PRESS RELEASE: SEN. RON WYDEN, TOP LABOR ECONOMIST DISCUSS NEED TO PASS AMERICAN RESCUE PLAN BEFORE MARCH 14 UNEMPLOYMENT INSURANCE EXPIRATION

 

FOR IMMEDIATE RELEASE
March 3, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

SEN. RON WYDEN, TOP LABOR ECONOMIST DISCUSS NEED TO PASS AMERICAN RESCUE PLAN BEFORE MARCH 14 UNEMPLOYMENT INSURANCE EXPIRATION

Sen. Ron Wyden: “Donald Trump showed us in December what happens when benefits lapse. It took states weeks to get back up and running.”

Employ America’s Elizabeth Pancotti: “We’re nearing the year anniversary of a truly decimated labor market.”

Without The American Rescue Plan, More Than 11 Million Workers Will Begin to Lose Unemployment Benefits Starting on March 14

WASHINGTON, D.C. — Today, Senate Finance Chairman Ron Wyden and Employ America Policy Director Elizabeth Pancotti discussed on a call organized by Invest In America Action what is at stake for the millions of Americans relying on Congress to pass the American Rescue Plan before unemployment insurance benefits expire on March 14. They also offered context on how the upcoming February jobs report reflects on the state of the economy and labor market.

Senator Wyden and Elizabeth Pancotti made the following statements on a press call hosted by Invest in America Action:

“Unemployment benefits are an enormously important economic multiplier. Unemployed workers are not using that money to buy goods from overseas, they’re spending it on rent, they’re spending it on groceries, they’re spending it on prescription medicines and buying shoes for their kids,” said Sen. Ron Wyden, Chair of the Senate Finance Committee. “Donald Trump showed us in December what happens when benefits lapse. It took states weeks to get back up and running. Our caucus believes to a person that it must not be allowed to happen again.”

“We’re nearing the year anniversary of a truly decimated labor market. Preliminary data shows stagnation in the labor market recovery, and we expect a pretty depressing report on Friday with the unemployment numbers from the month of February.” said Elizabeth Pancotti, Policy Director at Employ America. “If Congress doesn’t act on extending unemployment insurance benefits, 11.4 million workers will lose unemployment insurance by mid-April and 16.7 million will lose the weekly $300 top-off, which we know they are using to support their families, put groceries on the table, and support their local economies.”

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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