PRESS RELEASE: STATEMENT: UNEMPLOYMENT CLAIMS REMAIN ABOVE PEAK RECESSION NUMBERS — BUT HELP IS ON THE WAY

FOR IMMEDIATE RELEASE 
March 11, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

STATEMENT: UNEMPLOYMENT CLAIMS REMAIN ABOVE PEAK RECESSION NUMBERS — BUT HELP IS ON THE WAY

Unemployment Claims Have Been Higher Than Their Peak During the Great Recession for Nearly a Year

The American Rescue Plan Will Boost the Economy, Add Millions of Jobs, and Provide a Lifeline to Struggling Americans and Struggling Businesses 

WASHINGTON, D.C. — Another 712,000 Americans filed for unemployment benefits last week, according to the latest data from the Bureau of Labor Statistics. The public investments in the American Rescue Plan will provide a boost for the economy and spur job growth as Americans get vaccinated, schools reopen, small businesses get the help they need, and state and local governments receive aid to keep essential workers on the jobs.

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

“Week after week for nearly a year, jobless claims have been higher than their peak during the Great Recession, and this week is no different. Now, help is on the way thanks to the public investments in the American Rescue Plan, which will help small businesses stay open, provide unemployment insurance for those out of work, allow state and local governments to avoid additional layoffs of essential workers like firefighters and nurses on the job, and boost the economy by speeding up vaccinations and school reopenings. This will rescue the economy from crisis, but now our leaders should build on this momentum through similar large-scale investments in infrastructure, manufacturing, and clean energy that will create the millions of higher paying jobs to fill the hole left by the recession.”

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

Economists and macroeconomic experts agree that the public investment in President Biden’s American Rescue Plan will boost economic growth.

  • Economists surveyed by the Wall Street Journal this week say that the American Rescue Plan will help boost economic growth to 5.95%. That bump would be the U.S. economy’s fastest since 1983. 

  • The Organization for Economic Cooperation and Development (OECD) estimates that the American Rescue Plan will grow the U.S. economy by nearly 4% in 2021, lift global output by 5.6%, and add more than a percentage point to global growth.

  • S&P Global estimates that the legislation will bring U.S. GDP back to pre-crisis levels by second-quarter 2021.

  • Brookings says the American Rescue Plan would boost GDP by about 4% at the end of 2021 and 2 percent at the end of 2022. 

  • Moody’s Analytics projects that the $1.9 trillion package will bring real GDP growth to nearly 8% this year and almost 4% next year, bringing the economy back almost to full employment by fall 2022.”

  • International Monetary Fund estimates that the American Rescue Plan could boost U.S. economic output by 5% over the next three years. 

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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