ICYMI: New S&P Report: The Bipartisan Infrastructure Investment and Jobs Act will Create Hundreds of Thousands of Jobs and Grow our Economy
A new report from S&P Global finds that a $1 trillion investment in infrastructure—like the bipartisan Infrastructure Investment and Jobs Act—will alone create 883,600 more jobs by 2030, while increasing per-capita income and consumer spending. This investment will, "help offset some of the impact of COVID-19 on the jobs market, providing a lifeline to millions of unemployed workers, including many long-term unemployed, who were displaced by it."
S&P also projects that total economic activity will increase by more than $1.4 trillion relative to the baseline over the next decade. And, the S&P report confirms what the President has said for weeks: that these sorts of investments will make our economy more productive, "which would likely increase future investment and jobs long after a project has ended."
Since President Biden took office, there has been historic job growth—four million new jobs, the most in any President's first six months. Independent projections from the CBO, the IMF, the Federal Reserve, the World Bank, and the OECD—in addition to second quarter GDP data—suggest America will this year reach the highest levels of growth in nearly four decades. While the American Rescue Plan is delivering relief for working families and enabling a historic recovery, this is no time to build back to the way things were.
The bipartisan Infrastructure Investment and Jobs Act and the President's Build Back Better Agenda will upgrade our nation's roads, bridges, and rail; revitalize manufacturing and the innovation economy; shore up critical supply chains; solidify our care infrastructure; and make long-term investments in our nation's children and families. Combined, they will help ease the burden of high costs on working families, deliver one of the biggest middle class tax cuts ever, and generate sustainable economic growth over the long-term.
You can read more about the S&P report here.
Joseph R. Biden, ICYMI: New S&P Report: The Bipartisan Infrastructure Investment and Jobs Act will Create Hundreds of Thousands of Jobs and Grow our Economy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/352496