This morning we received a very welcome jobs report – 531k jobs added – and in my view, there are two key takeaways:
One: Our recovery is on track. Our unemployment rate now is at its lowest level since the start of the pandemic, and we’re on pace to reach full employment 2 years faster than CBO expected.
Two: Bold fiscal policy works. A rebound like this was never a foregone conclusion. When our administration took office back in January, there was a real risk that our economy was going to slip into a prolonged recession. Now our recovery is outpacing other wealthy nations’.
There’s an alternate present where our economy is still stagnating, where millions cannot find work. In large part, this has been avoided by smart policy and action: the American Rescue Plan and an immunization campaign that’s vaccinated 193 million Americans.
Now we have a chance to apply this lesson to a new set of challenges: The American Rescue Plan ensured America would recover from the pandemic. The Build Back Better package making its way through Congress will ensure America thrives in a post-pandemic world.
www.cnbc.com
