ICYMI – Moody’s Analytics: Expanding Home and Community-Based Services Will Produce Stronger Economy
Washington, D.C. – Moody’s Analytics released a new report highlighting how a federal investment in Medicaid home and community-based services will result in a stronger economy, with higher GDP and more jobs. The report details how an expansion of services for seniors and people with disabilities and investment in the direct care workforce would allow family caregivers to re-join the workforce, create hundreds of thousands of quality caregiving jobs and lead to long-term economic growth.
“This analysis by Moody’s shows us once again that a robust investment in home and community-based services will not only create jobs and serve older adults and people with disabilities but will also strengthen the economy. My legislation, the Better Care Better Jobs Act, would make these necessary investments and provide the opportunity for many family caregivers to return to work while also improving the country’s economic health. I will continue to fight for Congress to fully fund the policies in this bill as part of the Build Back Better Budget,” said U.S. Senate Aging Committee Chairman Bob Casey (D-PA).
The report, titled “Macroeconomic Impact of Home and Community-Based Services Expansion,” highlights the following:
- The economy would receive an immediate boost from higher workforce participation, particularly from women – especially women of color – who are currently most likely to provide these services;
- Long term, the economy receives a lift from this policy, as it supports higher labor force growth; and
- Without additional government support, the system of home and community-based services threatens to buckle.
Read more about the Better Care Better Jobs Act here.
Read the analysis from Moody’s Analytics here.