PRESS RELEASE : STATEMENT: JULY JOBS REPORT SIGNALS STRENGTHENING ECONOMY BUT BUILD BACK BETTER INVESTMENTS STILL NEEDED

FOR IMMEDIATE RELEASE 
August 6, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

STATEMENT: JULY JOBS REPORT SIGNALS STRENGTHENING ECONOMY BUT BUILD BACK BETTER INVESTMENTS STILL NEEDED

Treasury Secretary Janet Yellen:“We’ve grown used to America as the world’s pre-eminent economic power. We aren’t destined to stay that way, but with these investments, I believe we will.”

POLLING: 66% of Voters — including 60% of Independents — Support Passing the $3.5T Build Back Better Plan Through Reconciliation.

WASHINGTON, D.C. — Employers added 943,000 workers in July, according to the jobs report released today by the Bureau of Labor Statistics. The data signals that the economy is strengthening thanks to the American Rescue Plan, but more investment is needed for a sustainable, equitable economic recovery that brings America to full economic power.

The report comes days after Treasury Secretary Janet Yellen spoke in Atlanta about the need to pass the Build Back Better agenda, saying it would “repair the broken foundations of our economy” and “build something fairer and stronger than what came before.”

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

“The growing American workforce is a testament to the success of the public investments in the American Rescue Plan, which has helped Americans get shots in their arms, put money in their pockets, and return to work.

“But our economy still has a way to go before it reaches its full recovery — we need the public investments in the Build Back Better agenda to create millions of jobs, reduce costs, and lower taxes for middle-class Americans.

“Making these critical investments in infrastructure, clean energy, caregiving, and education will make middle-class life more affordable, put Americans to work, and position the U.S. to lead the global economy.”

The investments in President Biden’s full Build Back Better agenda will create jobs, lower costs, and lower taxes for working families. 

  • The Build Back Better agenda will create millions of good-paying jobs:

    • According to Moody’s Chief Economist Mark Zandi, the Bipartisan Infrastructure Bill and the Build Back Better agenda together will create more than 2 million jobs by mid-decade.

  • 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.

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

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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