PRESS RELEASE: STATEMENT: JOBLESS CLAIMS SHOW THE NEED TO BUILD ON PROGRESS BY PASSING BUILD BACK BETTER ACT
FOR IMMEDIATE RELEASE
January 20, 2022
Jack Miller, Communications Director
STATEMENT: JOBLESS CLAIMS SHOW THE NEED TO BUILD ON PROGRESS BY PASSING BUILD BACK BETTER ACT
POLLING: 59% of Voters — Including 60% of Independents — Support the Act Because it Will Lower Costs for Child Care, Health Care, Prescription Drugs
WASHINGTON, D.C. — Last week, 286,000 Americans filed for unemployment benefits according to data released today by the Bureau of Labor Statistics. The report highlights that despite the Biden Administration’s historic job creation, which brought unemployment claims to its lowest point in decades, Americans urgently need Congress to pass the Build Back Better Act to lower costs for child care, health care, prescription drugs, and more.
In September, 15 Nobel Laureates released an open letter stating that Build Back Better, with a more equitable tax system and investments in long-term economic capacity, will ease long-term inflation.
Invest in America’s senior adviser Zac Petkanas issued the following statement:
“Today’s jobless claims data shows that while the American Rescue Plan and Bipartisan Infrastructure Package brought us to record-low rates of unemployment and boosted the economy, we still have work to do.
“To bring the economy to full strength and ease long-term inflation, Congress must pass the Build Back Better Act to make critical investments in child care, elderly care, clean energy, prescription drugs, and more. Not only will this bill create millions of jobs and lower expenses for families, it will ensure long-term growth that benefits all Americans.”
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 lower costs, cut taxes, and create jobs for working families.
The Build Back Better agenda will lower costs for working people:
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 the cost of long term care, expanding access to affordable home care to hundreds of thousands of Americans.
It will lower energy costs, saving the average American family $500 per year by investing in clean energy.
It will lower health care costs and premiums for those buying coverage through the ACA by extending the American Rescue Plan’s cost saving premium tax credits; adding hearing coverage to Medicare; and closing the Medicaid gap for low-income Americans.
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 taxes for low-and-moderate-income workers by extending the American Rescue Plan’s Earned Income Tax Credit to millions.
It will lower education costs by expanding Pell grants and making universal preschool a reality.
- It will lower housing costs by creating more than one million new affordable homes in rural and urban areas.
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 create millions of jobs:
Along with the Bipartisan Infrastructure Deal, the Build Back Better Agenda will add, on average, nearly 1.6 million jobs per year over the course of the decade, while accelerating America’s path to full employment and increasing labor force participation.
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.