PRESS RELEASE: STATEMENT: JOBLESS CLAIMS REACH 18-MONTH LOW, BUT BUILD BACK BETTER INVESTMENTS STILL NEEDED TO REACH FULL ECONOMIC STRENGTH

FOR IMMEDIATE RELEASE 
September 2, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

STATEMENT: JOBLESS CLAIMS REACH 18-MONTH LOW, BUT BUILD BACK BETTER INVESTMENTS STILL NEEDED TO REACH FULL ECONOMIC STRENGTH

Moody’s Chief Economist Mark Zandi: The Bipartisan Plan And The Build Back Better Agenda Together Will “Lift The Economy’s Longer-term Growth Potential And Ease Inflation Pressures”

NEW POLLING61% of Voters — including 58% of Independents — Support Passing the $3.5T Build Back Better Plan Through Reconciliation.

WASHINGTON, D.C. — Jobless claims fell by 14,000 to a new pandemic low, as 340,000 Americans filed for unemployment benefits, according to the latest data from the Bureau of Labor Statistics. The drop in unemployment claims continues the downward trend observed since the passage of the American Rescue Plan, which helped Americans get vaccinated and back to work. However, Americans are still counting on the passage of both the Bipartisan Infrastructure Deal and the Build Back Better agenda to create millions of jobs and strengthen the economy.

The news that jobless claims have reached a new pandemic low comes a month after the Bureau of Labor Statistics reported that the U.S. added 943,000 new jobs in July. Overall, four million jobs have been added since President Biden took office.

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

“This jobless claims report is a clear sign that President Biden’s economic agenda is working — since he took office, unemployment has dropped 57 percent from 830,000 to 340,000. That’s largely thanks to the American Rescue Plan, which put shots in arms and checks in pockets while creating economic and public health tools needed to deal with new challenges.

“However, we still have more work to do before the U.S. economy reaches its full strength. Americans are eagerly awaiting the investments of the Build Back Better agenda to create millions of good-paying jobs, lower costs on key expenses like prescription drugs, and cut taxes for middle-class families.

“By investing in infrastructure, clean energy, child care, education, and caregiving, we will bring the American economy to full capacity and make sure that we don’t leave a single job on the table.”

Economists are available to discuss the implications of this week’s jobless claims — reach out to [email protected] to get in touch.

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.

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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