PRESS RELEASE: STATEMENT: JOBS REPORT SHOWS THE BIDEN BOOM CONTINUES AS DIRECT RESULT OF AMERICAN RESCUE PLAN

FOR IMMEDIATE RELEASE 
March 4, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

STATEMENT: JOBS REPORT SHOWS THE BIDEN BOOM CONTINUES AS DIRECT RESULT OF AMERICAN RESCUE PLAN

U.S. Continues to See Historic Job Creation Thanks to Biden Agenda, But More Investments Needed

WASHINGTON, D.C. — Employers added 678,000 workers in February, according to the jobs report released today by the Labor Department, far exceeding expectations with the largest monthly gain since July. December and January’s job numbers were also revised up by a total of 92,000. The continued boom in job creation is due in large part to the American Rescue Plan, passed nearly a year ago to keep Americans healthy and help small employers keep their employees and weather the pandemic.

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

“The job growth overseen by the Biden administration is stunning — this report shows that thanks to the American Rescue Plan and the Bipartisan Infrastructure Law, the U.S. is still seeing one of the strongest periods of job growth in our history.

“But we can’t rest on our laurels — we have more work to do before the economy reaches its full potential. Congress must act on the President’s agenda to lower costs for middle class families by investing in clean energy infrastructure, cutting the prices for prescription drugs, making child care more affordable, and more, all while creating millions of jobs.

“It’s clear that President Biden’s agenda is working. When fully passed, it will build on the momentum of the past year and ensure that all Americans share the benefits of our growing economy.”

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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