PRESS RELEASE: STATEMENT: NEW DATA SHOW ECONOMY IS GAINING STRENGTH, BUT BUILD BACK BETTER INVESTMENTS STILL URGENTLY NEEDED
FOR IMMEDIATE RELEASE
July 29, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
STATEMENT: NEW DATA SHOW ECONOMY IS GAINING STRENGTH, BUT BUILD BACK BETTER INVESTMENTS STILL URGENTLY NEEDED
Under Biden Administration, The U.S. Economy Has Made Up The Losses Of The Last 18 Months And Surpassed The Pre-pandemic Peak, Growing At Its Fastest Rate In 40 Years.
POLLING: 62% of Voters, Including a Majority of Independents, Support Passing the Investments in the Build Back Better Agenda Through Reconciliation
Moody’s Mark Zandi on Build Back Better agenda: “…failing to pass legislation would certainly diminish the economy’s prospects.”
WASHINGTON, D.C. — Today, the Commerce Department’s Bureau of Economic Analysis released data showing that the U.S. economy’s GDP grew by 6.5% during the past year, surpassing pre-pandemic levels. In addition, unemployment insurance claims decreased by 24,000 and neared a pandemic low, according to the latest data from the Bureau of Labor Statistics.
Both sets of data demonstrate that the American economy has made a historic turn-around since the start of the pandemic, thanks to the American Rescue Plan and the President’s push to deliver economic relief to families, small businesses, and communities throughout the country. However, with millions of Americans still out of a job, it is as crucial as ever to pass President Biden’s Build Back Better agenda in order to bring the U.S. economy to its full strength.
Invest in America’s spokesperson Maddy McDaniel issued the following statement:
“Today’s GDP and unemployment data are proof that public investment like the American Rescue Plan works.
“While America has made a remarkable recovery under the Biden administration, there is still work to do to ensure that the economy is set up for long-term growth. The Build Back Better agenda — a once-in-a-generation opportunity to make long overdue investments in clean energy, caregiving, education, school construction, and much more — will create millions of jobs and boost the productivity of the economy, putting the U.S. in position to lead the global economy.
“Now is the time to make these crucial investments in America and Americans — by doing so, we’ll build an economy that rewards work, not wealth, by lowering costs for working people and easing the burden on the middle class.”
The investments in President Biden’s full Build Back Better agenda will create millions of jobs and boost overall productivity:
The Build Back Better agenda will create millions of jobs:
Along with the Bipartisan Infrastructure Deal, the Build Back Better Agenda will add, on average, nearly 2 million jobs per year over the course of the decade, while accelerating America’s path to full employment and increasing labor force participation.
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.
The Build Back Better agenda will lower costs for working people:
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 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 health care costs and premiums for those buying coverage through the ACA by extending the American Rescue Plan’s cost savings; adding dental, vision, and hearing coverage to Medicare; and closing the Medicaid gap for low-income Americans.
It will lower education costs by making two years of community college tuition-free and making universal preschool a reality.
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.