PRESS RELEASE: ECONOMISTS REACT TO NEW JOBS REPORT, HIGHLIGHTING HISTORIC RECOVERY AND THE NEED TO INVEST IN FAMILIES 

FOR IMMEDIATE RELEASE
May 6, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

ECONOMISTS REACT TO NEW JOBS REPORT, HIGHLIGHTING HISTORIC RECOVERY AND THE NEED TO INVEST IN FAMILIES 

Roosevelt Institute’s Lauren Melodia: “We’re seeing signs that the policies put in place have worked — strong fiscal stimulus and government public health measures brought about the fastest recovery from the sharpest economic shock in U.S. history.”

Groundwork Collaborative’s Rakeen Mabud: “Lawmakers should take today’s jobs report as a sign to double down on the investments in workers, families, and small businesses that have driven this strong but fragile recovery.”

The Washington Center for Equitable Growth’s Kate Bahn: “The level of policy support during this crisis demonstrated how sustaining the economic well-being of families during a downturn is the foundation for a rapid recovery.”

WASHINGTON, DC — Today, the Roosevelt Institute’s Lauren Melodia, Groundwork Collaborative’s Rakeen Mabud, and The Washington Center for Equitable Growth’s Kate Bahn, joined a press call hosted by Invest in America to discuss the newly-released jobs report and its economic implications.

Under President Biden, the economy added 428,000 jobs in April and unemployment remains steady at 3.6%. As Heather Long of the Washington Post noted, 95% of jobs lost during the pandemic have returned in less than 15 months since Biden took office. In total, the Biden-Harris Administration has created a staggering 8.3 million jobs since taking office.

The speakers emphasized that the jobs report shows more signs that the Biden Administration’s policies for recovery have worked, while noting that factors like child care uncertainty and rising prices due to corporate price-gouging are still creating difficulties for American families. Listen to a recording here.

The following are statements from the call:

Lauren Melodia, Deputy Director of Macroeconomic Analysis at the Roosevelt Institute:
“We’re seeing signs that the policies put in place have worked — strong fiscal stimulus and government public health measures brought about the fastest recovery from the sharpest economic shock in U.S. History. Those efforts have brought about tremendous growth in private sector jobs in particular. Private sector employment is now at 97.6% of the pre-pandemic level. At this point in the recovery, we need continued government support in targeted areas.”

Rakeen Mabud, Chief Economist & Managing Director of Policy and Research at Groundwork Collaborative:
“Today’s jobs report is another piece of evidence that we’re in the midst of a healthy, but also potentially fragile recovery. Lawmakers should take today’s jobs report as a sign to double down on the investments in workers, families, and small businesses that have driven this economic growth, as well as to recognize that we can’t settle for the pre-pandemic status quo. Our economy is at its best when workers, families, and small businesses are doing well.”

Kate Bahn, Director of Labor Market Policy & Interim Chief Economist at The Washington Center for Equitable Growth:
“This recession has been unique both in its depth and its rapid and remarkable recovery. However, it’s important to remember why this is different when we consider where we’re going from here. We’re still in a pandemic. Today’s labor market is different from the early pandemic, but we’re still dealing with persistent worker illnesses as well as child care uncertainty. These factors won’t go away as long as the coronavirus pandemic is going on. On the other side, the level of policy support during the crisis demonstrated how sustaining the economic well-being of families during a downturn is the foundation for a rapid recovery.”

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.

###