STATEMENT: JOBLESS CLAIMS INCH TO PANDEMIC LOW THANKS TO AMERICAN RESCUE PLAN, BUT BUILD BACK BETTER INVESTMENTS NEEDED TO FILL HOLE

FOR IMMEDIATE RELEASE 
August 12, 2021

Contact:
TJ L’Heureux, Press Secretary

[email protected] or 480-414-0559

STATEMENT: JOBLESS CLAIMS INCH TO PANDEMIC LOW THANKS TO AMERICAN RESCUE PLAN, BUT BUILD BACK BETTER INVESTMENTS NEEDED TO FILL HOLE

Moody’s Chief Economist Mark Zandi: The Bipartisan Plan And The Build Back Better Agenda Together Will “Lift The Economy’s Longer-term Growth Potential And Ease Inflation Pressures”

POLLING: 66% of Voters — including 60% of Independents — Support Passing the $3.5T Build Back Better Plan Through Reconciliation.

WASHINGTON, D.C. — Jobless claims dipped slightly to a new pandemic low, as 375,000 Americans filed for unemployment benefits, according to the latest data from the Bureau of Labor Statistics. The drop in unemployment claims follows the downward trend observed since the passage of the American Rescue Plan, which put shots in arms and put Americans back to work. However, Americans are still 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 come a day after the U.S. Senate passed the Bipartisan Infrastructure Deal and advanced President Biden’s Build Back Better agenda through a budget blueprint, and a week after Treasury Secretary Janet Yellen gave remarks about the need to pass the Build Back Better agenda, saying it would “repair the broken foundations of our economy” and “build something fairer and stronger than what came before.”

Invest in America’s spokesperson TJ L’Heureux issued the following statement:

“This drop in jobless claims for the third week in a row is proof that the economy has been strengthened thanks to the American Rescue Plan, which helped Americans get vaccinated and return to work. The result is that unemployment has reached its lowest level during the pandemic.

“However, there is still more work to be done before the U.S. economy reaches its full strength. Americans are eagerly awaiting the passage of the Build Back Better agenda to create millions of good-paying jobs, lower costs on key expenses like prescription drugs, and cut taxes for middle-class families. The investments in the plan will be critical to bolstering the foundations of the economy.

“Now is the time to invest in infrastructure, clean energy, child care, education, and caregiving — doing so will bring the American economy to full capacity and make sure that we don’t leave a single job on the table.”

The investments in President Biden’s full Build Back Better agenda will create jobs, lower costs, and lower taxes for working 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.

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.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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