Simon Ateba is Chief White House Correspondent for Today News Africa. Simon covers the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions in Washington D.C. He can be reached on [email protected]
President Biden’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, according to a new report from Moody’s released on Wednesday.
Moody’s also projects that total GDP will increase by more than $4.5 trillion relative to the baseline over the next decade.
Since President Biden took office on January 20, 2021, the economy has added three million new jobs, the most in any President’s first five months on record.
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And the White House now believes that the new 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,” the White House said in a statement.”
Apart from adding three million jobs in first five months, 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 White House said.
It added that 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.”