PRESS RELEASE: STATEMENT: UPTICK IN JOBLESS CLAIMS SHOWS URGENT NEED FOR JOB-CREATING INVESTMENTS IN BUILD BACK BETTER AGENDA
FOR IMMEDIATE RELEASE
July 22, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: UPTICK IN JOBLESS CLAIMS SHOWS URGENT NEED FOR JOB-CREATING INVESTMENTS IN BUILD BACK BETTER AGENDA
Per International Monetary Fund, the American Jobs and Families Plans Would Raise U.S. Economic Growth Projection to 7%
Moody’s Chief Economist Mark Zandi: The Bipartisan Infrastructure Plan And The Build Back Better Agenda Together Will “Lift The Economy’s Longer-term Growth Potential And Ease Inflation Pressures”
POLLING: 62% of Voters, Including a Majority of Independents, Support Passing the Investments in the American Jobs and Families Plans Together Through Reconciliation
WASHINGTON, D.C. — Jobless claims rose slightly to levels last seen in June, as 419,000 Americans filed for unemployment benefits, according to the latest data from the Bureau of Labor Statistics. While unemployment figures have been trending downward thanks to the American Rescue Plan, this week’s rise shows that Americans are counting on the passage of both the Bipartisan Infrastructure Framework and the Build Back Better agenda to create millions of jobs and strengthen the economy.
The jobless claims data comes a day after release of a report in which Moody’s chief economist Mark Zandi argued that failing to pass the American Jobs and Families Plans would “certainly diminish the economy’s prospects.”
Invest in America’s spokesperson Maddy McDaniel issued the following statement:
The downward trend in jobless claims over the past few months is proof that the U.S. economy is growing stronger thanks to the public investments in the American Rescue Plan, which helped Americans get vaccinated, return to work, and increase their personal income.
“However, the uptick in jobless claims this week shows that we’re not out of the woods yet — Americans are eagerly awaiting the public investments in the Build Back Better agenda to stabilize and strengthen the economy. Together, the plans are set to boost U.S. economic growth to 7 percent, create millions of jobs, and reduce inequities in our economy.
“Now is the time to act and invest in infrastructure, clean energy, caregiving, and education — doing so will create millions of jobs, lower costs, and position the U.S. to continue to lead the global economy.”
The investments in President Biden’s full Build Back Better agenda will create millions of jobs and boost overall productivity:
According to the Georgetown Center on Education and the Workforce, a $1.5 trillion investment in hard infrastructure would create more than 10 million jobs:
3.4 million jobs in the Southeast
3.2 million jobs in the Pacific Coastal region
2.8 million jobs in the Midwest
2.4 million jobs in the Mid-Atlantic
1.9 million jobs in the Southwest
713,000 jobs in New England
A study from the UMass Amherst Political Economy Research Institute found that $225 billion in care investment would create over 5 million jobs in over 10 years.
Research from the Political Economy Research Institute (PERI) at the University of Massachusetts-Amherst found that between 1 million and 1.2 million clean energy jobs per year would be generated by the Build Back Better agenda.
The Build Back Better agenda would create jobs all across the country, including:
332,630+ jobs in Arizona
62,000+ jobs in New Hampshire
81,900+ jobs in West Virginia
390,000+ jobs in Virginia
See the full list here.
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.