Unemployment Remains Low Under Biden-Harris Administration As Reports Show Trump’s Project 2025 Agenda Would Cause Recession, Send Inflation Soaring, and Slow Growth 

In response to today’s jobs report, DNC National Press Secretary ⁨Emilia Rowland⁩ released the following statement:

“As the Biden-Harris administration marks its 44th month of consecutive job growth and the creation of nearly 16 million jobs since the start of their term, Donald Trump and MAGA Republicans continue to push their Project 2025 agenda that would cost America 3.2 million jobs after Trump left office with the worst jobs record since Herbert Hoover. This election is a choice between Vice President Harris’ plans to support small businesses and invest in entrepreneurs versus Donald Trump and JD Vance’s plan to extend Trump’s disastrous tax scam that gave massive handouts to billionaires and big corporations while leaving the middle class behind. Americans won’t turn back to Republicans’ failed trickle-down economics of the past.”

NEW: August’s jobs report shows the 44th consecutive month of job growth under the Biden-Harris administration, as unemployment remains low — while the Trump-Vance Project 2025 agenda could cost America 3.2 million jobs.

Michelle Fleury, BBC News: “The US economy added 142,000 jobs in August, while the unemployment rate fell to 4.2% from 4.3%.”

NBC News: “U.S. economy adds 142,000 jobs, unemployment ticks down slightly”

USA Today: “Next year, under a Trump administration, inflation would rise from the current 3.3% to 3.6%, well above the 2.4% forecast under Biden, the Moody’s analysis shows. Compared with Biden, the U.S. would have 3.2 million fewer jobs and a 4.5% unemployment rate, a half percentage point higher, at the end of a Trump tenure.”

Just this week, Vice President Harris laid out her plans to build up the middle class, boost small businesses, and invest in entrepreneurs.

Axios: “Harris readies aggressive tax boost for new small businesses”

“The latest proposal includes a tenfold increase in the tax deduction for starting a small business — from $5,000 to $50,000.

“In an effort to reduce taxes, new businesses will be allowed to wait to claim that deduction once they turn a profit.

“The proposal also includes measures to cut red tape by developing a standard deduction for small businesses and reducing barriers to getting occupational licenses across state lines.”

Politico: “Harris targets small business tax break in contrast with Trump’s corporate tax cuts”

“Kamala Harris rolled out a new plan for small business tax breaks, as the vice president looks to contrast her economic agenda with former President Donald Trump ahead of next week’s debate…

“The proposal’s focus on tax breaks for small businesses attempts to craft a contrast with Trump, who has called for lowering the corporate tax rate, as well as extending and expanding his 2017 tax law…

“Harris’ proposal, released on Tuesday, calls for significantly expanding the tax deduction for start-up expenses from $5,000 to $50,000, while also setting the goal of 25 million new small-business applications during her first term, according to a Harris campaign official granted anonymity to describe details of the plan. The plan also proposes reducing barriers to getting occupational licenses and developing a standard tax deduction for small businesses.”

Bloomberg: “Harris to Expand Small Business Tax Relief to Boost Startups”

“Harris also plans to initiate a small business expansion fund to enable community banks to cover interest costs when emerging enterprises are trying to expand, particularly in regions that have historically struggled to get investments. If elected, Harris will also pledge to ensure that one-third of federal contract dollars go to small businesses by expanding opportunities in rural areas and underserved communities.”

Wall Street Journal: “Kamala Harris to Propose Expansion of Small-Business Startup Tax Deduction”

USA Today: “Harris to propose $50k tax break for small businesses in economic plan”

Fox Business host Stuart Varney and RNC Chair Michael Whatley agree that Harris-Walz’s plan to support new small businesses is a good idea.

Stuart Varney: “I just want to press the point, when a political candidate comes up with what I think is a good idea, I have to call it a good idea. And a $50,000 tax cut, not tax cut but a tax credit, for start ups or small businesses, coupled with less red tape, I gotta say, that is a good idea.” 

[…]

Whatley: “That may be a good idea.”

New Republic: “Head of Trump’s RNC Forced to Admit Harris’s Idea Is Really Good”

Trump’s disastrous Project 2025 agenda would jack up prices, costing typical middle-class families nearly $4,000 a year, trigger a recession by mid-2025, cost America over 3 million jobs, increase the national debt by over $5 trillion, send inflation skyrocketing, and hurt everyone but his wealthy buddies.

Center for American Progress: “A typical family would, therefore, pay between $2,500 to $3,900 from Trump’s import taxes, depending on the precise tax rate between 10 percent and 20 percent that various countries’ goods could be taxed at.”

Axios: “Trump’s inflation bomb: How his second-term plans could make it worse”

Axios: “Trump plans would add $5.8 trillion to national debt”

Wall Street Journal: “Economists Say Inflation Would Be Worse Under Trump Than Biden”

USA Today: “According to a Moody’s study, Trump’s plan would trigger a recession by mid-2025 and an economy that grows an average 1.3% annually during his four-year term vs. 2.1% under Biden. (The latter is in line with average growth in the decade before the pandemic.)”

Vanity Fair: “Donald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report”

Trump’s economic agenda failed working families and created new incentives for companies to ship jobs overseas, leaving American workers behind.

CNN: “Trump told GM workers he could save their plant, but it’s gone for good”

Washington Post: “Trump promised this Wisconsin town a manufacturing boom. It never arrived.”

Wall Street Journal: “President Trump’s trade war against China didn’t achieve the central objective of reversing a U.S. decline in manufacturing, economic data show, despite tariffs on hundreds of billions of dollars of Chinese goods to discourage imports.”

New York Times: “After Years of Growth, Automakers Are Cutting U.S. Jobs”

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”

Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”

ITEP: “The Trump-GOP tax law enacted in December 2017 creates clear incentives for American-based corporations to move operations and jobs abroad, including a zero percent tax rate on many profits generated offshore.”

Washington Post: “Trump will have the worst jobs record in modern U.S. history. It’s not just the pandemic.”