PRESS RELEASE: DESPITE MODEST GAINS, U.S. ECONOMY DOWN 9.5 MILLION JOBS, SHOWS NEED FOR MASSIVE PUBLIC INVESTMENT 

FOR IMMEDIATE RELEASE 
March 5, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

DESPITE MODEST GAINS, U.S. ECONOMY DOWN 9.5 MILLION JOBS, SHOWS NEED FOR MASSIVE PUBLIC INVESTMENT  

Experts Predict Real Unemployment Rate Closer to 10%, and 17% for Low-Wage Workers

For Nearly a Year, Unemployment Claims Have Been Higher than Their Peak During the Great Recession

Expanded Unemployment Insurance Benefits Are Set to Expire on March 14, Threatening to Push Millions Into Poverty Without Additional Relief and Set Off Cascading Economic Catastrophe for Families, Small Businesses, and State and Local Governments. 

WASHINGTON, D.C. — While February’s jobs report shows a slight uptick in hiring, the economy still has 9.5 million fewer jobs than it in February 2020, according to the monthly jobs report from the U.S. Department of Labor.

Invest In America’s spokesperson Maddy McDaniel issued the following statement in response:

“While this jobs report contains some modestly positive news, we still have 9.5 million fewer jobs than we did a year ago today, and only bold public investment can fill that gap. That begins with the American Rescue Plan, which experts say will cut the unemployment rate in half, boost GDP and provide immediate relief through direct stimulus checks, expanded unemployment insurance and aid to struggling small businesses.

“Then — after we’ve staunched the bleeding — we must immediately get to work filling the massive jobs hole left by the pandemic by making robust public investments in infrastructure, clean energy and more. This jobs report shows there is an enormous amount of work left to do.”

Last month, Federal Reserve Chair Jerome Powell estimated that the real unemployment rate was likely closer to 10%, and 17% for low wage workers. The American Rescue Plan would bring the unemployment rate down to 3.2%, according to Brookings.

Economists are available for interviews to discuss the jobs report and what it means for the American Rescue Plan. Please contact [email protected] to get in touch.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

###