The American Rescue Plan Will Boost U.S. Economy, Slash Poverty, Lower Health Care Costs, And More
March 11, 2021
President Biden’s historic American Rescue Plan will put the country on track to recover from the coronavirus pandemic, but it won’t stop there. President Biden’s plan will make a real, lasting difference in the lives of Americans by boosting our economy, slashing the poverty rate, making health care more affordable, and more.
President Biden’s American Rescue Plan is forecast to boost our economy to levels not seen in decades.
Wall Street Journal: “The legislation—following trillions of dollars in federal aid last year and arriving amid rising Covid-19 vaccination rates—prompted economists surveyed by The Wall Street Journal in recent days to boost their average forecast for 2021 economic growth to 5.95%, measured from the fourth quarter of last year to the same period this year. That was up from their 4.87% projection last month and would be the U.S. economy’s fastest since a 7.9% burst in 1983.”
The Americans Rescue plan has already protected thousands of jobs.
CNN’s Pete Muntean: “American Airlines is telling 13,000 workers who received notices of April 1 furloughs ‘you can tear them up!’ House passage of $1.9 trillion stimulus bill extends airline Payroll Support Program once again.”
And it will help small businesses keep their doors open.
Washington Post: “For the [Independent Restaurant Coalition], which formed as the pandemic was just sinking its teeth into the American economy, the vote capped a grueling, year-long effort to seek direct grants for a hospitality industry that in the past 12 months has shed 2 million jobs, lost an estimated $240 billion in revenue and seen 110,000 establishments close. ‘The cheers went up’ when the Senate passed the bill, said Colicchio, the chef, restaurateur and founder of Crafted Hospitality, a restaurant group based in New York City. ‘There are so many independent restaurants that are going to get a lifeline and stay open, and that will be great for the economy, for employment.’”
The American Rescue Plan will make a real difference in the lives of Americans by substantially reducing the poverty rate in our country.
Washington Post’s Jeff Stein: “New analysis of Biden stimulus impact out today –>
— Poverty falls by 42% for black people
— By 39% for Hispanic people
— By 34% for white people
Overall, bill lowers poverty rate from 13.7 percent to 8.7 percent – similar to Columbia analysis”
Vox: “The Covid-19 relief bill, which passed the US House on Wednesday afternoon and is set to be signed into law by President Joe Biden on Friday, is the most far-reaching anti-poverty legislation in more than 50 years.”
New York Times Editorial Board: “Far more important, this is a big win for the American public — especially those of modest economic means. The legislation has the potential to cut poverty by a third and reduce child poverty by more than half, according to an analysis by Columbia University’s Center on Poverty and Social Policy. Black and Hispanic Americans are expected to see the largest benefit. It is being characterized by fans and critics as among the most expansive and progressive legislative achievements in decades.”
And also substantially lower health care costs for millions of Americans.
Associated Press: “Several million people stand to save hundreds of dollars in health insurance costs, or more, under the Democratic coronavirus relief legislation on track to pass Congress. Winners include those covered by ‘Obamacare’ or just now signing up, self-employed people who buy their own insurance and don’t currently get federal help, laid-off workers struggling to retain employer coverage, and most anyone collecting unemployment. Also, potentially many more could benefit if about a dozen states accept a Medicaid deal in the legislation. Taken together, the components of the coronavirus bill represent the biggest expansion of federal help for health insurance since the Obama-era Affordable Care Act more than 10 years ago.”
It’s no wonder poll after poll shows the vast majority of Americans support the American Rescue Plan.
CNN: “The economic relief bill moving rapidly through Congress is broadly popular, according to a new CNN Poll conducted by SSRS.”
CBS News’ Ed O’Keefe: “NEW FROM @CBSNewsPoll: Three in four Americans approve of Congress passing the American Rescue Plan. Large majorities of Democrats and independents, along with nearly half of Republicans, approve of passage.”