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FOR IMMEDIATE RELEASE
March 11, 2021
Contact:
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: BIDEN SIGNS LANDMARK ECONOMY-SAVING PUBLIC INVESTMENT INTO LAW
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 Grow the Economy by Nearly 4% 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, President Joe Biden signed into law the American Rescue Plan, the most significant public investment in decades that has earned vast and bipartisan support. Having already saved thousands of jobs, this landmark Covid relief legislation puts America on the road to recovery and growth.
The American Rescue Plan will rescue our economy by providing $1,400 direct checks to millions of Americans, about $145 billion for vaccine distribution, Covid testing, and tracing; $350 billion in aid to state and local governments to pay for essential workers; and over $125 billion to help safely reopen schools.
“Robust public investments like the American Rescue Plan work — and they are overwhelmingly supported by Americans across the political spectrum,” said Maddy McDaniel, communications director for Invest in America. “Thanks to the American Rescue Plan, money will reach the pockets of the American workers and families who need it the most, vaccines will be distributed faster, schools will reopen more quickly, states will be able to avoid painful layoffs of essential workers, and child poverty rates will decrease by over 50%. The historic popularity of President Biden’s Covid relief package is proof that Americans want their leaders to go big — and our leaders should take this lesson into the next fight to create jobs through infrastructure and clean energy investment. We look forward to highlighting the direct impacts of this legislation in the weeks and months to come.”
Economists and macroeconomic experts agree that the public investment in President Biden’s American Rescue Plan will boost economic growth.
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Economists surveyed by the Wall Street Journal this week say that the American Rescue Plan will help boost economic growth to 5.95%. That bump would be the U.S. economy’s fastest since 1983.
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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.
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S&P Global estimates that the legislation will bring U.S. GDP back to pre-crisis levels by second-quarter 2021.
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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.
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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.”
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International Monetary Fund estimates that the American Rescue Plan could boost U.S. economic output by 5% over the next three years.
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