PRESS RELEASE: STATEMENT: JOBLESS CLAIMS SHOW NEED FOR BUILD BACK BETTER ACT TO REACH FULL ECONOMIC STRENGTH
FOR IMMEDIATE RELEASE
October 14, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: JOBLESS CLAIMS SHOW NEED FOR BUILD BACK BETTER ACT 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”
POLLING: 62% of Voters — including 58% of Independents — Support Passing the $3.5T Build Back Better Plan Through Reconciliation.
WASHINGTON, D.C. — Last week, 293,000 Americans filed for unemployment benefits, according to the latest data released today by the Bureau of Labor Statistics. While the American Rescue Plan has brought jobless claims to a new pandemic low, Americans are still eagerly awaiting the passage of both the Bipartisan Infrastructure Deal and the Build Back Better Act to create millions of jobs and further strengthen the economy.
The Build Back Better Act is more popular and necessary to pass than ever, with Nobel laureate economists, small business leaders, and a broad majority of voters all agreeing that passing the plan will boost the American economy and bring it to its full potential.
Invest in America’s spokesperson Maddy McDaniel issued the following statement:
“This jobless claims report is a direct result of the American Rescue Plan, which helped get Americans back to work. But there is still much more to do before we reach a full economic recovery. We need greater public investment to build on the strength of this historic comeback and create a better economy for all American communities — which is why we need to pass the Build Back Better Act.
“Americans are counting on Congress to pass the plan to create millions of good-paying jobs, lower costs, and cut taxes for middle-class families. The Build Back Better Act’s provisions are more popular than ever with hard-working Americans — by passing it, we’ll position the economy to reach full strength and ensure not a single job is left 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:
Along with the Bipartisan Infrastructure Deal, the Build Back Better Agenda will add, on average, nearly 2 million jobs per year over the course of the decade, while accelerating America’s path to full employment and increasing labor force participation.
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.