PRESS RELEASE:  ATTN SEN. TOOMEY: 10 MILLION UNEMPLOYED IS NOT A SIGN OF A “ROARING” ECONOMY

FOR IMMEDIATE RELEASE 

February 8, 2021

MEDIA CONTACT 

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ATTN SEN. TOOMEY: 10 MILLION UNEMPLOYED IS NOT A SIGN OF A “ROARING” ECONOMY

Jobless Claims Have Been Higher Than Their Peak During the Great Recession for 46 Straight Weeks

 Pennsylvania’s Unemployment Rate is Higher than the Nation’s; More than 1 Million Pennsylvanians Don’t Have Enough to Eat 

By Opposing American Rescue Plan, Toomey Is Opposing Unemployment Benefits, Keeping Essential Workers On The Job, and Vaccination Efforts To Reopen The Economy 

WASHINGTON, D.C. — Yesterday, Sen. Pat Toomey (R-PA) said that additional covid relief is unnecessary because the economy has come “roaring back” — a claim that ignores the deluge of recent evidence that the economy is stalling, and the outlook for workers and families is grim without additional relief and stimulus.

“The economy is not ‘roaring’ for the one million Pennsylvanians who are struggling to put food on the table while Sen. Toomey spends his energy trying to block the relief that could help them get back on their feet,” said Maddy McDaniel, spokesperson for Invest in America Action. “Every day that Sen. Toomey continues to obstruct the American Rescue Plan, he keeps money out of the pocket of unemployed Pennsylvanians, he threatens the livelihoods of essential workers, and he blocks crucial vaccination efforts that would reopen the economy.”

Economists are available to discuss the dire state of the economy and the urgent need for additional covid relief and stimulus. Reach out to [email protected] to get in touch. 

Toomey’s statements came after a week of devastating news for an already-battered economy: 

  • Nearly 800,000 people filed for unemployment in the last week of January, the 46th straight week where jobless claims eclipsed their peak during the Great Recession

  • The unemployment rate continues to be well above its pre-pandemic level, per January’s jobs report. The report was so concerning that Austan Gooslbee, former Chair of the Council of Economic Advisers under President Barack Obama, warned it could indicate “danger of a double-dip recession.” Read what other economists had to say about the jobs report here.

  • Without additional stimulus from Congress, the U.S. unemployment rate will not fall to pre-pandemic levels until 2024, according to the latest economic projections from the Congressional Budget Office. Read what economists had to say about these numbers here.

  • January’s modest jobs gains weren’t nearly enough to make a dent in the 10 million Americans who remain unemployed.

  • Some 400,000 small businesses remain shuttered; in December, almost half of minority-owned small businesses reported being unable to cover their rent in December.

  • Nearly 8 million people fell into poverty from June to November of 2020 as the poverty rate jumped 2.4 points — the largest jump since the government began counting 60 years ago.

  • All told, 2020 was the worst year for economic growth since World War II.

In Toomey’s home state of Pennsylvania, families struggle to stay housed and keep food on the table: 

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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