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Brady: With Sept. Jobs Report, More Than Half of Jobs Lost to Covid Now Recovered

October 02, 2020

661,000 jobs greater than any month in Obama-Biden Administration

WASHINGTON–Rep. Kevin Brady (R-TX), the top Republican on the House Ways and Means Committee, released the followings statement on the September jobs report:

“America will take a 661,000 jobs report every chance we can, especially as unemployment again beat expectations, dropping to 7.9%.

“This is the fifth consecutive month of job growth in the best labor market recovery from any economic crisis in history.

“But we’re not out of this pandemic yet, so it’s crucial Speaker Nancy Pelosi stop sabotaging this economy for political gain, and find common ground on a targeted, smart emergency aid package that focuses on saving small businesses, getting people back to work, and more funding for schools, hospitals, and daycare.”

The Facts:

The previous administration’s tax-and-regulate agenda achieved the slowest recovery in modern history. By contrast, President Trump championed pro-growth policies like TCJA that led to a generational low in unemployment, setting records in jobs and wages for women and people of color, shrinking the wealth gap, and reducing poverty at historic levels.

Americans don’t need more taxes or wasteful spending—we can recover by safely returning to work and growing the economy.

A V-Shaped Recovery:

  • Over 11.4 Million Jobs Created Over the Last Five Months
  • New and Existing Home Sales Reached Highest Levels Since 2006 with Over 1 Million and 6 Million Respectively
  • Orders for Durable Goods Increased by Nearly $1 Billion, a Four-Month Streak
  • Business Investment is Beating Economists’ Expectations
  • The Federal Reserve Revised its GDP Projections Upward from -6.7 growth to a -3.7 growth in 2020

Before the Pandemic, the Tax Code was Spurring Higher Wages, More Jobs, and Greater Economic Growth:

  • Record amount of job openings with 7.5 million jobs following TCJA’s passage
  • Business investment was growing ending Obama-Biden’s five-year downward trend
  • Highest level ever of business creation with over 880,000 business applications
  • Low- and middle-class families saw the largest gains in wealth growth in 2018 and 2019
  • Median household incomes increased 7.1% for Hispanics, 7.9% for Blacks,10.6% for Asian Americans and 8.5% for foreign-born workers.
  • Compared to Obama-Biden’s second term, wage growth, as a measure of median usual weekly earnings, grew 24% faster for Hispanics, 79% faster for Blacks, and 95% faster for Asian Americans, and grew 60% faster for women.
  • Compared to Obama-Biden’s second term, wage growth, as a measure of median usual weekly earnings, more than doubled for those with less than a high school diploma and those with either some college or have an associate degree.