Now that the American Rescue Plan is underway and its impact on the economy is already being felt in a big way, it’s hard to understate its significance. Of course, this doesn’t necessarily make for a great ratings friendly story, as the recovery was passed by Congress months ago and people are just now beginning to feel the effects, so it’s led to a great deal of hand wringing among media pundits about whether or not President Biden and Congress are acting urgently enough to get their agenda accomplished, inevitably forcing the question of “What have President Biden and the Democrats done for us?”
They cut child poverty in half in less than a year. How’s that for a start? This is a statistic that any Democratic candidates whether up for re-election or seeking office for the first time need to repeat over and over – because it’s exactly what will happen as a result of the child tax credit, in which will add $230 billion in revenue bringing the top tax rate to 39.6% – the rate that it was at the start of the Bush administration, with money that will help working and middle class families.
President Biden’s explanation of this as a tax cut for the middle class was spot on – as was his reminder that Republicans vehemently fought against families even receiving this money that could help with things like braces or hiring a tutor – what seem like small acts but would actually help to stimulate the economy collectively in significant ways – while helping struggling children do better in school and change the trajectory for their families to break the cycle of poverty.
James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making