ICYMI: YAHOO MONEY: More than 120 economists called on Congress to pass President Biden’s proposed American Rescue Plan

Today, more than 120 economists from across the country signed on to a letter organized by Invest in America Action calling on Congress to immediately pass President Biden’s COVID relief plan. The signers included Nobel Laureate Joseph Stiglitz, former Director of the National Economic Council Gene Sperling, and former Vice Chairman of the Board of Governors of the Federal Reserve Alan Blinder.

Yahoo Money’s Denitsa Sekova reports (emphasis added):

“A group of 120 economists pressed Congress on Thursday to back President Joe Biden’s $1.9 trillion rescue proposal before much of the aid from the $900 billion stimulus deal runs out.

“‘Unfortunately, the steps taken by the previous administration and Congress were not enough to help families and businesses weather the storm, nor for our nation’s economy to fully recover,’ the letter signed by the economists said. ‘It’s critical for Congress to immediately pass a new coronavirus relief package that will provide additional assistance to families and businesses struggling through a hard winter.’

“‘While the COVID relief package passed at the end of 2020 was better than nothing, it was too little and too late to address the enormity of the deteriorating situation,’ according to the letter signed by Gene Sperling, former director of the National Economic Council under President Clinton and President Obama, and Joseph Stiglitz, Nobel Laureate in economics, among others.

If Biden’s full $1.9 trillion plan is adapted by March, 10 million jobs would be added by the fall of 2022, according to estimates by Moody’s Analytics, enough to return the labor market to its pre-pandemic levels.

“Additionally, over 11.6 million people would be lifted out of poverty in 2021 and child poverty would be cut in half if Biden’s plan is implemented, according to an analysis by Columbia University’s Center on Poverty and Social Policy.”

Economists who signed the letter are available for interviews. Contact [email protected] to get in touch. 

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