FOR IMMEDIATE RELEASE
February 11, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: 793,000 PEOPLE FILED FOR UNEMPLOYMENT LAST WEEK, UNDERSCORING NEED FOR ROBUST COVID RELIEF
Unemployment Claims Have Been Higher Than Their Peak During the Great Recession for 47 Straight Weeks
Majority of Americans Want a Large Covid Relief Package As Soon As Possible, Even Without A Bipartisan Vote In Congress
WASHINGTON, D.C. — Another 793,000 Americans filed for unemployment benefits last week, according to the latest data from the Bureau of Labor Statistics. Yesterday, Federal Reserve Chair Jerome Powell estimated that the real unemployment rate is close to 10% after factoring in misclassification errors.
Invest In America’s spokesperson Maddy McDaniel issued the following statement:
“Week after week, we’re seeing jobless claims higher than their peak during the Great Recession. Economists across the political spectrum agree that big, bold action is the only way to get the economy back on track, put people back to work, crush the pandemic and deliver real relief for the struggling Americans who need it. The American Rescue Plan provides that relief, including direct checks and unemployment insurance, aid for states to distribute vaccines and keep essential workers on the job, and assistance for small businesses that are shuttering at devastating rates.”
Economists are available to discuss the implications of this week’s jobless claims — reach out to [email protected] to get in touch.
President Biden’s COVID relief plan would boost GDP by 4 percent by the end of 2021, according to a Brookings analysis. The robust plan provides for another round of direct stimulus checks, an expansion of unemployment insurance, and much-needed relief to state and local governments, renters and homeowners, and small businesses, among other key provisions.
Expert research shows that these measures are needed to rescue and grow the American economy.
Expanding unemployment insurance now would support more than 5 million jobs, and boost the GDP by 3.7%, according to the Economic Policy Institute.
Every dollar spent on unemployment insurance generates a $1.64 increase in GDP.
Every dollar invested in state and local aid generates $1.36 in GDP growth
Federal Reserve Chair Jerome Powell credited the stimulus checks and additional unemployment insurance passed in 2020 with a rebound in household spending.