ICYMI: OECD: AMERICAN RESCUE PLAN’S PUBLIC INVESTMENTS WILL BOOST GDP BY NEARLY 4% IN 2021, LIFT GLOBAL ECONOMY
The American Rescue Plan will grow the U.S. economy by nearly 4% in 2021, according to the latest forecast from the Organization for Economic Cooperation and Development (OECD). The legislation’s economic stimulus and funding for accelerated vaccine distribution will also help lift global output by 5.6% and add more than a percentage point to global growth.
View the OECD’s full report here.
The OECD is one of several recent analyses to highlight the broad benefits of the American Rescue Plan’s public investments:
A Tax Policy Center analysis found that the legislation will give the poorest 20% of Americans a 20% income boost, thanks to provisions like direct checks, expanded unemployment insurance, the Child Tax Credit and the Earned Income Tax Credit.
The Farm Bureau estimates that the American Rescue Plan will benefit Black farmers more than any legislation since the Civil Rights Act of 1964.
The American Rescue Plan’s Child Tax Credit will cut child poverty nearly in half, according to the Center for Law and Social Policy.