Do You Know: Economic News - 14.3 Million Jobs Added, Lower Inflation, Student Loan Forgiveness Under Biden's Leadership

The Biden-Harris administration unveiled the December Jobs Report, revealing a noteworthy achievement of creating 2.7 million new jobs in 2023. This surpasses the job creation in any year of the previous administration, culminating in a remarkable total of 14.3 million jobs generated under President Biden's leadership.

Moreover, unemployment has been under 4% for the longest streak since the Vietnam War.

Adding to the positive developments, inflation has subsided to the pre-pandemic level of 2% over the past 6 months. Additionally, key prices have seen a decline over the last year, impacting various aspects of daily life such as gas, milk, toys, appliances, car rentals, and airfares. Notably, American workers now enjoy higher wages and wealth, adjusted for inflation, surpassing pre-pandemic levels. This signals encouraging progress in the economic landscape.

Despite the Supreme Court blocking Biden's student debt cancellation plan, President Biden has successfully implemented $132 billion in loan forgiveness under existing federal student loan forgiveness programs. The new SAVE program, which stands for "Saving on a Valuable Education” offers borrowers reduced monthly payments and halts the growth of interest.

“Today’s announcement will help struggling borrowers who have been making loan payments for years, including many who never graduated from college,” said Under Secretary James Kvaal. “Giving borrowers with smaller loans a faster path to being debt free will help many borrowers avoid financial distress and have peace of mind.”

Click on this link for more information: https://www.ed.gov/news/press-releases/biden-harris-administration-shorten-path-debt-cancellation-some-save-borrowers