Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Biden Scorns Trump for Hailing Economy With 11.1% Jobless Rate

Published 2020-07-02, 12:19 p/m
© Bloomberg. WILMINGTON, DELAWARE - JUNE 30: Democratic presidential candidate, former Vice President Joe Biden pauses during a campaign event June 30, 2020 at Alexis I. Dupont High School in Wilmington, Delaware. Biden discussed the Trump Administration’s handling of the COVID-19 pandemic. (Photo by Alex Wong/Getty Images)

(Bloomberg) -- Joe Biden reminded the American people on Thursday that the coronavirus pandemic is far from over and said the month’s positive jobs report does not compensate for the scale of the health crisis.

“There is no victory to be celebrated,” the Democratic presidential nominee said on a livestream from his Delaware home.

President Donald Trump trumpeted the job figures on Thursday, saying the 5 million new jobs showed the economy is “roaring back.” But with the unemployment rate still at 11.1% and the coronavirus cases spiking in several states, economists expressed concern about a stalling economic recovery.

The Democratic nominee, while acknowledging he was happy for the people who are back at work, sought to tamp down Trump’s enthusiasm for the jobs report, saying the country is still in a “deep, deep hole.”

“We’re still down nearly 15 million jobs and the pandemic is getting worse, not better,” Biden said.

Biden continued his barrage of criticisms of Trump’s leadership and said millions of jobs and thousands of lives could have been saved if the president had acted sooner. He called on the president to focus his efforts on solving the health crisis, which he argued needs to first be addressed before the economy can recover.

“Act,” he said. “Lead. Lead. Or get out of the way so others can, Mr. President.”

©2020 Bloomberg L.P.

Latest comments

The day after the November election will provide a US Administration with some common sense, rather than Hate and disclaimer filled Twitter rants at 2am. The World can't wait!!! LOL!
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.