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Thursday, March 25, 2021

The American Rescue Plan

 


The Need for Action in Oregon  


The pandemic and the associated economic crisis have had a severe impact on Oregon. The need for action is clear: 


• Since the pandemic began, more than 157,000 people have been infected  with COVID-19 and more than 2,200 people have died.  

• The unemployment rate is 6.3%, up from 3.5% before the pandemic. 

• Since February 2020, more than 26,000 fewer people are employed.  

• 282,000 adults – 10% of all adults in the state – report not having enough  

food to eat. This includes 90,000 adults living with children, or 10% of all  adults living with children, who report that the children in their household do  not have enough to eat.  

• An estimated 124,000 renters or 12% of renters are not caught up on rent.

 • An estimated 974,000 adults or 31% of all adults statewide report having  difficulty covering normal household expenses.  


The Effect of the American Rescue Plan on Oregon 


President Biden’s American Rescue Plan will provide Oregon with: 


• $2.758 billion in state fiscal relief 

• $1.5 billion in local fiscal relief 

• More than $1.1 billion in relief for K-12 schools 

• Economic impact payments of up to $1,400 per person (above the $600 per  person provided in December) for more than 2.7 million adults and 971,000 children. This is 86% of all adults in the state and 86% of all children in the  state.  

• Additional relief of up to $1,600 per child through the Child Tax Credit to  the families of 779,000 children, lifting 40,000 children out of poverty

 • Additional relief of up to nearly $1,000 through the Earned Income Tax  Credit to 264,000 childless workers, including many in frontline jobs

 • Marketplace health insurance premiums that are $1325 lower per month for  a 60-year old couple earning $75,000 per year