PRESS RELEASE: STATEMENT: JOBS REPORT EXCEEDS EXPECTATIONS AS BIDEN JOBS BOOM CONTINUES
FOR IMMEDIATE RELEASE
June 3, 2022
Jack Miller, Communications Director
STATEMENT: JOBS REPORT EXCEEDS EXPECTATIONS AS BIDEN JOBS BOOM CONTINUES
Thanks to American Rescue Plan and Bipartisan Infrastructure Bill, 96% of Jobs Lost in Pandemic Have Returned, Unemployment at Lowest Point Since 1969
WASHINGTON, D.C. — Employers added 390,000 workers in May, according to the jobs report released today by the Labor Department. This number exceeded the 328,000 Dow Jones estimate, as the U.S. continues to see steady growth.
Invest in America senior adviser Zac Petkanas issued the following statement:
“The jobs boom that began after President Biden took office is not slowing down. Thanks to the public investments in the American Rescue Plan and the Bipartisan Infrastructure Law, unemployment is at its lowest since 1969. Just like this jobs report, President Biden’s agenda is exceeding expectations.
“However, there is still work to be done to boost the economy and help middle-class families. Congress should act immediately on the President’s recent calls to lower prescription drug prices, invest in clean energy, and more. When Congress passes these critical investments, Americans will be able to keep more money in their pockets and enjoy the benefits of our growing economy.”
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.