Dear Mr. Dabbagh ,
As we begin the New Year, I want to take a moment to reflect on the remarkable progress we made in 2021 as a community, a Commonwealth, and a country.
Despite the unprecedented challenges facing our society and our economy, President Biden’s first year in office has left our nation stronger and more resilient than before. Thanks to the bold actions taken by Congress and the Biden Administration, our economy is roaring back to life, and we are positioned to continue that growth this year.
President Biden and the Democratic Congress have led the United States to a stronger economic recovery than virtually any advanced economy on earth, making us the only nation in the G7 with a larger economy now than we had prior to the beginning of the pandemic.
Thanks to the landmark American Rescue Plan, which my colleagues in Congress and I worked hard to pass quickly in early 2021, American businesses and employees have jumped into action and laid the groundwork for a booming economic recovery. The Bipartisan Infrastructure Law, signed in November, builds on that foundation by creating millions of good-paying jobs modernizing and improving infrastructure around the country.
Here are some of the economic successes we can all be proud of as we head into the New Year.
This last year has brought nearly unprecedented gross domestic product (GDP) and profit growth. While the GDP saw negative growth in Donald Trump’s last year in office, President Biden’s first year saw it jump 5.5%, largely due to the American Rescue Plan and the Bipartisan Infrastructure Law.
Our nation’s businesses have outperformed the global market by over six points and hit the lowest debt ratios in recorded history. American companies saw 15% profit increases, and the U.S. dollar has strengthened 7.4% in international trade. The stock market is growing. We are creating manufacturing jobs and increasing payrolls. Businesses are more productive than they have been in decades.
More than 6 million new jobs were created last year, more than double the number created during President Trump’s first year in office, and unemployment has decreased from over 6% to just over 4%. In Virginia, the unemployment rate decreased from 5.6% to only 3.4%. Before we passed the American Rescue Plan, experts did not expect us to reach that benchmark until 2025.
Furthermore, unemployment claims have decreased to the lowest level since 1969. At the beginning of the year, over 18 million Americans were receiving unemployment benefits. Thanks to the jobs we have worked to create, that has decreased to 2 million.
Perhaps one of the most significant reasons we have been able to make these crucial gains is the success of our effort to get Americans vaccinated. When Democrats passed the American Rescue Plan, we provided funding for an historic vaccine rollout that has put nearly 500 million shots in arms. This massive effort has saved over a million lives and prevented over 10 million hospitalizations.
More than 71% of American adults are fully vaccinated, at least 85% of adults have had their first shot, and we have conducted groundbreaking research that has led to vaccine availability for children, keeping Americans of all ages safer. Nearly two thirds of all children aged 12-17 have received at least one dose of the vaccine, and children between the ages of 5 and 11 are starting to get their shots. This past January, only 46% of schools were open. Due to Democratic efforts to mitigate and prevent infections, we have increased that number to 99%.
The Bipartisan Infrastructure Law will create and save a total of 15 million jobs building and restoring our nation’s outdated infrastructure. Rebuilding bridges, roads, and mass transit, we will create the infrastructure we need to keep our economy competitive. In Northern Virginia, this also means $245 million for our airports and part of the $66 billion allocated to Amtrak and other railroad improvement projects. I am personally proud that provisions of my legislation to reauthorize federal funding for Metro were included in this bill, as thousands of my constituents depend on Metro every day.
Virginia will receive $7 billion for highway restoration and $537 million for bridge replacement and repairs. We will also see millions to build charging stations across the Commonwealth for electric vehicles, protecting our environment by lowering carbon emissions. In a time when telework and quarantines are necessities, there is no excuse not to expand broadband internet access. This legislation will extend broadband access to the 473,000 Virginians who need it.
It is true that inflation has risen recently and that the pandemic exposed weak links in our global supply. In response, President Biden worked to resolve these supply chain issues, slashing the number of shipping containers stuck in ports for over a week by half. Since his efforts in early November, store shelves have remained stocked for the holiday season. And while inflation may have risen, experts and executives alike agree that this is likely a temporary phenomenon. Trust in the Federal Reserve is high, and all indicators show a strong belief that prices will even out soon.
Employed Americans’ disposable income has increased as well, with the average American having about $100 more every month than they did last year, even accounting for inflation.
We have accomplished a tremendous amount, and we don’t plan to stop now. I plan to keep fighting for the Build Back Better Act to expand the Child Tax Credit, which has cut the child poverty rate nearly in half. This bill will help us fight climate change, lower prescription drug prices, and establish universal pre-K education for all Americans. I am proud to work towards these causes for you.
There is much to do this year. I’m ready to get to work.
Please continue to take care of yourselves and each other and remember that my office is here to help. If you have any questions or concerns, or if you need assistance, please don’t hesitate to call us at (703) 256-3071.
