FOR IMMEDIATE RELEASE
April 1, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: JOBLESS CLAIMS TICK UP, SHOWING NEED FOR LARGE-SCALE JOB-CREATING INFRASTRUCTURE INVESTMENTS
S&P Global Predicts A Multi-Trillion Infrastructure Package Could Create 2.3 Million Jobs, Inject $5.7 Trillion Into Economy, Raise Per Capita Income By $2,400
69% of Voters, Including 65% of Independents and 50% of Republicans, Support A Multi-Trillion Dollar Build Back Better Plan To Invest In American Infrastructure
WASHINGTON, D.C. — Another 719,000 Americans filed for unemployment benefits last week, according to the latest data from the Bureau of Labor Statistics.
Invest In America’s spokesperson Maddy McDaniel issued the following statement:
“This uptick in jobless claims is a sobering reminder that we are not out of the woods yet despite the economic boost from the passage of the American Rescue Plan. More is needed to help us fully recover the 9.5 million jobs lost during the pandemic and to build back stronger than before.
“Large-scale investment in American infrastructure as proposed in the American Jobs Plan will help turbocharge the economy, create millions of high paying jobs, and boost our nation’s GDP. It’s also popular with voters, who continue to urge lawmakers to address big problems with big solutions. Now is not the time for small thinking; now is the time for bold action to ensure a sustainable, equitable economic recovery.”
Economists are available to discuss the implications of this week’s jobless claims — reach out to [email protected] to get in touch.
Americans need major public investments to address the problems exacerbated by the pandemic.
- The U.S. labor market is still down nearly 10 million jobs from pre-pandemic levels.
- According to the American Society of Civil Engineers (ASCE), the United States faces a $2.59 trillion shortfall in infrastructure investment and $5.9 trillion in infrastructure needs, including rebuilding and repairing roads, bridges, schools, and protecting access to clean water.
- ASCE predicts that failure to address the nation’s crumbling infrastructure could cost the United States $10 trillion in GDP, more than $23 trillion in total output, 3 million jobs, and more than $3,300 in a family’s annual disposable income.
Infrastructure and economic experts agree that a multi-trillion dollar investment in infrastructure will boost the economy by creating millions of jobs and increasing productivity.
- S&P Global projects that the Build Back Better plan’s public infrastructure investments will generate 2.3 million jobs by 2024, inject $5.7 trillion into the economy, and increase per-capita income by $2,400.
- According to the Economic Policy Institute, infrastructure investments are consistently estimated to provide greater economic stimulus than any form of a tax cut.
- Increased public infrastructure investments increase output in both the short and long term, per the International Monetary Fund.
According to an Invest in America and Data For Progress poll, there is already widespread support for a multi-trillion dollar investment in repairing and rebuilding the nation’s infrastructure.
- 69% of Voters, including 65% of Independents and 50% of Republicans, support a multi-trillion dollar Build Back Better plan to invest in American infrastructure.
- More than 60% of voters support every potential provision of a multi-trillion dollar Build Back Better Plan in areas including repairing roads, bridges, drinking water systems and public transportation, and investing in clean energy.
- 52% of voters believe infrastructure investments will drive economic growth, create good-paying jobs, and pay for itself in the long run.
- 53% of voters believe Republicans should work with, rather than obstruct, President Biden to pass the Build Back Better plan.