How many jobs? 19 million. Who will the jobs be for? Millions with only a high school diploma. Who will pay? 55 corporations paid $0 in taxes.
This week, three new reports outlined the depth, breadth and economic backing for President Biden’s American Jobs Plan:
How many jobs will the American Jobs Plan help create? 19 million.
- A recent report from Moody’s Analytics projects that the economy will create 19 million jobs over the next decade if Congress passes the American Jobs Plan.
- Moody’s also projects that the Plan will help reduce the unemployment rate and drive up labor force participation on a sustained basis over the decade.
- This will help the economy create good jobs, with higher wages, including for low-income workers and workers of color – groups that historically see larger gains when the labor market is strong.
Who will benefit most from these jobs? The American Jobs Plan will create jobs at every education level, but the majority will be for people with no more than a high school diploma.
- According to a recent report from Georgetown University’s Center on Education and the Workforce:
- “An infrastructure program of a magnitude suggested by the Biden-Harris proposal would reverse a long-term decline in jobs and earnings for those with high school diplomas or less, creating 8 million jobs for this population.”
- “Biden’s infrastructure proposal would create jobs at every education level, but the majority of infrastructure jobs (75 percent) will be for people with no more than a high school diploma and some non-degreed short-term training—those who have been harmed most by technology change and trade since the mid-1980s.”
Who will pay for this investment in American jobs? It’s time for corporations to pay their fair share.
- A recent Institute on Taxation and Economic Policy report revealed 55 corporations paid $0 in federal taxes on 2020 profits. In fact, the report writes:
“Instead, they received $3.5 billion in tax rebates. Their total corporate tax breaks for 2020, including $8.5 billion in tax avoidance and $3.5 billion in rebates, comes to $12 billion.”
President Biden believes this is the moment to reimagine and rebuild a new American economy.
The full Moody’s report is available here.
The full Georgetown University’s Center on Education and the Workforce report is available here.
The full Institute on Taxation and Economic Policy report is available here.