Ranking Member Scott Statement on the October Jobs Report

WASHINGTON -Ranking Member Robert C. "Bobby" Scott (VA-03) released the following statement after the Bureau of Labor Statistics announced that the economy added 12,000 jobs in October, and the unemployment rate remained unchanged at 4.1 percent. To date, President Biden is the first President on record without a month of job loss in the seasonally adjusted data. Every other administration has seen at least one month of job loss.

"Without question, Americans are better off today, then they were four years ago. Since President Biden took office, the economy has added 16.1 million jobs, inflation has fallen to 2.4 percent over the year, and wages continue to grow, particularly among low-wage workers. Four years ago, the economy was in freefall, Americans were hoarding toilet paper and standing in line at foodbanks. President Trump was on track to achieve the worst job performance in modern history, and the unemployment rate was 6.8 percent, compared to today's rate of 4.1 percent.

"The contrast between the records of this administration and the prior administration could not be starker. For example, President Trump is the first president in nearly 100 years to have lost more jobs than he created during his time in office. During President Trump's tenure, ten months of which he spent mismanaging the COVID-19 pandemic, the economy lost 2.7 million jobs. During President Biden's time in office, nearly two years of which were spent recovering from the COVID-19 pandemic, the economy has added 16.1 million jobs. That is more jobs than any President has created in four years.

"The Biden-Harris Administration's responsible stewardship of the economy and investment in workers has paid off. In the past four years, Democrats ensured working people were not left behind during this country's economic recovery. But the work is not over. Despite the resilience of the economy, there is more that can be done to lower costs, whether at the grocery store, the pharmacy counter, or when buying a home. Democrats are offering proposals to end price gouging, lower prescription drug costs, expand homeownership, increase the Pell Grant, and lower the cost of childcare, among many other priorities. Moreover, to help families make ends meet, Democrats are proposing to expand the Child Tax Credit, which would provide as much as $300 per month per child.

"As we look ahead, we remain steadfast in our commitment to safeguarding the rights of workers and fostering an economy that works for everyone. Together with the Biden-Harris Administration and my colleagues in Congress, we will continue to champion policies that empower working families and drive sustainable growth. The path forward is one of opportunity, equity, and shared success for all."