Job Growth Will Slow Without a Stimulus Plan, Biden Says

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Job Growth Will Slow Without a Stimulus Plan, Biden Says

President Biden said on Friday that growth shown in Friday’s jobs report is temporary, and that long-term economic recovery could stall without passing the $1.9 trillion relief package Congress is considering.

Today’s jobs report shows that the American Rescue Plan is urgently needed in our view. Our economy still has 9.5 million fewer jobs than it had this time last year. And at that rate, it would take two years to get us back on track. We have one million fewer educators, one million fewer educators than we did this time last year. We’ve lost 400,000 small businesses. All those empty storefronts aren’t just shattered dreams. They’re warning lights that are going off in state and local budgets that are being stretched because that lack of tax revenue. And some of last month’s job growth was a result of the December relief package. But without a rescue plan, these gains are going to slow. We can’t afford one step forward and two steps backwards. We need to beat the virus, provide a sense of relief and build an inclusive recovery. People need the help, now, in less than two weeks, enhanced unemployment benefits will begin to expire for 11 million people. At least seven million kids don’t have enough food to eat on a regular basis, 13 million people are behind in their rent. And the rescue plan is absolutely essential for turning this around, getting kids back to school safely, getting a lifeline to small business and getting the upper hand on Covid-19.

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