FOR IMMEDIATE RELEASE
February 18, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: MASSIVE UNEMPLOYMENT FIGURES SHOW URGENT NEED FOR MAJOR PUBLIC INVESTMENT & RELIEF IN AMERICAN RESCUE PLAN
Jobless Claims Make Sharp Uptick as Expanded Unemployment Insurance Benefits Are Set to Expire Next Month Without More Covid Relief
Unemployment Claims Have Been Higher Than Their Peak During the Great Recession for 48 Straight Weeks
Majority of Americans Want a Large Covid Relief Package As Soon As Possible, Even Without A Bipartisan Vote In Congress
WASHINGTON, D.C. — Another 861,000 Americans filed for unemployment benefits last week, according to the latest data from the Bureau of Labor Statistics. This week’s data mark a sharp uptick from last week, as more new people continue to file unemployment each week than at the peak of the Great Recession.
Invest In America’s spokesperson Maddy McDaniel issued the following statement:
“Last week’s jobless claims have once again eclipsed the record highs from the Great Recession even as expanded unemployment insurance is set to expire next month, leaving millions in the lurch. This is not acceptable. Experts from the left, right, and center agree that bold action and major public investment is needed to fix the economy, help Americans regain their livelihoods, and crush the pandemic. We need the American Rescue Plan, which will provide real relief to struggling families through direct checks and unemployment insurance, aid for states to keep essential workers on the job and to deliver vaccines, and help for small businesses that are trying to stay afloat.”
Economists are available to discuss the implications of this week’s jobless claims — reach out to [email protected] to get in touch.
President Biden’s COVID relief plan would boost GDP by 4 percent by the end of 2021, according to a Brookings analysis. The robust plan provides for another round of direct stimulus checks, an expansion of unemployment insurance, and much-needed relief to state and local governments, renters and homeowners, and small businesses, among other key provisions.
Expert research shows that these measures are needed to rescue and grow the American economy.
Expanding unemployment insurance now would support more than 5 million jobs, and boost the GDP by 3.7%, according to the Economic Policy Institute.
Every dollar spent on unemployment insurance generates a $1.64 increase in GDP.
Every dollar invested in state and local aid generates $1.36 in GDP growth
Federal Reserve Chair Jerome Powell credited the stimulus checks and additional unemployment insurance passed in 2020 with a rebound in household spending.