PRESS RELEASE: STATEMENT: JOBLESS CLAIMS AT LOWEST LEVEL SINCE 1968 THANKS TO AMERICAN RESCUE PLAN

FOR IMMEDIATE RELEASE 
April 7, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

STATEMENT: JOBLESS CLAIMS AT LOWEST LEVEL SINCE 1968 THANKS TO AMERICAN RESCUE PLAN

Biden’s Agenda Investing in Middle Class Families Delivering Historic Economic Progress

WASHINGTON, D.C. — Last week, 166,000 Americans filed for unemployment benefits according to data released today by the Bureau of Labor Statistics, the lowest weekly number since 1968. The Biden jobs recovery is one of the strongest periods of growth in U.S. history, creating millions of jobs and cutting costs for middle-class families.

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

“Today, the Biden administration’s historic economic recovery has reached yet another milestone: the lowest weekly jobless claims since 1968. The labor market is as strong as it’s been in decades thanks to the American Rescue Plan and President Biden’s agenda.

“Yet, even now, there is more work to be done. President Biden’s agenda, if fully implemented, would lower costs for families on energy, health care, child care and more. This data shows that public investment works, and Congress must continue implementing the Biden agenda to create more jobs and ensure middle-class Americans share in the economy’s historic growth.”

The investments in President Biden’s agenda will lower costs and cut taxes 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.
  • President Biden’s agenda will lower taxes for middle class families: 

    • It will expand the Child Tax Credit, lowering taxes for middle class families by providing 39 million households and nearly 90% of children in the U.S. a major tax cut and cutting the child poverty rate in half.

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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