PRESS RELEASE: STATEMENT: JOBLESS CLAIMS TICK SLIGHTLY UPWARD, SHOWING THAT BUILD BACK BETTER INVESTMENTS NEEDED TO BOOST ECONOMY

FOR IMMEDIATE RELEASE 
August 26, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

STATEMENT: JOBLESS CLAIMS TICK SLIGHTLY UPWARD, SHOWING THAT BUILD BACK BETTER INVESTMENTS NEEDED TO BOOST ECONOMY

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 56% of Independents — Support Passing the $3.5T Build Back Better Plan Through Reconciliation.

WASHINGTON, D.C. — Jobless claims inched slightly upward, as 353,000 Americans filed for unemployment benefits, according to the latest data from the Bureau of Labor Statistics. Americans are counting on the passage of both the Bipartisan Infrastructure Framework and the Build Back Better agenda to create millions of jobs, allow more people to return to the workforce, and strengthen the economy.

The jobless claims data comes days after the U.S. House advanced President Biden’s Build Back Better agenda through a budget blueprint, and a day after polling data led USA Today to claim that “the ambitious and expensive Democratic spending bills being debated on Capitol Hill have a big advantage: Most Americans support them.”

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

“This week’s jobless claims report shows that while the American Rescue Plan boosted the economy by getting Americans vaccinated and back to work, we’re not out of the woods yet. With jobless claims inching back upward, it’s clear that we need the investments in President Biden’s Build Back Better agenda to ensure that the U.S. economy reaches its full strength.

“Americans are eagerly awaiting the passage 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. The investments in the plan — ranging from energy, child care, education, and caregiving — will be critical to bolstering the foundations of the economy and getting more people to work.

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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