“Listen to this, Biden got COVID again and had the best week of his presidency,” Maher said to audience laughter during his HBO show, Real Time with Bill Maher, on Friday.
“He got his big climate bill,” Maher added. “It’s good to see the Democrats can be bipartisan with themselves.”
Maher’s remarks cited Sen. Kyrsten Sinema's (D-AZ) putting her support for a deal struck by Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) on a healthcare, tax, and climate spending bill called the Inflation Reduction Act.
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Maher stressed a tax loophole that was let go in order to win over Sinema.
“She was holding this up for something called the carried interest loophole. This was very important to her, and they gave it up,” Maher said. “It’s, you know, something only hedge fund managers care about. Do you care about this? She looked around Scottsdale and said, ‘It’s about time someone stood up for the wealthy.’”
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The HBO host also suggested that gas prices have dropped and July’s jobs report showed unemployment was down to 3.5% — a return to pre-pandemic levels.
The economy withstood expectations and added 528,000 jobs in July, an optimistic sign of the labor market’s tenacity that will reduce fears the country is in a recession.
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The unemployment rate fell to 3.5%, the Bureau of Labor Statistics reported Friday morning, fastening to the lowest level in more than a half-century and matching its ultralow level prior to the pandemic. The jobless rate for Hispanic workers hit an all-time low of 3.9%.
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Friday's report shows that the jobs market is red hot and will promote President Joe Biden, whose approval ratings have plummeted as historic inflation cuts deeply into the paychecks of people across the country. It will allow him to make a strong case that the economy is not in recession since it is still providing job opportunities and wage gains for workers.
The substantial job growth will also encourage the Federal Reserve to proceed more confidently with large interest rate hikes to curb inflation without fearing that the monetary policy tightening will spur layoffs.
“Most economists were way off, expecting a more pessimistic report,” Victor Claar, an economics professor at Florida Gulf Coast University, told the Washington Examiner. “This report will only increase the debate over whether we are in a recession since in a typical recession layoffs accompany the downturn in GDP.”
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