WASHINGTON, DC — Congressman Steny H. Hoyer (MD-05), Chair of the Regional Leadership Council, issued the following statement today on the three-year anniversary of the enactment of the American Rescue Plan: “Three years ago, America was in the grips of the worst economic crisis in a century: the COVID-19 pandemic. The future was uncertain. Americans feared for their personal health and the financial well being of their families. Many believed a protracted recession was inevitable. Our Democratic majorities in the House and Senate moved swiftly to pass the American Rescue Plan (ARP) to put vaccine shots in arms, money in pockets, kids in schools, and Americans back to work. Crucially, when President Biden signed that historic legislation into law three years ago today, we set the stage for the strongest economic recovery in the world. “Today, we see just how historic that recovery was. We've seen three years of record job growth, with nearly 15 million jobs added to the economy since President Biden took office. We have not only recovered all the jobs lost during the pandemic but also added 5.5 million more so that more Americans are working today than at any point in our nation’s history. A record 16 million applications to start small businesses were submitted in the past three years, a faster rate than before the pandemic. For the first time in more than five decades, unemployment has stayed below 4% for the last 25 months in a row. Instead of a recession, America had an average annual GDP growth rate of 3.4% for the past three years. Additionally, while inflation has been a real concern, we've seen greater real wage growth and lower core inflation than most major economies in Europe and beyond. “This terrific economic performance would not have been possible without the American Rescue Plan and the rest of Democrats' Investing in America agenda. I've seen the impact of the laws firsthand, both as Majority Leader last Congress and Chair of the Regional Leadership Council this Congress. The ARP gave Americans the tools and opportunities they needed not merely to weather the pandemic but to emerge from it stronger than ever before. Expanding the Child Tax Credit, that transformative law cut America's child poverty rate nearly in half to its lowest rate ever. Along with the Inflation Reduction Act, the ARP continues to help millions of Americans save an average of $800 a year on their health care premiums. “Indeed, America's economic resurgence was not a stroke of luck but a direct product of Democrats' commitment to putting People Over Politics. I look forward to building on the progress we made with ARP in every community across America in the years ahead.”