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November 03, 2022

Schiff Announces New Jobs, Cost Savings, and Economic Growth in CA-28 and Throughout California

Legislation Enacted by Congressional Democrats and President Biden is Spurring Measurable Economic Growth Nationwide

Today, Congressman Adam Schiff (D-Calif.) announced that legislation passed by Congressional Democrats since President Biden took office has driven significant economic growth for workers and families in California’s 28th district and across the state. The country still needs to tackle high rates of inflation – a global challenge – but the job growth has been unprecedented.

According to a new report by the Joint Economic Committee, that growth has spurred tens of thousands of new jobs, new small business applications, a slashed unemployment rate, and made millions of Californians eligible for lower health care costs and student loan forgiveness.

“While the problem of inflation continues to demand our every effort, over the past two years we’ve helped workers and families stay afloat by creating millions of new jobs with rising wages. We made this progress by passing landmark legislation like the infrastructure bill, the Inflation Reduction Act, and the American Rescue Plan,” said Schiff. “I’m grateful that California and constituents in my district are already seeing some of the benefits, and I’ll continue to work hard to bring home even more jobs, cost savings, and relief from inflation.”

The JEC report found that between January 2021, when President Biden took office, and September 2022:

  • 32,500 jobs have been created in CA-28, including 700 new manufacturing jobs. Statewide in California, 1,650,900 jobs have been created, including 53,200 new manufacturing jobs.
  • 12,700 applications to start a new business were filed in CA-28 in 2021, up from an average of 8,200 per year pre-pandemic. In California, 518,000 business applications were filed, up from an average of 334,500 per year pre-pandemic.
  • California’s unemployment rate has fallen to 3.9%, down from 8.8% when President Biden took office.
  • 53,000 individuals in CA-28 have been able to keep their affordable health care coverage thanks to the Inflation Reduction Act - without which they would have seen their premiums rise, or lost coverage altogether at the end of the year.
  • 104,000 seniors in CA-28 with Medicare prescription drug coverage will soon pay less for their medications, as will 5.25 million seniors across California.
  • 3.55 million borrowers in California will be eligible for immediate student loan relief, with 66% of those borrowers qualifying for the full $20,000 in relief.

This progress comes after Congress has passed several key bills to promote economic growth nationwide, including:

  • The American Rescue Plan – An historic economic recovery package with direct relief for workers, families, small businesses, and local and state governments after COVID-19, laying the groundwork for today’s economic expansion.
  • The Infrastructure Investment and Jobs Act – Better known as the bipartisan infrastructure bill, a once-in-a-generation investment in the nation’s physical infrastructure and economic competitiveness.
  • The Inflation Reduction Act – A landmark climate, health, and tax bill that significantly lowers costs for prescription drugs, health care, and energy while paying down the nation’s deficit.
  • The CHIPS and Science Act – Historic investments in American research, development, science, and manufacturing to make more technologies of the future here at home, creating hundreds of thousands of good-paying jobs and boosting America’s economic competitiveness.
  • Student loan debt relief – Provides up to $20,000 in debt relief for those with student loans.

Click here to read the full report.