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WASHINGTON D.C. – Top Republican on the Ways and Means Committee Rep. Kevin Brady (R-TX) today joined Varney & Co. on Fox Business Network to discuss the importance of Friday’s release of the June’s jobs report:
Rep. Brady said:
“The jobs recovery is struggling in a big way.
“Obviously April was a disaster, May was dumbed down. So the question is: what are we going to see tomorrow in the June jobs report?
“We took the President’s projections of job creation at this point – right now he’s only created one-third of the jobs that he promised in his jobs plan. He’s about a million and a half jobs short of where he should be tomorrow, so we’ll see if he gets anywhere close to that.
“My guess is he doesn’t.”
On Democrats’ War on Work and endless government checks, Rep. Brady added:
“So far every month of this year prices are going up about twice as fast as paychecks. American families are actually falling behind under this President.
“Of course workers – labor participation has fallen and is stuck alarming low. The question is will we see any meaningful progress tomorrow in getting people back in the work force.
“My guess is: as long as half the country’s paying workers more to stay home than to go back to work, you’re still going to see us struggling there. So, workers, wages, jobs. I’d say the President’s report card is failing.“
KEY TAKEAWAYS ON WHAT TO LOOK FOR IN THE JUNE JOBS REPORT:
- JOBS: President Biden is failing on his jobs promises from the $1.9 trillion American Rescue Plan “stimulus,” despite huge advantages he inherited, including vaccines, a reopening economy, and trillions in emergency spending. He has added merely one third of the jobs promised at this point, and will need 1.56 million jobs added in June to get back on track. (Source: Moody’s “Macroeconomic Impact of American Jobs Plan”)
- WAGES: President Biden’s “stimulus” didn’t bring us jobs—it brought inflation. Prices are rising twice as fast as paychecks – so American families are falling behind. Real wages have declined since President Biden took office.
- WORKERS: This is another big number to watch. Labor force participation remains below the pre-COVID rate and is stuck alarmingly low. The June Jobs report’s labor force participation rate needs to rise toward 63.3% from the current 61.6% to show any meaningful progress. If President Biden can’t get people back to work, our economic rebound will continue to suffer.