FOR IMMEDIATE RELEASE
March 10, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
CONGRESS PASSES MOST SIGNIFICANT PUBLIC INVESTMENT IN DECADES TO SAVE, GROW ECONOMY
Infusion Of Federal Dollars From American Rescue Plan Will Deliver Direct Checks; Faster Vaccine Distribution & School Reopening
OECD Says Public Investment In American Rescue Plan Will Increase Economic Growth By 6.5% This Year
Popularity & Efficacy of Large-Scale Public Spending To Improve Economy Should Give Confidence To Lawmakers To Go Further On Infrastructure, Clean Energy Jobs
WASHINGTON, DC — Today, the House of Representatives voted to pass the overwhelmingly popular American Rescue Plan, the most substantial legislation to aid low-income and middle class Americans in decades. President Biden’s Covid relief package has earned vast, bipartisan support from voters, business leaders, economists, elected officials, and presidential advisors.
“As a direct result of the massive public investment included in the American Rescue Plan, millions of families will get direct survival checks, vaccines will be distributed, schools will be able to reopen quickly, small businesses won’t shutter, and essential workers like nurses, EMTs and firefighters will be able to avoid painful layoffs,” said Maddy McDaniel, communications director for Invest in America. “The popularity of this legislation is proof that Americans want our leaders to go big — and should give them confidence for further large-scale investments in infrastructure and clean energy jobs to rebuild our economy stronger than before. It’s time to seize on this momentum to build back better.”
Economists and macroeconomic experts agree that the public investment in President Biden’s American Rescue Plan will boost economic growth.
Economists surveyed by the Wall Street Journal say that the American Rescue Plan will help boost economic growth to 5.95%, according to economists surveyed by the Wall Street Journal this week. That bump would be the U.S. economy’s fastest since 1983.
The Organization for Economic Cooperation and Development (OECD) estimates that the American Rescue Plan will grow the U.S. economy by nearly 4% in 2021, lift global output by 5.6%, and add more than a percentage point to global growth.
S&P Global estimates that the legislation will bring U.S. GDP back to pre-crisis levels by second-quarter 2021.
Brookings says the American Rescue Plan would boost GDP by about 4% at the end of 2021 and 2 percent at the end of 2022.
Moody’s Analytics projects that the $1.9 trillion package will bring real GDP growth to nearly 8% this year and almost 4% next year, bringing the economy back almost to full employment by fall 2022.”
International Monetary Fund estimates that the American Rescue Plan could boost U.S. economic output by 5% over the next three years.