession was imminent, GDP grew at a healthy pace throughout Biden's presidency. We've brought inflation down from a peak of 9% in 2022 to 2.7% today. This year, investment in new factories in America reached its highest level in more than 40 years. Responding to the incentives Democrats put on the table, over the last four years private companies have announced a historic $1 trillion in commitments to expand American semiconductor manufacturing, clean energy, and other crucial industries. Although many Americans are still struggling, we would be far worse off had Democrats not made historic investments to help American workers and businesses get ahead in the 21st century global economy.
"Despite inheriting one of the worst economic disasters in American history from the previous administration, Democrats built our economy back even stronger than before the pandemic. As Moody Analytics Chief Economist Mark Zandi recently said, 'President Trump is inheriting an economy that is about as good as it ever gets.' The next president will have to decide whether he wants to let our broadly felt economic success continue or whether he will reverse it by undermining the historic laws Democrats secured and by passing additional tax cuts for those already at the top."