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ICYMI: BIDEN ADMINISTRATION MEMO LAYS OUT HOW BUILD BACK BETTER AGENDA WOULD BOOST ECONOMIC GROWTH

FOR IMMEDIATE RELEASE: October 19, 2021
PRESS CONTACT: [email protected]

ICYMI: BIDEN ADMINISTRATION MEMO LAYS OUT HOW BUILD BACK BETTER AGENDA WOULD BOOST ECONOMIC GROWTH

Washington, D.C. — Today, the White House released a new memo outlining the growing body of research that lays out how the Build Back Better Agenda will expand economic growth. The memo outlines independent research that shows how key provisions that lower the costs of everyday essentials from health care to child care to housing and more, will “pay significant long-term dividends” and “increase labor force participation, improve living standards, enhance U.S. competitiveness, and boost economic growth in the decades to come.”

“Thanks to the President’s leadership, working and middle class families have already benefited from an unprecedented economic recovery that has created nearly five million jobs as the country emerges from the pandemic,” said Building Back Together Executive Director Danielle Melfi. “Now, we have an opportunity to build on this progress by passing the Build Back Better Agenda and make the investments that will drive robust, long-term economic growth that lifts up working and middle class families across the country.”

Key highlights from the the White House’s new memo: 

  • “While President Biden’s American Rescue Plan has enabled the U.S. economy to recover at a historic pace, longstanding economic challenges threaten future growth and prosperity. President Biden’s Build Back Better Agenda tackles these challenges head on through smart, long-term investments in climate change mitigation and the human infrastructure of our country.”
  • “A growing body of research shows that these investments will increase labor force participation, improve living standards, enhance U.S. competitiveness, and boost economic growth in the decades to come.”
  • “According to Moody’s Analytics, the Build Back Better Agenda – combined with the bipartisan Infrastructure Investment and Jobs Act – will add an estimated $4.6 trillion in 2012 dollars to GDP over the next decade.”
  • “The economic literature shows that elements of the Build Back Better Agenda – from preschool and child care to affordable housing and health care – will pay significant long-term dividends; produce a larger, more productive, and healthier workforce; generate savings to states and the federal government; and boost economic growth in the decades to come.”

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