President Joe Biden on Monday touted his administration's accomplishments in assisting in economic recovery and encouraged lawmakers to pass a bipartisan infrastructure package in remarks from the White House.
"Folks, it turns out capitalism is alive and well," Biden said.
Last Thursday, the Labor Department reported that unemployment claims fell to 360,000 last week — a number that marked a low since the arrival of COVID-19 in March 2020, but a figure still far above pre-pandemic levels.
According to the Associated Press, the U.S. economy is on track for 7% growth in 2020 — a number that would mark the largest year-over-year increase since 1984.
Earlier this year, Biden signed into law a $1.9 trillion stimulus package that provided many Americans with direct cash payments, expanded tax credits to those with children and extended some unemployment benefits.
In his remarks Monday, Biden claimed the child tax credits — which went into effect earlier this month — will help lift millions of children out of poverty.
"For millions of middle-class families, it will give them a little breathing room every month," he said.
The COVID-19 stimulus package proposed by Biden passed without Republican support. Biden currently has several Republican senators on board for his proposed $1.2 trillion infrastructure package.
However, the GOP has asked Democrats to strike a provision from the package that would strengthen the IRS' ability to target wealthy Americans who attempt to evade income tax.
Biden seemed to reference his disappointment that change in his remarks on Monday.
"We shook hands on it," Biden said, referring to a bipartisan group of senators agreeing to terms several weeks ago.
Biden also compared his plan to a "smart, sustainable investment" that a business would make in the private sector.
"This is the best strategy to create millions of jobs and lift up the middle class," Biden said. "This is a blue-collar blueprint for building the American economy back."
