PRESS RELEASE: MORE THAN 70 ECONOMISTS SUPPORT BUILD BACK BETTER AGENDA TO CREATE JOBS, LOWER COSTS, CUT TAXES FOR MIDDLE-CLASS

FOR IMMEDIATE RELEASE 
August 23, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

MORE THAN 70 ECONOMISTS SUPPORT BUILD BACK BETTER AGENDA TO CREATE JOBS, LOWER COSTS, CUT TAXES FOR MIDDLE-CLASS

Signers Include Former Council of Economic Advisers Chair Austan Goolsbee

The Letter Urges Congress to Pass The Investments in President Biden’s Build Back Better Agenda

The Letter States: “Both the Bipartisan Infrastructure Deal and the Build Back Better agenda could ease some inflationary pressures

POLLING66% of Voters — including 60% of Independents — Support Passing the $3.5T Build Back Better Plan Through Reconciliation

WASHINGTON, D.C. — Today, 72 economists signed a letter organized by Invest in America Action calling for the passage of the Build Back Better agenda, along with the Bipartisan Infrastructure Deal, to ensure long-term economic growth and position America to lead the global economy. The statement comes ahead of a planned vote on the budget resolution in the U.S. House this week.

“The success of the American Rescue Plan has demonstrated the efficacy of public investments, beginning to bring the U.S. economy back to its pre-pandemic strength. But we must now be more aggressive to ensure long-term economic growth and position America to lead the global economy,” the economists write in the letter. “Importantly, both the Bipartisan Infrastructure Deal and the Build Back Better agenda could ease some inflationary pressures by introducing significant supply-side measures into the economy and expanding labor force participation and production possibilities.”

The group of signers is led by Former Council of Economic Advisers Chair Austan Goolsbee and features prominent economists from across the country. Read the full statement and view its signers here.

Economists who signed the statement are available for interviews and analysis on what is needed to build back better. To get in touch, please contact [email protected].

Read the letter below:

“The success of the American Rescue Plan has demonstrated the efficacy of public investments, beginning to bring the U.S. economy back to its pre-pandemic strength. But we must now be more aggressive to ensure long-term economic growth and position America to lead the global economy.

That’s why we support passage of the Bipartisan Infrastructure Deal — a $550 billion investment to rebuild America’s crumbling infrastructure — as well as the Build Back Better agenda — a $3.5 trillion investment in clean energy, caregiving, education, child care, and much more slated to be passed through the reconciliation process. 

These once-in-a-generation opportunities will create millions of jobs, lower costs for American families and lead to significant economic growth. Some analyses suggest that together, these two packages could, on average, add nearly 2 million jobs per year over the course of the decade, while accelerating America’s path to full employment and increasing labor force participation through expanded access to early childhood programs that allow more parents to return to work. In addition, the plans will reduce prescription drug costs and lower taxes for nearly 90% of families with children in the U.S. by expanding the Child Tax Credit. Finally, they will increase GDP and deliver much-needed long term growth for the American economy.

Importantly, both the Bipartisan Infrastructure Deal and the Build Back Better agenda could likely ease inflationary pressures by introducing significant supply-side measures into the economy and expanding labor force participation and production possibilities.

Here’s the bottom line: for decades, the United States has suffered from underinvestment in our communities, families, workers, and small businesses — weaknesses and inequities in the economy — especially in communities of color — that were made painfully clear during the COVID pandemic. Now is the time to address these issues by investing in America and Americans through the Bipartisan Infrastructure Deal and the Build Back Better agenda, which will create jobs, lower costs for middle-class families, and create long-term growth for our economy.”

The economists join a growing group of experts who assert that now is the time to invest in Americans through the Build Back Better agenda and bring the U.S. economy to full strength, creating jobs, lower costs, and cutting taxes for hard-working Americans.

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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