PRESS RELEASE: STATEMENT: JOBLESS CLAIMS REMAIN LOW, MORE ACTION NEEDED TO BUILD ON PROGRESS
FOR IMMEDIATE RELEASE
May 19, 2022
Jack Miller, Communications Director
STATEMENT: JOBLESS CLAIMS REMAIN LOW, MORE ACTION NEEDED TO BUILD ON PROGRESS
Biden’s Agenda Investing in Middle Class Families Has Exceeded Expectations
WASHINGTON, D.C. — Last week, 218,000 Americans filed for unemployment benefits according to data released today by the Bureau of Labor Statistics. Under President Biden’s leadership, the U.S. economy has seen one of the strongest periods of growth in its history.
Yet despite these gains, inflation and kitchen-table costs continue to rise as a result of the pandemic, corporate price gouging, and Russia’s war on Ukraine. It’s clear that congressional action is needed to address these rising costs.
Invest in America senior adviser Zac Petkanas issued the following statement:
“With jobless claims remaining near historic lows, it’s clear that the American Rescue Plan and Bipartisan Infrastructure Law are putting Americans back to work and boosting our economy. Thanks to President Biden’s leadership, we know what works. It’s time that Congress put the president’s full agenda into action and pass cost-cutting measures that invest in health care, energy, child care, and more. This recovery will not be complete without stabilizing prices, which Congress can do right now.”
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.