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Cornerstone Macro Co-Founder and Chief Economist Nancy Lazar discusses falling unemployment rate at “Maria Bartiromo’s Wall Street”
Republican senators, including potential presidential candidates, have lambasted the disappointing latest jobs report, as well as President Biden’s efforts to portray the shortage as part of “progress.”
The September jobs report showed that the economy had created 194,000 jobs – well below the expected 500,000 new jobs. Republicans have widely targeted the dual track of benefits for the unemployed and various terms that restrict eligibility for certain jobs.
No one has spared criticism of Biden or his policies, Senator Lindsey Graham, RS.C., saying the administration “has thrown a wet blanket over job creators.”
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Senate Republican Conference Chairman Sen. John Barrasso, R-Wyo., Told FOX Business that “Biden’s economy is failing Americans who want to get back to work and put the virus behind them.”
“President Biden had a winning hand with three safe and effective vaccines and he messed it up,” Barrasso argued. “America’s economic recovery is crippled by big spending, high taxes and the socialist policies of Joe Biden.”
“The disappointing months of jobs reports are a direct result of President Biden’s failed policies,” Sen. Tim Scott, RS.C. “This administration’s plan to pay people not to work and heavy mandates has crippled our economy at a time when middle-class Americans are already struggling to afford basic necessities due to inflation. “
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Biden claimed the United States had made “steady and steady progress,” with unemployment below 5% for the first time since taking office. He praised the Labor Ministry’s findings that the number of layoffs and job cuts “is the lowest in this country since 1997”.
However, Republicans have not accepted Biden’s side of the story. Rank member of the Senate Joint Economic Committee, Senator Mike Lee, R-Utah, noted that jobs are currently 5 million below pre-pandemic levels.
Senator Rick Scott, R-FL, proclaimed that “Joe Biden and Democrats in Washington are pushing America off a cliff.”
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“This jobs report shows what employers across the country have been saying for months: The labor shortage is worsening,” Senator Tom Cotton, R-Ark told FOX Business. “The Biden administration should abandon its new rights programs, reinstate the work demands it took away in its March spending spree, and put people back to work.”
“This is just further proof of Joe Biden’s anti-worker agenda in action,” said Sen. Josh Hawley, R-Mo. “Instead of the recovery we desperately need, Biden has given us less jobs, higher prices and soaring inflation. It’s time for the president to stop waging his bogus culture war and put America back to work. “
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The September report was the first since the $ 300 a week in additional unemployment benefits expired on September 5. Economists are still assessing the impact of the Child Tax Credit, which pays families up to $ 3,600 per child per year. Mandatory vaccine requirements enforced by a growing number of companies will also have an impact in the future.
Tyler Olson, Jonathan Garber, Robert Enos and Edward Lawrence of FOX Business contributed to this report.
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