President Biden’s remarks on the March Affairs Report

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State dining room

10:56 EDT

THE PRESIDENT: Good morning. Today we learned that in March our economy created 431 thousand jobs. Nice sound to him. And we also learned that in January and February, our economy created 100,000 more jobs than we had previously thought. This means that over the past three months, the economy has created more than half a million – more than 500,000 jobs per month.

During my presidency, our recovery has now created 7.9 million jobs – more jobs created during the first 14 months of each presidency in each term ever. And that is surprising.

But what is even more surprising is this: in March, the unemployment rate fell to 3.6 percent, from 6.4 percent when I took office about 15 months ago – the fastest falling unemployment since the start of the President’s term was recorded sometimes.

In fact, there have only been three months in the last 50 years where the unemployment rate in America is lower than it is now.

And that I– what it means is clear, it’s very clear: Americans are back at work. And this is good news for millions of families who have a little more room to breathe and the dignity that comes from earning a salary – just the dignity of having a job.

And more and more Americans are finding jobs – as they do, this will help ease the supply pressures we have seen. And this is good news to fight inflation, it is good news for our economy and it means that our economy has gone through a moving improvement.

You know, the American people, I think they – they are beginning to understand the American Rescue Plan – and there is no reason why they should know the names of all these pieces of legislation that were passed – but the American Rescue Plan , with us we were able to vaccinate Americans, schools to open and businesses to buzz.

A major financial firm, Moody’s, estimated that because of the Rescue Plan, 4 million more American jobs were created and unemployment is 2 percent lower than it would have been if we had not moved that legislation.

Thanks to our infrastructure law, we have more than 4,000 projects started this year – 4,000 – in every single state in America – a total of 4,000 in all 50 states, rebuilding America.

We are building a recovery value – worthy of American workers: strong and resilient. And it will be able to overcome the opposite winds – and there are – of Delta, Omicron and even war in Europe.

Our policies are working. And we’re getting results for the American people – that’s what we’re talking about, to say the least.

Record job creation. Record decline in unemployment. Record salary increase. And, by the way, jobs and unemployment are not just another statistic. They go directly to the core of what the economy represents: the ability of working Americans to live with dignity, support their families, and build a better life for their children.

People are making more money. They are finding better jobs. And after decades of mistreatment and very little pay, more and more American workers now have the real power to do so – get better wages and do what is best for themselves and their families.

Some people see this as a problem; we have had this discussion in the past. I do not. I see it as late.

So when you hear these figures, they are not statistics; it is a statement of the kind of economy we are fighting for – an economy, as I said at the outset, built from the bottom up and from the middle out – not from the top down. When we do it this way, everyone does well, everyone wins.

Although we have created a record number of jobs, we know – I know – that this work is not over. We need to do more to bring prices under control.

Putin’s invasion of Ukraine has pushed up gas prices and food prices around the world. To help cope with this, yesterday I authorized the release of 1 million barrels per day for the next six months from our Strategic Oil Reserve.

I acknowledge that this, so far, is the greatest liberation from our national reserves in our history. It’s a wartime bridge – that’s the way I look at it – to increase our oil supply as we work with our oil – American oil producers to increase their output to get us through this period.

I have coordinated this publication with partners and allies around the world. This morning, over 30 countries from around the world convened an extraordinary meeting and agreed to release tens of millions of barrels of extra oil into the market.

Hundreds of hours of meetings with key allies, keeping them together, are paying off. Nations are rallying to deny Putin the ability to arm his energy sources against American families – not just American families, but families in Europe and around the world.

I have also made the adjustment of America’s fiscal house a priority. Under my predecessor, the federal budget deficit grew every year – every year. As I got engaged when I ran and got here, we will return it.

In fact, last year, in 2021, we reduced the federal deficit by more than $ 350 billion. And this year, in 2022, we are on the right track to reducing the deficit by more than $ 1.3 trillion – $ 1.3 trillion. This would be the largest one-year deficit reduction in U.S. history. And it is especially important now that we are working to reduce inflationary pressures. This is what happens when you reduce the deficit.

So here are the facts: It was the previous administration whose reckless policies and mismanagement led to record budget deficits. In my administration, this is taking control of the deficit.

In fact, I just published my budget this week and it shows that, moving forward, we can reduce the deficit by another $ 1 trillion over the next decade, while still making prudent investments in economic growth, climate and decision-making. other economic rights.

But to do that, we must be willing to do something that previous administrations and Republicans today refuse to do. We need to make sure that corporations and the super rich start paying their fair share.

Here’s an example: Right now, billionaires – and there are not many of them in the country; probably i will not give a number because i do not know for sure. They – on average less than 1 percent. But my opinion is that billionaires pay an average rate of only 8 percent on their total income.

A family run by a firefighter and a teacher can pay double that income tax – twice what a billionaire pays; double 8 percent.

So my budget has a billionaire minimum tax – a 20 percent minimum tax that only applies to the highest – one percent of one – one percent of 1 percent of American households.

The billionaire’s minimum tax is right. And here’s the deal: It raises $ 360 billion that could be used to cut costs for households and reduce the deficit. It would add – it would add – and I would add, no one earns less than four – and you’re tired of hearing me say this, but no one who earns less than $ 400,000 a year will pay any penny more federal tax.

As I have said in the past, I am a capitalist. I have no problem making people make as much money as they can. But I’m asking you a simple question: Just pay your fair share. Pay your fair share. This is all. This is. Only your right part.

And no one can argue that 20 percent for a billionaire is unfair.

Here’s what this adds: We will continue to create jobs, reduce the cost to families and curb the deficits left by my predecessor – all important steps in pro- – to continue our historic progress to build a more good America.

I said from the beginning we are the only country in the world that has emerged from the strongest crises we have ever been through. This is what we are doing here.

I want to thank you all for introducing yourself today. And we will have plenty of time to answer questions about items other than the work report next week. Thank you. I appreciate.

11:04 EDT

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