Biden says jobs report bolsters case for government spending
President Joe Biden portrayed the May jobs report as a jumping off point for more spending on infrastructure and education to keep growth going — essentially an argument for his agenda. But the employment numbers issued Friday also hinted at the possible limits of how much government aid can be pumped into the world's largest economy.
“We’re on the right track,” Biden said. “Our plan is working. And we’re not going to let up now. We’re going to continue to move on. I’m extremely optimistic.”
The May jobs report showed the complexity of restarting the economy after a pandemic shutdown and the mixed signals that can result when an unprecedented surge of government spending flows through the economy. Biden can congratulate his administration on 559,000 jobs being added and a 5.8% unemployment rate, yet the hiring was lower than what many economists expected after his $1.9 trillion relief package.
Biden's challenge is to convince Americans that his administration's relief efforts to date have done well enough to sustain faster growth, instead of creating inflation and imbalances that could jeopardize public support for his plans to invest at least another $3 trillion in roads, clean energy, children and schools.
https://www.msn.com/en-us/news/politics/biden-says-jobs-report-bolsters-case-for-government-spending/ar-AAKJ8Y4