PRESS RELEASE: STATEMENT: BIDEN’S ECONOMIC PLAN OUTLINED IN WALL STREET JOURNAL OP-ED WILL DELIVER STEADY, STABLE GROWTH

FOR IMMEDIATE RELEASE 
May 31, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

STATEMENT: BIDEN’S ECONOMIC PLAN OUTLINED IN WALL STREET JOURNAL OP-ED WILL DELIVER STEADY, STABLE GROWTH

Building on Successes of American Rescue Plan and Bipartisan Infrastructure Bill, Biden’s New Investments Will Cut Key Expenses for Families in Energy, Prescription Drugs, Housing, and More

We now have a chance to build on a historic recovery with an economy that works for working families.” – President Biden

WASHINGTON, D.C. — President Joe Biden published an op-ed in the Wall Street Journal yesterday, outlining his plan to lower inflation and guide the U.S. economy through a period of steady and stable growth.

The renewed focus on fighting inflation and boosting the economy comes after the personal consumption price index (PCE) on Friday showed inflation down significantly, “a sign that price pressures could be peaking,” Biden said.

Experts from across the political spectrum, including 17 Nobel Laureates in economics, agree that the Biden administration’s proposals would ease inflation by lowering the costs of essentials like energy, prescription drugs, housing, and more.

Invest in America’s senior adviser Zac Petkanas issued the following statement:

“President Biden’s clear and focused agenda of targeted public investments will lower costs and make life easier for working families. After a historic economic recovery – a recovery that, frankly, no one predicted – the president’s plan will usher in a new era of steady, stable economic growth that is the hallmark of a healthy, fully-employed economy. Thanks to President Biden’s leadership ushering through major public investments like the American Rescue Plan and the Bipartisan Infrastructure Bill, more than 8 million new jobs have been created and unemployment is at the lowest rates in 54 years.

“Notably, this success came despite fierce opposition from Republican lawmakers, who have voted against everything from the American Rescue Plan to the emergency bill to fix the national baby formula shortage. Yet despite these obstacles, President Biden has delivered and his policies continue to succeed. Now is the time for Congress to pass the president’s full agenda to lower costs on energy, prescription drugs, housing, and more.”

President Biden’s full agenda will lower costs and create millions of jobs for working families.

  • President Biden’s agenda will lower costs for working people:  

    • It will lower child care costs — which cost parents $30-35 billion in income before the pandemic. Access to affordable child care could increase the lifetime earnings for women with children by nearly $100,000.

    • It will lower the cost of long term care, expanding access to affordable home care to hundreds of thousands of Americans.

    • It will lower energy costs, saving the average American family $500 per year by investing in clean energy.

    • It will lower health care costs and premiums for those buying coverage through the ACA by extending the American Rescue Plan’s cost saving premium tax credits; adding hearing coverage to Medicare; and closing the Medicaid gap for low-income Americans.

    • It will lower prescription drug costs for Americans by letting Medicare negotiate drug prices, so consumers are no longer at the whim of pharmaceutical companies.

    • It will lower taxes for low-and-moderate-income workers by extending the American Rescue Plan’s Earned Income Tax Credit to millions.

    • It will lower education costs by expanding Pell grants and making universal preschool a reality.

    • It will lower housing costs by creating more than one million new affordable homes in rural and urban areas.

  • The Biden agenda will create millions of jobs: 

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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