PRESS RELEASE: STATEMENT: JOBS REPORT SHOWS BIDEN’S ECONOMIC RECOVERY CONTINUES AT RECORD PACE

FOR IMMEDIATE RELEASE 
May 6, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

STATEMENT: JOBS REPORT SHOWS BIDEN’S ECONOMIC RECOVERY CONTINUES AT RECORD PACE

6.4 Million Jobs Added in 2021, 2.1 Million Jobs Added in Four Months of 2022

WASHINGTON, D.C. — Employers added 428,000 jobs in March, according to the jobs report released today by the Labor Department, beating expectations and keeping unemployment steady at 3.6%. In 2022 alone, an astonishing 2.1 million jobs have been created under the Biden administration’s leadership.

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

“President Biden’s agenda continues to exceed expectations. Thanks to the President’s leadership, Americans continue to see historic job growth and unemployment at historic lows. 95 percent of the jobs lost in the pandemic have returned and these trends tell a crystal clear story: Public investment works.

“Yet despite these gains, we still have work to do. Inflation remains high due to the pandemic, corporate price gouging, and Russia’s war on Ukraine. There is an urgent need for Congress to pass more of the President’s agenda to lower costs for energy, health care, prescription drugs, and more. There can be no doubt that President Biden’s agenda is working – let’s implement it fully.”

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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