PRESS RELEASE: STATEMENT: JOBLESS CLAIMS CONTINUE TO FALL, BUT BUILD BACK BETTER INVESTMENTS NEEDED

FOR IMMEDIATE RELEASE 
August 19, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

STATEMENT: JOBLESS CLAIMS CONTINUE TO FALL, BUT BUILD BACK BETTER INVESTMENTS NEEDED

POLLING66% of Voters — including 60% of Independents — Support Passing the $3.5T Build Back Better Plan Through Reconciliation.

Voters Want a Big Investment Plan  — 54% Believe Investment Plan Should be as Large as Possible, Only 34% Believe It Should Be Small and Targeted

WASHINGTON, D.C. — Jobless claims continued to reach pandemic lows this week as 348,000 Americans filed for unemployment benefits, according to the latest data from the Bureau of Labor Statistics. Unemployment figures have been trending downward thanks to the American Rescue Plan, but more investment is needed for a sustainable, equitable economic recovery.

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

“Thanks to President Biden’s American Rescue Plan, this is the lowest number of weekly jobless claims we’ve seen in 17 months. This is a direct result of the economic relief and vaccinations that are helping get people back to work.

“But the job is not done — the economy is still missing millions of jobs, families are still struggling to recover from the pandemic, and jobless claims are still higher than pre-pandemic averages. With the investments in the Build Back Better agenda, we can recover the economy to its fullest potential by creating millions of jobs and easing the burden on the middle class through lower costs and taxes.”

The investments in President Biden’s full Build Back Better agenda will create millions of jobs, lower costs, and lower taxes for middle class families. 

  • The Build Back Better agenda will create millions of jobs: 

  • The Build Back Better agenda will lower taxes for middle class families: 

    • It will expand the Child Tax Credit, lowering taxes for middle class families by providing 39 million households and nearly 90% of children in the U.S. a major tax cut and cutting the child poverty rate in half.

  • The Build Back Better agenda will lower costs for working people:  

    • It will lower prescription drug costs for Americans by letting Medicare negotiate drug prices, so consumers are no longer at the whim of pharmaceutical companies.

    • It will lower child care costs — which cost parents $30-35 billion in income before the pandemic. Access to affordable child care could increase the lifetime earnings for women with children by nearly $100,000.

    • It will lower health care costs and premiums for those buying coverage through the ACA by extending the American Rescue Plan’s cost savings; adding dental, vision, and hearing coverage to Medicare; and closing the Medicaid gap for low-income Americans.

    • It will lower education costs by making two years of community college tuition-free and making universal preschool a reality.

Economists are available to discuss the implications of this week’s jobless claims — reach out to [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.

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