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FOR IMMEDIATE RELEASE
March 4, 2021
Contact:
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: RISING UNEMPLOYMENT CLAIMS SHOW URGENT NEED FOR AMERICAN RESCUE PLAN BEFORE MARCH 14
Unemployment Claims Have Been Higher Than Their Peak During the Great Recession for Nearly a Year
Expanded Unemployment Insurance Benefits Are Set to Expire on March 14, Threatening to Push Millions Into Poverty Without Additional Relief and Set Off Cascading Economic Catastrophe for Families, Small Businesses, and State and Local Governments.
Majority of Americans Want a Large Covid Relief Package As Soon As Possible, Even Without A Bipartisan Vote In Congress
WASHINGTON, D.C. — Another 745,000 Americans filed for unemployment benefits last week, according to the latest data from the Bureau of Labor Statistics. This week’s data is an uptick from last week, and the 51st week in a row with jobless claims surpassing their peak during the Great Recession.
Expanded unemployment insurance benefits are set to expire on March 14, which could send millions of Americans into poverty and pull hundreds of billions of purchasing power out of the U.S. economy.
Invest In America’s spokesperson Maddy McDaniel issued the following statement:
“In a little more than a week, 11 million workers will start losing their unemployment insurance, and every single additional person who lost their job last week adds urgency to this crisis. Unemployment insurance isn’t just a lifeline for struggling workers, it’s an economic multiplier that boosts local economies and helps small businesses. That’s why the American Rescue Plan is necessary to provide real relief to struggling families in addition to getting Americans vaccinated, reopening schools, helping small businesses that are struggling to stay afloat, and supporting state and local governments that are fighting to keep essential workers on the job.”
Economists are available to discuss the implications of this week’s jobless claims — reach out to [email protected] to get in touch.
Allowing expanded unemployment insurance to expire would send millions into poverty and set off a cascading economic catastrophe for small businesses, and state and local governments. Read more here.
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.
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Expanding unemployment insurance now would support more than 5 million jobs, and boost the GDP by 3.7%, according to the Economic Policy Institute.
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Every dollar spent on unemployment insurance generates a $1.64 increase in GDP.
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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.
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