Scott Statement on July Jobs Report
WASHINGTON, DC – Ranking Member Bobby Scott (VA-03) issued the following statement after the Bureau of Labor Statistics announced that the economy added 157,000 in July, with the unemployment rate at 3.9 percent.
“Today’s jobs report highlights the failure of the Republican tax bill to improve the lives of hard-working Americans. The report shows that unemployment dropped to 3.9 percent but annual wage growth remained at a paltry 2.7 percent. Instead of benefitting workers or investing in new equipment, the massive tax cuts for corporations and the wealthy have been funneled into a wave of stock buybacks that overwhelmingly benefit the wealthiest one percent. In fact, a recent report found that companies have distributed 57 percent of their tax savings to shareholders and just 7 percent to their workers.
“Rather than spending nearly $2 trillion on a tax cut that overwhelmingly benefits the richest Americans, we should be investing in America’s future. Last week, Democrats introduced the Aim Higher Act, a comprehensive higher education plan that would provide every student the opportunity to earn a debt-free degree or credential that leads to a rewarding career. If we are going to reverse the extreme income inequality that is dividing our nation into the rich and poor, we must ensure every American can access the education and training they need to compete for good-paying jobs.”