House Republicans Vote to Block 10 Million American Jobs
Today, Minority Leader Kevin McCarthy and House Republicans chose partisanship over American jobs, with House Republicans voting unanimously to block critical COVID-19 relief aid backed by economists from both sides of the aisle.
Moody’s Analytics found in January that President Biden’s stimulus plan would create 10 million additional American jobs between 2021 and 2022 and Trump’s Chairman of the Council of Economic Advisors told CNN he “absolutely” supports the framework of the plan, saying it is a crucial step to preventing a “negative spiral for the economy."
With millions of Americans unemployed, House Republicans voted unanimously to put partisanship over American jobs by attempting to block the budget necessary to provide COVID-19 relief.
Republican stalling already caused a painful lapse in critical unemployment assistance last year. Today, Republicans voted to block crucial aid needed to beat the virus, mount a national vaccination program, and make the investments necessary to reopen schools.
Experts Agree That Congress Needs to “Act Big” on COVID Relief
- Treasury Secretary Janet Yellen: “Economists don’t always agree, but I think there is a consensus now. Without further action, we risk a longer, more painful recession now – and long-term scarring of the economy later. … Right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, the benefits will far outweigh the costs.” (Testimony in her confirmation hearing in the Senate Finance Committee, 1/19/21)
- Mark Zandi, Chief Economist, Moody’s Analytics: “It’s better to err on the side of too much rather than too little. Interest rates are at zero, inflation is low, unemployment is high. You don’t need a textbook to know this is when you push on the fiscal accelerator.” [NYT, 1/30/21]
- Former Top Trump Economic Adviser Kevin Hassett: CNN Business reports, “Former Trump top economic adviser Kevin Hassett broadly supports President Joe Biden’s $1.9 billion rescue package as a way to keep the coronavirus-ravaged economy afloat. … ‘There are so many businesses treading water, barely hanging on. Now they are getting hit by another shock [from the pandemic],’ said Hassett. ‘You could end up in a negative spiral for the economy.’” [CNN Business, 1/22/21]
- According to Moody’s, if the package were enacted in full by March, the analysis projects that GDP would jump by almost 8 percent in 2021 and an additional 4 percent in 2022. At this pace of growth, the economy would create 7.5 million jobs in 2021 (December to December) and an additional 2.5 million jobs in 2022 – resulting in full employment by the fall of 2022 – a full year sooner than without this package. [Moody’s Analytics, 1/15/21]