Jared Bernstein: President Biden has set up an 'amazing labor market recovery'
President Biden to speak on America's economic gains during his State of the Union address
White House economic adviser Jared Bernstein touted President Biden's handling of the U.S. economy Tuesday ahead of the State of the Union address on "Your World."
JARED BERNSTEIN: They've got real wage gains up over the past seven months, 12.1 million jobs since this president got her, a manufacturing boom. 800,000 jobs since Biden took office in manufacturing, rebuilding clean energy, semiconductors, building things in America once again. Anyone who said that can't be done firmly rejected by this president. A 3.4% unemployment rate, the lowest in over 50 years.
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We are outperforming where people thought the economy would be. If you look at the long-term job gains over this expansion, we've surpassed our pre-pandemic level way before almost any other business cycle on record, at least going back to the 1950s. Manufacturing is engaged in the strongest business cycle since 1953. You just don't pose those kinds of economic records unless your economy is doing something very right.
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From an economist perspective, what we're trying to do is build the strongest economy on behalf of American working people. Build this economy from the bottom up and the middle out. That's what the president said he'd do when he got here, put shots in arms and checks in pockets from the rescue plan, setting up this amazing labor market recovery that you and I have been talking about. Now, as an economist, the best thing I can do is keep my head down and build on those successes because they're so important for working Americans. And that's what we're doing.