Building a Brighter Future
Last week America won. It received strong news about the present economy and the outlook for the future. President Joe Biden and the Democratic Congress delivered on their promise to create and improve American jobs.
The CNBC headline read “Job creation roars back in October as payrolls rise by 531,000.â€Â This rate of job creation beat expectations and drove the unemployment rate down to 4.6%.Â
Private payrolls were even stronger, rising 604,000 as a loss of 73,000 government jobs pulled down the headline number. October’s gains represented a sharp pickup from September, which gained 312,000 jobs after the initial Bureau of Labor Statistics estimate of 194,000 saw a substantial upward revision in Friday’s report.
Published Fri, Nov 5 20218:31 AM EDT Updated Fri, Nov 5 20212:23 PM EDT Jeff Cox
Not only are more Americans working, but they are earning higher wages. Wages today are 4.8% higher than they were a year ago. The labor market is working for the first time in years as wage earners take home more pay.
As more and more of us take a Covid shot for America, the economy is growing again. We are traveling and spending money on hospitality and recreation. These industries attracted new workers by offering hourly wages of $15 and $20 per hour.
This situation is quite a turnaround from Donald Trump. Donald argued that American wages were too high. Conservatives want low wages to pay investors. Liberals want workers to earn their fair share.
On the heels of this good news, Congress finished its negotiation of an infrastructure package. Infrastructure is like the skeleton or circulatory system of the body. It keeps the many parts standing up and moves products around.
Any infrastructure bill had been elusive for years. This bill, part of Biden’s Build Back Better program, invests $110 billion in roads, bridges and bicycle paths. This money will replace or repair existing infrastructure.
The infrastructure bill also addresses railroads. Railroads are an essential part of our supply chain. Just as important, however, passenger rail provides a vital commuter service. Improving rail service will create jobs and reduce greenhouse gases.
The future of job and business growth also requires investing in information infrastructure. The Democratic bill provides $65 billion dollars to expand high speed internet, or broadband, services. This investment is a big win for rural areas left behind fast growing urban areas.
Add all of this up, and we have a big win for America. America is building back better. Job creation is strong now and will be in the years to come. Despite the efforts to sabotage the Biden Administration, American resilience is forging ahead with a future full of hope.
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