PRESS RELEASE: STATEMENT: SEPTEMBER JOBS REPORT SIGNALS BUILD BACK BETTER INVESTMENTS NEEDED TO REACH FULL STRENGTH
FOR IMMEDIATE RELEASE
October 8, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: SEPTEMBER JOBS REPORT SIGNALS BUILD BACK BETTER INVESTMENTS NEEDED TO REACH FULL STRENGTH
POLLING: 62% of Voters — including 58% of Independents — Support Passing the Build Back Better Act.
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.”
WASHINGTON, D.C. — Employers added 194,000 workers in September, according to the jobs report released today by the Bureau of Labor Statistics. The data signals what economists like Mark Zandi have said for months: more investment is needed to lift the long-term growth of the American economy and create millions of jobs.
Experts agree that the Build Back Better Act’s supply-side measures will accelerate the economy’s recovery and position America to lead in the 21st century. Failure to pass the plan’s investments will only slow the recovery.
Invest in America’s spokesperson Maddy McDaniel issued the following statement:
“The data from the jobs report makes it clear that our economy still has a way to go before it makes a full recovery. While we have seen close to 5 million jobs added since President Biden took office, we need the public investments in the Build Back Better Act to build on the momentum of this historic recovery and create millions of jobs, reduce costs, and lower taxes for middle-class Americans.
“Not only are the Build Back Better Act’s provisions urgently needed to boost the economy — they’re also incredibly popular with voters. Making these critical investments in infrastructure, clean energy, caregiving, and education will put Americans to work and bring the U.S. economy to full strength. We can’t afford to leave a single job on the table.”
Economists are available to discuss the implications of this month’s jobs report — 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 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.
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.