PRESS RELEASE: STATEMENT: JOBLESS CLAIMS REPORT HIGHLIGHTS BIDEN’S HISTORIC ECONOMIC RECOVERY, SHOWS NEED TO BUILD ON PROGRESS
FOR IMMEDIATE RELEASE
March 3, 2022
Jack Miller, Communications Director
STATEMENT: JOBLESS CLAIMS REPORT HIGHLIGHTS BIDEN’S HISTORIC ECONOMIC RECOVERY, SHOWS NEED TO BUILD ON PROGRESS
4-Week Average for Jobless Claims Reaches Lowest Level Since 1970
WASHINGTON, D.C. — Last week, 215,000 Americans filed for unemployment benefits according to data released today by the Bureau of Labor Statistics. The number of claims was lower than expectations, while the 4-week average for claims reached its lowest point since April 1970, highlighting the historic economic recovery overseen by the Biden administration.
Invest in America’s senior adviser Zac Petkanas issued the following statement:
“Today’s jobless claims report is a reminder that President Biden has overseen a historic economic recovery. Jobless claims were lower than expected and the 4-week average fell to its lowest point in 52 years, thanks in large part to the American Rescue Plan and Bipartisan Infrastructure Law.
“Yet, as President Biden said in his State of the Union, we still have work to do. The economy has not yet reached its full potential and Congress must build on this momentum to pass cost-lowering investments in clean energy, child care, home care, education, and more, all of which will create millions of good-paying jobs and support American families and workers dealing with high prices.”
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.