NBC News reported the latest weekly jobless claims soared to 965,000 last week as the nation continues to struggle with the coronavirus-induced economic downturn. NBC writes:
Ten months into the pandemic, the U.S. economy still has around 10 million jobs to recover, the unemployment rate remains at 6.7 percent and almost 19 million Americans are still claiming some form of unemployment benefit.
President-elect Joe Biden is expected to deliver remarks today about his administration’s economic rescue package, which will focus on immediate pandemic “rescue” efforts and broader “recovery” measures like healthcare and infrastructure. Experts say infrastructure could play a big role in our nation’s economic recovery:
“A large-scale infrastructure bill would broaden the economy,” and improve the situation for those demographics who have shouldered the greatest burden during the coronavirus pandemic, said Larry Fink, CEO of BlackRock, the world’s largest asset manager.
Shovel-ready large-scale infrastructure – from transportation projects like roads, bridges, and airports to communications infrastructure to power and energy infrastructure like pipelines, export terminals, and power plants – can play a key role in putting Americans back to work, ushering in new streams of tax revenue for states and local municipalities, and creating new economic opportunities for their communities.
Now more than ever, it is important that policymakers and regulators ensure a straightforward regulatory process for these projects so much-needed investment can move forward.