PRESS RELEASE: STATEMENT: US ECONOMY GREW 5.7% IN 2021, HIGHEST RATE IN DECADES, THANKS TO PRESIDENT BIDEN’S RESCUE EFFORTS
FOR IMMEDIATE RELEASE
January 27, 2022
Jack Miller, Communications Director
STATEMENT: US ECONOMY GREW 5.7% IN 2021, HIGHEST RATE IN DECADES, THANKS TO PRESIDENT BIDEN’S RESCUE EFFORTS
Biden Achieves Strongest Calendar-Year Growth in 38 Years
WASHINGTON, D.C. — The U.S. economy grew at 5.7% in 2021 according to data released today by the Bureau of Economic Analysis (BEA), the strongest calendar-year growth in 38 years. BEA also recorded a 6.9% growth rate in the fourth quarter.
This extraordinary economic recovery was a direct result of President Biden’s American Rescue Plan and the Bipartisan Infrastructure Plan, which rushed COVID relief and vaccines to first responders and hospitals, supported businesses and workers, and distributed unprecedented direct cash assistance to millions of Americans. As we approach the one year anniversary of the American Rescue Plan, the results could not be clearer.
Invest in America’s senior adviser Zac Petkanas issued the following statement:
“Thanks to President Biden’s agenda, the United States is experiencing its fastest growth in nearly four decades, a tremendous feat considering the crisis inherited by this White House. The American Rescue Plan and Bipartisan Infrastructure Deal have made the formula as clear as day: strategic public investments lead to strong economic growth.
“We applaud the President for his leadership and urge lawmakers to recognize that bold public investments deliver strong economic growth. As President Biden continues his push for the Build Back Better Act, Congress must prioritize passing this historic legislation that would lower cost for families, address long-term inflation, and build on the tremendous success that President Biden has achieved thus far. This agenda is working.”
Economists are available to discuss the implications of today’s GDP report — reach out to [email protected] to get in touch.
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:
Along with the Bipartisan Infrastructure Deal, the Build Back Better Agenda will add, on average, nearly 1.6 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 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.