INVEST IN AMERICA WEEKLY ROUNDUP

White House Economic Council Advisor Jared Bernstein on CNBC
“We have support from former economists in the Trump and Bush administration, as well as in prior Democratic administrations. There’s just a lot of very positive, bipartisan energy

This week, Invest in America and Invest in America Action continued its work to deliver big, bold economic stimulus to the American people, from advocating for increased child tax credits that would cut our nation’s child poverty rate nearly in half to holding elected officials accountable.

Consensus around going big to combat the coronavirus continues to grow.

  • Nobel laureate and professor Paul Krugman argues that President Biden’s overwhelmingly popular rescue plan is more than economic stimulus — it’s disaster relief for millions of Americans fighting to keep their heads above water.

  • Former Director of the National Economic Council Gene Sperling also highlighted bipartisan support for increasing child credits thanks to growing evidence that refundable tax credits incentivize work and parents who receive allowances work more

  • Congressman Richard Neal’s child tax credit legislation, which mirrors the Biden administration’s proposal, could cut deep child poverty in half and reduce food insecurity across the country.

  • In a virtual speech at the Economic Club of New York, Federal Reserve Chair Jerome Powell repeated his calls for more fiscal stimulus after noting that the real unemployment rate is likely closer to 10% after factoring in misclassification errors. According to Brookings, the American Rescue Plan would lower the unemployment rate by 3.2%. 

  • A HuffPost/YouGov poll revealed that Americans want more relief immediately — even if Republicans fail to come on board. An increasing number of economists, former presidential advisors, and elected leaders are coming out in support of going big.

  • The need for relief crystallized even further after the country experienced its 47th consecutive week of unemployment rates that surpassed their peak during the Great Recession. The New York Federal Reserve highlighted the ways low-wage workers, and disproportionately young workers and workers of color, have been affected by the pandemic.

  • 63% of small business owners, including 46% of Republican small business owners, support President Biden’s American Rescue Plan.

  • On Wall Street, markets are optimistic about President Biden’s rescue plan. Investors are predicting the type of inflation they like, “slightly higher in the next few years but moderating back down after that.”

  • GoFundMe CEO Tim Cadogan wrote that an American starts a Covid-related fundraiser every 2 minutes and called on Congress to pass robust federal aid to help those who are forced to crowdsource for basic necessities.

  • David Brooks underscored the need for more relief to repair social decay and restore faith in the country. He writes: “When your great nation is facing decline because of rising inequality, insecurity, distrust and alienation, you don’t just sit there. You try something big.

INVEST IN AMERICA IN THE NEWS 

Politico: Inside Bidenworld’s plan to punish the GOP for opposing Covid relief

Democrats are plowing forward with plans to pass a massive Covid-19 relief package. And if Republicans don’t join them, they won’t forget it.

Already, there’s talk about midterm attack ads portraying Republicans as willing to slash taxes for the wealthy but too stingy to cut checks for people struggling during the deadly pandemic. And President Joe Biden’s aides and allies are vowing not to make the same mistakes as previous administrations going into the midterms elections. They are pulling together plans to ensure Americans know about every dollar delivered and job kept because of the bill they’re crafting. And there is confidence that the Covid-19 relief package will ultimately emerge not as a liability for Democrats, but as an election year battering ram.

[…]

“This is a national emergency,” said Zac Petkanas, who recently founded the group, Invest in America, to help Biden push through the package. “There is enormous political peril for anyone seen as standing in the way of getting immediate relief to families. That’s a key lesson from the Georgia senate race.”

Data For Progress: WITH COVID RELIEF, BIGGER IS BETTER — AND IT’S BIPARTISAN

Our nation is in crisis. With 400,000 small businesses permanently shut down, one in four children facing food insecurity, and weekly unemployment claims continuing to outpace even the worst weeks of the Great Recession, we need our leaders in Washington to go big on public investment that will rescue our economy now and spur growth in the future.

President Biden’s robust American Rescue Plan is the first step forward on that path.

It’s smart policy. The legislation tackles the public health and economic catastrophe by boosting vaccine distribution, increasing direct checks to $2,000, extending unemployment insurance, helping states keep essential workers on the job, funding to reopen schools safely, and keeping small businesses open.

Substack: The Public Wants Biden to Go Big

[…]

A poll that our firm, GQR, conducted for the new “Invest in America Action” coalition is almost shocking in the degree of support it shows on this point. At a time when Americans are bitterly divided into partisan camps over virtually everything, there is a mile-wide consensus in support of another whopping big stimulus package.

In the survey, which fielded online from January 14-18 with 1,000 registered voters, a lopsided 77-23% majority backs “another major stimulus” and rejects the idea that “Congress [has] enacted enough stimulus packages.”

It’s not just the big majority that is so remarkable. It’s that there is majority support across virtually every important demographic: 92% of self-identified Democrats; 73% of Independents; 64% of Republicans; 61% of 2020 Trump voters. Even among one of the most loyal Trump demographics, White non-college-educated men, 75% want another major stimulus package.

And they want it to be even bigger than the last one. Among the 77% who support more stimulus, a whopping 68-4% wants it to be larger than the $900 billion package enacted in December. Those numbers instantly put Republican $618 billion figure on the public’s wrong side.

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