PRESS RELEASE: SEN. WYDEN, GENE SPERLING, SMALL BUSINESS OWNER CALL FOR CONGRESS TO PASS PRESIDENT BIDEN’S COVID RELIEF PLAN, RESIST EFFORTS TO WEAKEN THE BILL

FOR IMMEDIATE RELEASE
January 28, 2021

Contact:
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716

SENWYDEN, GENE SPERLING, SMALL BUSINESS OWNER CALL FOR CONGRESS TO PASS PRESIDENT BIDEN’S COVID RELIEF PLAN, RESIST EFFORTS TO WEAKEN THE BILL

Senate Finance Chair Ron Wyden: “I am not going to let jobless workers fall off a cliff again.” 

Former NEC Director Gene Sperling: “The risks of doing too little vastly outweigh the risks of doing too much.”

Sperling is One of 120+ Economists Who Released a Letter Today Urging Congress to Pass Biden’s COVID Relief Plan 

77% of Voters Want Another Stimulus Package, New Polling from GQR Shows

WASHINGTON, D.C. — On a press call hosted by Invest in America Action today, Senate Finance Chairman Ron Wyden (D-OR), former Director of the National Economic Council Gene Sperling, small business owner and co-chair of Small Business for America’s Future Shaundell Newsome, and senior advisor to Invest in America Action Zac Petkanas made the following statements urging Congress to support President Biden’s American Rescue Plan:

“Last year was the worst year for the American economy since World War II. That alone ought to send a powerful message to Senators who are getting ready to debate COVID legislation and caution them against going small,” said Sen. Ron Wyden, Chair of the Senate Finance Committee. “I was a junior member of the Finance Committee during the Great Recession — we were told that if you went small, there would be more bites at the apple. The fact is, in 2009, the Congress didn’t pass another economic relief package. Senators can’t let our first economic package under the Biden administration take the small ball route.”

“This is an economic situation where the risks of doing too little vastly outweigh the risks of doing too much,” said Gene Sperling former director of the National Economic Council under President Clinton and President Obama. “If you’re going to object to this package you’re going to have to go through each provision that meets an economic and humanitarian need and say why you think we should do less. Let’s remember that the programs in the Biden plan are not only pro-dignity and pro-humanitarian, they are pro-growth.”

“President Biden’s rescue plan would be a lifeline for small businesses like mine, who are facing peril and are tired of feeling like they are last on the priority list,” said Shaundell Newsome, a small business owner from Nevada, Chairman of the Board of the National Urban Chamber of Las Vegas and a co-chair of Small Business for America’s Future. “Small business owners create two out of three new jobs in this country. Every dollar you invest in small businesses is an investment in jobs, workers, and the community.”

“The American Rescue Plan as laid out by President Joe Biden is a key piece of the strategy to get us out of this crisis,” said Zac Petkanas, senior advisor to Invest in America Action. “If you are interested in unity, there is a whole lot of unity behind significant relief toward COVID relief like the Biden plan.”

Today, Gene Sperling joined more than 120 other economists who signed a letter urging Congress to immediately pass a new COVID relief package as sweeping as President Biden’s plan. Signers of the letter included Nobel Laureate Joseph Stiglitz and Alan Blinder, former Vice Chairman of the Board of Governors of the Federal Reserve under President Clinton. The economists join a chorus of experts calling for additional stimulus, including many conservative economists and GOP elected officials.

President Biden’s robust plan provides for another round of direct stimulus checks, an expansion of unemployment insurance, and much-needed relief to state and local governments, renters and homeowners, and small businesses, among other key provisions.

Expert research shows that these robust measures are needed to rescue and grow the American economy.

  • Expanding unemployment insurance now would support more than 5 million jobs, and boost the GDP by 3.7%, according to the Economic Policy Institute.

  • Every dollar spent on unemployment insurance generates a $1.64 increase in GDP.

  • Every dollar invested in state and local aid generates $1.36 in GDP growth

  • Federal Reserve Chair Jerome Powell credited the stimulus checks and additional unemployment insurance passed in 2020 with a rebound in household spending.

Recent polling from GQR demonstrates the strong support from voters across the political spectrum for urgent and expansive public investment. More than half of voters said that the previous stimulus packages weren’t enough, and 77% say the government should pass another. 

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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