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Press Release - New Moody's Report: The President's Economic Agenda Will Create Millions of Jobs, Grow our Economy, and Decrease Inflationary Pressures

July 21, 2021

According to a new report from Moody's this morning, the President's Bipartisan Infrastructure Framework and Build Back Better agenda will add almost 2 million jobs per year on average across the whole decade, while accelerating America's path to full employment and increasing labor force participation. Moody's also projects that total GDP will increase by more than $4.5 trillion relative to the baseline over the next decade. And, the Moody's report confirms what the President said on Monday: that these sorts of investments in making our economy more productive will keep prices stable and decrease inflationary pressure.

Since President Biden took office, there has been historic job growth – three million new jobs, the most in any President's first five months on record. The average number of new unemployment insurance claims has been cut by more than half and small business optimism has returned to its pre-pandemic levels. Independent projections from the CBO, the IMF, the Federal Reserve, the World Bank, the OECD, and many others all forecast America this year reaching the highest levels of growth in nearly four decades thanks to the President's success in getting economic relief to the middle-class and curbing the pandemic. While the American Rescue Plan is changing the course of the pandemic and delivering relief for working families, this is no time to build back to the way things were.

This is the moment to reimagine and rebuild a new economy by making transformational investments in our middle-class and economic competitiveness.

The President's Bipartisan Infrastructure Framework and Build Back Better Agenda will upgrade our nation's infrastructure, revitalize manufacturing, boost innovation, shore up supply chains, and solidify our care infrastructure. Combined they will help ease the burden of high costs on working families and deliver one of the biggest middle-class tax cuts ever.

You can read more about the Moody's report here.

Joseph R. Biden, Press Release - New Moody's Report: The President's Economic Agenda Will Create Millions of Jobs, Grow our Economy, and Decrease Inflationary Pressures Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/336855

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