Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement after the Labor Department released its October jobs report showing that non-farm payroll employment increased by 261,000:
“The October jobs report showcases the strength and resiliency of the American labor market. Our economy added 261,000 jobs last month, beating economists’ expectations and proving that Democrats’ economic plan is working. Democrats laid the groundwork for our rapid recovery by passing the American Rescue Plan at the start of the 117th Congress. Since then, we’ve experienced record job growth in addition to record small business starts ups and job creation by small firms. Since President Biden took office, our economy has added 10.3 million jobs, that’s the fastest pace of job growth during any President’s first two years in office. We’ve also made great strides in bringing down Black and Hispanic unemployment, which currently sit near historic lows. Workers’ wages are also rising, businesses are hiring, and the American economy is on the path to long-term sustainable growth.
“Still, global inflation has stung Americans by raising the cost of running a small business or simply providing for one’s family. Democrats took steps to tackle rising costs by passing the Inflation Reduction Act, which will lower healthcare and energy costs and ensure large corporations pay their fair share in taxes. Now, Congressional Republicans are rooting for a recession and threatening to reverse this progress by repealing the Inflation Reduction Act, raising insurance and prescription drug costs, and giving a tax break to the largest corporations. Republicans have also laid out cynical plans to hold the debt ceiling hostage to gut Social Security and Medicare. Overall, the Republican inflation plan will rip critical support from Americans while doing nothing to address rising costs. That’s why I’m committed to protecting the progress Democrats have fought for and working to deliver economic gains for the American people and small businesses moving forward.”
