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Thursday, August 25, 2022

Hoyer: Economy Getting Back on Track


The US economy is getting back on track, Rep. Steny H. Hoyer said after the release of the November 2021 jobs report by the Bureau of Labor Statistics.

“November’s report shows ​how far our economic recovery has come in the past year and a half. With the unemployment rate dropping to just 4.2% from a peak of 14.8% last April, and new unemployment insurance claims hitting the lowest mark in generations, our economy is getting back on track​,” he said. “Our economy has now gained 6 million new jobs in just ten months. This month brings us another crucial step closer to a full recovery of the jobs our economy lost due to the COVID-19 pandemic last March.”

With the signing of the bipartisan Infrastructure Investment and Jobs Act, projects that spur greater economic growth will soon begin all across the country, helping to create conditions for American businesses to speed up hiring for jobs that won’t be outsourced, the congressman said.

“We must also acknowledge, however, that just bringing jobs back to pre-pandemic levels isn’t enough. We need to build back better from the pandemic by ensuring that workers and their families can achieve economic security and access opportunities to get ahead,” Rep. Hoyer (D-MD) said. “The Build Back Better Act, which the House passed last month and is now under consideration in the Senate, would provide families with greater access to affordable child care and elder care, bring down the cost of health care and prescription drugs, and make historic investments in clean energy that will save working families hundreds of dollars a year. These policies, along with many others beneficial provisions in this legislation, would create opportunities for more Americans to reenter the workforce with the confidence that hard work in this country will truly lead to economic security and advancement for themselves and their families.

Also posing a threat to the economic recovery is the spread of the Omicron variant of COVID-19, about which much remains unknown, he said.

“In order to protect one another this winter and ensure that our economic recovery continues apace, it is more important than ever for all Americans to get vaccinated and, when eligible, receive booster shots. As we face the ongoing challenges of COVID-19, House Democrats remain committed to enacting the Build Back Better Act to bolster the economic growth we have seen in recent months and to ensure that all Americans can achieve economic security,” he said.

Read the November 2021 jobs report here.

Follow Congressman Hoyer (D-MD) on Facebook, Twitter, and Instagram.

For more information about House Majority Leader Steny H. Hoyer, visit his Leader member page.

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