Congressman Yarmuth credits American Rescue Plan for Ky. economic growth

LOUISVILLE, Ky. (WAVE) - Kentucky congressman John Yarmuth said at a House Budget Committee hearing that the American Rescue Plan powered the strongest economic growth in nearly 40 years.

In Tuesday’s hearing, Yarmuth, who also serves as the Chair of the House Budget Committee, said the American Rescue Plan has been providing funding for recovery efforts following the COVID-19 pandemic.

The stimulus bill was passed in 2021 and provided the United States with a $1.9 trillion relief package to support local businesses, lowering premiums on health insurance and increasing tax credits.

”Thanks to the Rescue Plan, unemployment is near historic lows, at 3.6%,” Yarmuth said. “Seventeen states, including my home state of Kentucky, are seeing their lowest unemployment rates on record. In fact, the Rescue Plan nearly doubled GDP growth and led to the creation of 4 million additional jobs in 2021; that’s millions of Americans earning a paycheck as a direct result of the Rescue Plan.”

Yarmuth also predicted the United States economy to be larger at the end of this year, but he said with inflation, it would be a challenge.