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The budget bill would add 1.1 million jobs related to caregiving alone, according to the Economic Policy Institute.
Investments included in the $1.2 trillion infrastructure bill and the $3.5 trillion budget bill would support upwards of 4 million jobs a year over a 10-year period, according to new analysis from the Economic Policy Institute.
The budget bill, which includes sweeping investments in social and education programs and environmental initiatives, “would vastly expand caregiving jobs to address unmet needs in child care and elder care” by supporting 1.1 million jobs annually, the EPI report said. The investments would not only provide jobs through expansion of pre-K and professional care jobs, but would also enable parents—primarily women of color—to more fully participate in the workforce.
Other areas of significant growth would include manufacturing, construction and climate-related jobs.
Debate over the future of the Biden-backed spending package is ongoing. While the infrastructure bill has bipartisan support, Republicans and some Democrats have balked at the size and scope of the $3.5 trillion budget reconciliation bill.
Thirteen House Committees completed markups and approved language for the budget bill this week, which will then have to be packaged together before it can go to the House floor. In the Senate, Democrats are still working on their proposals but some have expressed interest in making changes to provisions approved in the House.
House Speaker Nancy Pelosi struck a deal with Democrats that will require the House to resolve any major differences between their version and the Senate version before the House votes on the budget bill.
At a time when the U.S. economy still has yet to fully recover from the effects of the coronavirus pandemic and funding from federal relief efforts is winding down, the estimated boost from the infrastructure and budget bills could be vital, the EPI report states.
“This could well turn out to be a vitally needed backstop to growth in coming years as the fiscal boost from the [American Rescue Plan] winds down,” the report states. “These policies would accomplish much more than the immediate boost to employment, transforming the U.S. economy to be more efficient, equitable, sustainable, and prosperous for the long run.”
Unemployment hit 5.2%, a 17-month low in August, according to the latest data from the Labor Department. But job creation has slowed, particularly in the leisure and hospitality sector, with the economy adding just 235,000 positions last month.
According to EPI, sectors that could see significant job growth as a result of the infrastructure and budget bills include 556,000 jobs annually in manufacturing, 312,000 jobs in construction industries, and 763,000 jobs in climate-related positions such as clean technology, climate resilience and environmental remediation.
The influx of manufacturing and construction jobs would be tied to the bills’ significant investment in physical infrastructure, electric vehicles, renewable energies and initiatives meant to strengthen critical manufacturing supply chains, the EPI report said. Manufacturing jobs poised to see the most benefit would include electrical equipment, industrial machinery, construction products, fabricated metals and motor vehicles and parts.