PRESS RELEASE: STATEMENT: JOBLESS CLAIMS REPORT SHOWS NEED TO BUILD ON MOMENTUM OF BIDEN’S HISTORIC ECONOMIC RECOVERY

FOR IMMEDIATE RELEASE 
February 17, 2022

Contact: 
TJ L’Heureux, Press Secretary
[email protected]

STATEMENT: JOBLESS CLAIMS REPORT SHOWS NEED TO BUILD ON MOMENTUM OF BIDEN’S HISTORIC ECONOMIC RECOVERY

4-Week Average for Claims Remains Near Historic Lows

WASHINGTON, D.C. — Last week, 248,000 Americans filed for unemployment benefits according to data released today by the Bureau of Labor Statistics. While the report noted a slight rise in claims, the 4-week average for claims fell by 10,500, hovering near a historic low and highlighting the strong economic recovery overseen by the Biden administration.

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

“Thanks to President Biden’s leadership in passing the American Rescue Plan and Bipartisan Infrastructure Law, which made critical investments in American workers, families, and businesses, the economic recovery from the pandemic has outpaced what experts believed was possible in 2021, with GDP growth and workforce participation reaching their highest rates in decades.

“While jobless claims recently reached historic lows thanks to the Biden agenda, today’s report shows us that we still have work to do. Congress needs to build on the momentum of the economic recovery and pass critical investments from President Biden’s Build Back Better agenda, which will create millions of good-paying jobs, lower key expenses like care and energy costs, and support American families and workers.

The investments in President Biden’s full Build Back Better agenda will lower costs, cut taxes, and create jobs for working families. 

  • The Build Back Better agenda will create millions of jobs: 

  • The Build Back Better 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 Build Back Better 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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