In response to reports of continued economic growth under the Biden-Harris administration, DNC Spokesperson Kelly Ramirez released the following statement: 

“America’s economy continues to grow thanks to President Biden and Vice President Harris, with 16 million jobs created, the lowest average unemployment rate of any administration in 50 years, and inflation continuing to decline on their watch. Meanwhile, Donald Trump and JD Vance are campaigning on their disastrous Project 2025 agenda that would cost America 3.1 million jobs, give billionaires and big corporations more tax cuts on the backs of the middle class, and tank the economy with an ‘inflation bomb.’ In just four days, the American people will reject the Trump-Vance ticket’s extreme blueprint and choose Vice President Harris and Governor Walz’s plan to lower costs and create an opportunity economy where every American can succeed.”

NEW: The Biden-Harris administration continues to fight for the middle class by creating jobs and lowering costs for families. 

Heather Long, Washington Post: “The US economy has gained 16.1 million jobs since President Biden took office in January 2021.

“That’s 6.7 million more jobs than pre-pandemic.

“Unemployment rate in Jan 2021: 6.4%

“Unemployment rate now: 4.1%”

CNN: “The Fed’s favorite inflation index just cooled again”

“Friday’s report also contained even more good news for Americans and economic activity: Incomes continue to grow, and consumers continue to spend and keep the economy churning.”

Associated Press: “US economy grew at a solid 2.8% pace last quarter on strength of consumer spending”

Wall Street Journal: “Whoever wins the White House next week will take office with no shortage of challenges, but at least one huge asset: an economy that is putting its peers to shame.

“With another solid performance in the third quarter, the U.S. has grown 2.7% over the past year. It is outrunning every other major developed economy, not to mention its own historical growth rate.

“More impressive than the rate of growth is its quality. This growth didn’t come solely from using up finite supplies of labor and other resources, which could fuel inflation. Instead, it came from making people and businesses more productive.”

NBC: “However, the ADP report indicates that the labor market has held up. In addition to hiring rising, wages grew 4.6% from a year ago.

Moreover, gains were widespread. Leading sectors included education and health services (53,000), trade, transportation and utilities (51,000), construction and leisure and hospitality, which added 37,000 apiece, and professional and business services, which contributed 31,000.”

The Harris-Walz administration will chart a New Way Forward for the nation by spurring job growth, building up the middle class, boosting small businesses, and investing in entrepreneurs.

A New Way Forward for the Middle Class: “Goldman Sachs estimates the biggest boost to the U.S. economy from a Vice President Harris win. They estimate that job growth will be higher and inflation lower than if Donald Trump is elected. A Harris victory would lead to between 10,000 and 30,000 more new jobs per month than if Trump is elected.”

Reuters: “Under Harris, job growth would be 10,000 a month higher than if Trump wins with a divided government, and 30,000 higher than with a Republican sweep, Goldman estimates.”

Axios: “The paper, titled ‘A New Way Forward for the Middle Class,’ says that Harris will ‘call on Congress to pass the first-ever federal ban on price gouging.’

“‘The bill will set rules of the road to make clear that big corporations can’t unfairly exploit consumers during times of crisis to run up excessive corporate profits on food and groceries.’”

Politico: “In her speech, Harris reiterated her support for several other major economic efforts, including a federal ban on corporate price-gouging, expanding tax credits for new small businesses, extending the child tax credit and pledging to build 3 million new homes to address the housing shortage.”

Politico: “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.”

The contrast couldn’t be clearer. Trump has been clear that he would send new, good-paying manufacturing jobs overseas by repealing the Biden-Harris Inflation Reduction Act. His Project 2025 plans would cost the U.S. millions of jobs, send inflation soaring, and raise taxes on everyone but the wealthy elite.

New York Times: “Elon Musk Sees Trump’s Economic Plans Causing ‘Temporary Hardship’”

Associated Press: “Trump’s economic plans would worsen inflation, experts say”

Newsweek: “Nobel Prize Winner Explains How Trump Could Cause ‘Economic Chaos’”

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

Wall Street Journal: “A drumbeat of reports from Wall Street economists have warned that Trump’s plans could substantially slow economic growth while driving up consumer prices.”

Washington Post: “Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law … Further cutting corporate taxes … would primarily benefit large firms.”

USA Today: “Under a Trump administration, inflation would rise from 3% this year to 3.5% in 2025, compared to 2.4% under Harris, the Moody’s analysis shows. At the end of a Trump tenure the U.S. would have 3.1 million fewer jobs than under Harris and a 4.5% unemployment rate, a half percentage point higher.”

The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

Politico: “Donald Trump pledged Thursday to rescind any ‘unspent’ funds under the Inflation Reduction Act should he be elected in November — potentially upending key parts of the Democrats’ climate law and its benefits to Republican-led communities.”

Center for American Progress: “Project 2025’s tax plan includes an ‘intermediate tax reform’ that includes changes to tax brackets and corporate tax cuts that would shift the tax burden toward middle-income households. And the ‘fundamental tax reform’ it proposes would replace all individual income and corporate taxes with consumption taxes.”