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The White House and Democratic leaders are touting a Moody’s Analytics report on President Biden’s Build Back Better agenda and the bipartisan infrastructure framework, which the organization estimates will “contribute to the creation of 14.4 million more jobs during his term and 20.1 million through the end of 2031.”
“According to a new report from Moody’s this morning, the president’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,” read a White House press release on Wednesday.
Democratic congressional leaders are working on a $3.5 trillion reconciliation bill that includes policies in Biden’s Build Back Better agenda such as universal pre-K, tuition-free community college and financial support for childcare. The reconciliation bill is separate from the bipartisan $1.2 trillion physical infrastructure framework that Biden has endorsed.
Biden’s proposed policies can be expected to “contribute to the creation of 14.4 million more jobs during his term and 20.1 million through the end of 2031,” Moody’s projects. “Under the infrastructure deal and reconciliation package, employment increases by 12.9 million during his term and 19.1 million by year-end 2031.”
Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget, said there are multiple ways to interpret the job growth projections in the Moody’s report. The sum of jobs added through 2031 is one way, and the other is to look at the projected job growth for each individual year through 2031.
“People think of jobs in different ways,” he said. “How many year jobs are they creating is another way to think about it, right? How many jobs in each year? The 20.1 million is the total over 10 years. So it’s basically per job years created. You could divide that.”
During speeches promoting his infrastructure proposals, Biden has promised the plans will create “good-paying union jobs” for more Americans.
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Based on the projections in the report, Biden’s full agenda, combined with the bipartisan infrastructure deal, would cost $225,000 per job added over a 10-year period ($4.5 […]
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