Since President Biden took office, the unemployment rate fell to a historically low level of 3.9% — the largest calendar year decrease in unemployment in history
ICYMI: Gov. Holcomb and LG Crouch Buck INGOP, Praise American Rescue Plan’s READI and Broadband Investments
INDIANAPOLIS – The Indiana Democratic Party, the organization that advocates for the future of Indiana and its families, today released the following statement by executive director Lauren Ganapini after the U.S. unemployment rate fell to 3.9-percent under President Biden’s leadership:
“Today’s great news is yet another sign that President Joe Biden’s and Democrats’ economic plan is working. Under President Biden’s and Indiana Democrats’ leadership, the economy added over 6.4 million jobs in 2021 — the most in a single calendar year. Wages are up, everyone who wants a job can get one, and one of the fastest economic recoveries in history continues to power ahead.
This track record of success includes the state’s READI program, which is fully-funded by the American Rescue Plan. The Democrats’ READI efforts are so popular that even Republican Governor Eric Holcomb admitted just this week there’s a lot of ‘excitement’ with Hoosiers about these transformative investments.
“Americans are better off now than they were a year ago, but we know there is more work to do. Despite Republicans’ constant obstruction and INGOP Chairman Kyler Hupfer calling this economic agenda ‘socialism’, Democrats will not relent and will continue to pass the rest of President Biden’s agenda to lower costs for American families.”
Here’s a look at the economic progress our country has made thanks to President Biden and Democrats’ leadership:
- Indiana’s READI economic development program received 100% funding thanks to the American Rescue Plan. (NOTE: Not one Indiana Republican in Congress supported this measure)
- Since President Biden took office, the unemployment rate fell to a historically low level of 3.9% — which the CBO did not expect the economy to hit until 2026 before the American Rescue Plan was passed. This is the largest calendar year decrease in unemployment in history.
- The economy has added 6.4 million jobs since President Biden took office — regaining 84% of the jobs that were lost during the pandemic. 2021 saw the largest yearly increase in labor force participation since 1996.
- Under Joe Biden’s leadership, an average of 537,000 jobs were created per month in 2021.
- The United States of America is the only major economy in the world where the economy as a whole is stronger than before the pandemic.
- Applications for new small businesses are up by 30% from before the pandemic and we’ve seen the fastest economic growth in nearly 40 years.