New today: Unemployment insurance claims are at the lowest they have been since March 2020 and the 4 week average continues to trend downward. That’s great news.
*Also* new today: A new report from the CBO confirms that the Biden economic plan is working. In February, CBO projected 2021 economic growth of 3.7%. Today, they doubled that number to 7.4%. The IMF also increased its 2021 growth forecast for the U.S. today to 7%. That’s huge.
In the last 4 months, the economy has created over 2 million jobs – offering many Americans the opportunity to get back to work after the pandemic.
This time last year, our GDP growth was negative.
Our GDP growth rate was over 6% since in the first quarter – 2021 is on track for the fastest growth in nearly 40 years.
Yesterday we learned that in all 389 metro areas in the U.S., unemployment rates are lower than they were this time last year – and payroll jobs are up in 275 of those areas. We also saw personal income rise nearly 60% in the quarter one of 2021 thanks largely to the Rescue Plan.
Thanks to the President’s Rescue Plan and a whole-of-government vaccination strategy, Americans have been able to get back to work and back to living their lives.
Since last June, restaurant, bars and other businesses have increased sales by nearly $17B.
The Biden economy is booming because since day one, the President has focused on jump starting our economy, getting Americans back to work, and rebuilding our economy from the bottom up and the middle out. Because of this — consumers are feeling more confident about our economy.
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After months of negotiation, we reached a bipartisan infrastructure deal that will make historic investments across our nation’s transit, high-speed broadband, and water systems.
For this week's #WhiteHouseDeepDive, we're digging into the Bipartisan Infrastructure Framework.
The Bipartisan Infrastructure Framework will make the largest investment in bridges since the interstate highway system was created. It will replace the 10 most economically significant bridges and 10,000 more small bridges throughout the country.
The Bipartisan Infrastructure Framework is also the most significant investment in passenger rail since Amtrak was constructed.
Since President Biden took office, we've been working to build an economy that works for every American — especially middle class Americans — not just a few at the top.
At just over 5 months in, let's check our progress.
Here's how the Mississippi River bridge closure is affecting nearby residents' lives and their economy: 1/5
West Memphis Mayor Marco McClendon says, “This has completely crippled our city in so many different ways, from just the quality of life to the economic impact.”
Jason Long, the general manager at Barton’s kitchen and bath showroom in West Memphis said, “You cannot get in and out of [the] parking lot with traffic the way it is,” and the congestion is hurting sales which are down 45% in the past month. 2/5
Brian Rhoads, a local dentist, says more people – almost double the usual rate – are rescheduling or no-showing for their appointments.
Southland Casino is the city's largest employer and their revenue has fallen nearly 33% since May. 3/5
On July 15th, nearly all working families will start seeing $250 to $300 per child automatically deposited in their bank accounts or sent to their mailboxes. #ChildTaxCredit THREAD: 1/7
What's happening:
The American Rescue Plan increased the #ChildTaxCredit payments from $2,000 per child to $3,000 per child for children over the age of six and from $2,000 to $3,600 for children under the age of six -- and made the payments automatic and monthly for most. 2/7
Nearly all families with kids will qualify. Couples making less than $150,000 and single parents making less than $112,500 qualify for the full benefit. Those with higher incomes may qualify for a smaller benefit or no benefit. 3/7
The United States is one of the only countries in the world that doesn't guarantee paid leave.
President Biden wants to change that.
Today, we're taking a #WhiteHouseDeepDive into how the American Families Plan can help. THREAD: 1/9
The U.S. has fallen behind our economic competitors when it comes to the number of women in the labor force.
The pandemic has exacerbated this problem. A lack of family friendly policies, such as paid family and medical leave, is a key reason for declining competitiveness. 2/9
The lack of paid family and medical leave has severe consequences on the U.S. economy.
1 in 5 retirees leave the workforce sooner than planned and the decline in women's participation in the workforce has led to over $64 billion lost in wages and economic activity per year. 3/9