Ranking Member Scott Statement on March Jobs Report
WASHINGTON – Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after the Bureau of Labor Statistics announced that the economy added 303,000 jobs in March, and the unemployment rate ticked down from 3.9 to 3.8 percent. Since President Biden took office, the economy has added 15.2 million jobs. And initial unemployment insurance claims have remained below former President Trump’s pre-pandemic average for 20 consecutive weeks.
“Four years ago, millions of retirees were on the verge of losing their hard-earned retirement savings, businesses were on the brink of collapse, students were saddled with mountains of student loan debt, and good-paying jobs were in short supply. Today’s jobs report is proof that because of the investments made by Congressional Democrats and the Biden Administration, students, workers, and their families are better off today than they were four years ago.
“For example, prior to the Biden Administration's changes to Public Service Loan Forgiveness (PSLF) program, approximately 7,000 borrowers had received forgiveness through PSLF. Now, four years later, more than 800,000 borrowers have received forgiveness through PSLF.
“In March 2020, the multiemployer pension system was on the brink of collapse and participating businesses were at risk of going under. Now, four years later, the Special Financial Assistance program, which was established by the American Rescue Plan Act, has saved over 775,000 pensions, and prevented approximately 3,000 businesses from closing. Moreover, these investments empowered more workers to benefit from our country’s sustained economic progress, and thousands of businesses have been able operate without the threat of insolvency due to liabilities they could not pay.
“In March and April of 2020, 21.9 million jobs evaporated, jeopardizing the livelihoods of millions of families. Today, under the leadership of President Biden, the unemployment rate has been at or below 4.0 percent for 28 consecutive months, and low-wage workers have experienced unprecedented wage growth over the past four years.
“Congress must continue to build on the progress made by the Biden-Harris Administration. The changes we have seen over the last four years show what happens when we make investments that build the economy from the bottom up and the middle out.”
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