April’s disappointing jobs report serves as a reminder that President Biden’s American Jobs Plan remains not only relevant – but necessary. “We can’t let up, this jobs report makes that clear. We’ve got too much work to do,” said the President today, urging the enactment of his economic agenda.
The US economy added only 266,000 jobs in April on the anniversary of the worst job loss for any month on record. That was far less than forecasts of economists, who had predicted America would add 1 million jobs last month. – CNN, 5/7/21
Biden’s American Jobs plan would provide well-paying jobs for Americans to rebuild the nation’s infrastructure, which the President defined more broadly than just tunnels, roads, and bridges. He proposes to spend $400 billion alone on the caregiving infrastructure for seniors – with an emphasis on home and community-based care. The American Jobs Plan aims to provide high-quality jobs for caregivers for seniors in their homes and communities. Many of these workers are women of color, who have suffered the most during the COVID recession.
Lower-income earners, women, Hispanic and Black workers bore the brunt of the pandemic layoffs and millions remain out of work. Yet some industries can’t find workers. That may seem contradictory, but it is proof that the job market is changing under the force of the pandemic. – CNN, 5/7/21
“An infrastructure program would create 8 million jobs for workers with a high school diploma or less, 4.8 million jobs for workers with more than a high school diploma but less than a bachelor’s degree, and 2.25 million jobs for workers with bachelor’s degrees and above.” – Georgetown University Center on Education and the Workforce
The American Jobs Plan would boost employment – and pay – for workers at all levels of education. This not only helps Americans put food on the table as the country recovers from the pandemic, but it swells the rolls of workers contributing to Social Security. More revenue rolling into the Social Security trust fund can improve the program’s financial health.
“Since wage-earners contribute to Social Security with every paycheck, the revenue generated from these new jobs would significantly extend the solvency of the trust fund, currently projected to be depleted in 2035. Not only would the program’s overall outlook brighten, workers could be eligible for higher Social Security benefits when they retire.” – Max Richtman, president and CEO, National Committee to Preserve Social Security and Medicare
The April jobs numbers need not be a reason for panic. Economists and pundits may have been overly optimistic about the unemployment picture for last month, leading to disappointment over the actual results. It clearly will take more time for the economy to fully recover. As President Biden said today, the recovery from COVID will be “a marathon, not a sprint.” The President’s American Jobs plan can inject a lot of new energy into the race toward recovery, while improving the livelihoods of current and future retirees.