WHAT THEY’RE SAYING: AMERICAN RESCUE PLAN’S PUBLIC INVESTMENT “SET TO TURBOCHARGE U.S. ECONOMY”

The overwhelmingly popular American Rescue Plan, which has already saved thousands of American jobs, is set to “turbocharge the U.S. economy” and put the nation on a fast track to recovery with its large-scale public investment.

Here’s what they’re saying:

CBS News: COVID relief legislation popular with Americans — CBS News poll

  • “Three in four Americans approve of Congress’ passing the economic relief package — the measure continues to draw wide support. Large majorities of Democrats and independents, along with nearly half of Republicans, said they approved of the bill’s passage.

    “Overall, majorities across income groups approve of the COVID economic relief package. Among Republicans, there is more support for it among those with lower household incomes than among those with higher incomes.”

NPR: Biden’s $1.9 Trillion Rescue Plan Set To Turbocharge U.S. Economy

  • “The Organization for Economic Cooperation and Development projects the U.S. economy will grow by 6.5% this year. That’s more than twice the growth rate it was projecting in December — thanks in large part to more robust federal aid.
    […]
    “Rather than waiting for benefits to trickle down, the COVID relief package showers money on lower-income households, boosting income for the poorest 20% of families by an average of 20%, according to the Tax Policy Center’s analysis, while top earners would see their income rise less than 1%.”

The Washington Post: Companies are scaling back layoffs because of Biden’s stimulus package

  • “Two airline giants said that they would cancel tens of thousands of planned layoffs because of aid earmarked for them in the $1.9 trillion stimulus measure passed by Congress this week, an early sign of job losses averted by the landmark package.
    […]
    “‘Those are happily canceled — you can tear them up!’ Doug Parker, American’s CEO, and Robert Isom, its president, wrote in a note to employees. ‘We are grateful for the support of our government leaders and their continued acknowledgment of all you do.’”

Fortune: The $1.9 trillion stimulus package could see the U.S. economy outpace China’s for the first time in 45 years

  • “Expected to be signed by President Joe Biden on Friday, the bill that aims to revive a COVID-19 battered economy will send direct payments of up to $1,400 to qualifying Americans, extend weekly unemployment benefits, and provide support to low-income families through programs like an expanded child tax credit. Alicia Garcia-Herrero, chief Asia-Pacific economist at Paris-based investment bank Natixis, believes there’s another possible bonus to the bill: it may boost the U.S.’s gross domestic product (GDP) growth to match or even outpace China’s in 2021, an economic milestone the U.S. hasn’t achieved in 45 years.”

The New York Times: New Stimulus Package Brings Big Benefits to the Middle Class

  • “An analysis by the Tax Policy Center published this week estimated that middle-income families, those making $51,000 to $91,000 per year, will see their after-tax income rise by 5.5 percent as a result of the tax changes and stimulus payments in the legislation. The increase for that income group is about twice as generous as what it received after the 2017 Tax Cuts and Jobs Act.”

CNBC: Health insurance costs for millions set to drop under final Covid-relief bill

  • “Private health insurance through the nation’s public exchanges is set to become more affordable — at least for a couple of years.

    “The $1.9 trillion Covid relief package, which received final congressional approval Wednesday and will soon head to President Joe Biden for his signature, includes provisions that will reduce the cost of health insurance amid the ongoing pandemic and elevated unemployment.”

ABC News: What ‘historic’ expansion of child tax credit in COVID relief bill could mean for you

  • “Included in the 628 pages of the American Rescue Plan is a change that experts say will prove to be a ‘historic’ step in reducing child poverty.
    […]
    “‘The pandemic is driving families deeper and deeper into poverty, and it’s devastating,’ Chairman of the House Ways and Means Committee Richard Neal, D-Mass., said in a statement when the proposal was announced. ‘We are making the Child Tax Credit more generous, more accessible, and by paying it out monthly, this money is going to be the difference in a roof over someone’s head or food on their table.’”

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