This month, the U.S. has recorded 240,000 unemployment claims. In comparison, the Labor Department recorded more unemployment claims in November than in any month since August. Furthermore, the four-week unemployment claim average has increased by 5,500 within the last week.
Despite the rising unemployment claims, President Joe Biden remains optimistic about the future of the nation’s economy. During a recent gaggle with reporters, Biden highlighted the growth of the economy and job market.
“We’ve added jobs every single month in my presidency, more than 10 million jobs total,” President Joe Biden said, according to KHON in Houston.
“The economy grew at 2.6% last quarter while inflation started to slow and unemployment stayed low.”
Contrary to Biden’s statements, many opposing political figures have taken issue with the government’s financial support of Ukraine and its financial relationship with China. Recently, Senator Ted Cruz insinuated that the government’s spending on other matters has led to the increased costs of various items.
“You want to know why the price of everything you buy has gone through the roof?” Sen. Cruz said, according to KHON in Houston.
“Because the Democrats keep spending money we don’t have, keep borrowing from the Chinese, running the printing presses.”
Pushing back against Cruz’s claims, Labor Secretary Marty Walsh has indicated that the Biden administration has taken efforts to support Americans in times of economic strife.
“If the senator was talking about the American Rescue Plan, well, a lot of that money went to small businesses in America so that small businesses wouldn’t have to shut their doors,” Labor Secretary Marty Walsh said, according to KHON in Houston.
“People would’ve been on the street, living on the street.”