President Joe Biden thinks that there is no better way to power the economy and restore the middle class than by empowering American workers. He promised during his campaign to rebuild the backbone of America—the middle class—and make government work for everyone again, not just a few.
Today, he’s delivering his promises through the Build Back Better framework. This plan is to rebuild the middle class in the U.S by providing the tools and funding to help Americans get good jobs. The framework is set to create millions of good-paying jobs, affordable education, and meet climate goals. This would also mean enabling more Americans to join and remain in the labor force to help grow the economy.
This framework will tackle improving the backbone of the economy across different sectors. These are:
Investing in Children & Elderly Care
Free Preschool for All
If you have a 3 or 4-year-old kid enrolled in preschool, you probably know that early childhood education costs $8,600 per year. Education is a smart investment in America’s future workforce and economic growth, so the Build Back Better framework will enable all states to expand access to free preschool. This means that 6 million children per year will benefit from this free education. Plus, it will improve the quality of preschool for children already enrolled in different institutions.
As parents, you can now send your children to any preschool of your choice, regardless of your income. Whether it is public or private preschool as long as you think that is the best school for your child to get a quality education.
Making High-Quality Childcare Affordable for All
For middle-class families with children, this framework would give you affordable childcare. It ensures that you will pay no more than 7% of your income for childcare. No matter which state you are in, you will have access to high-quality, affordable childcare. This plans to help 20 million children per year, which would cover 9 out of 10 families across the country.
To simplify it, if you’re a couple with one toddler earning $100,000 a year, this framework will give you $5,000 savings each year on childcare alone. So, are you eligible for this? Yes, if you are a family of 4 earning less than $300, 000 each year. The reason for providing this affordable childcare is for families, especially mothers, to have the opportunity to be employed. Nursing mothers will also have the chance to enroll in skill training to get better jobs because they can afford to bring their kids to childcare centers.
Affordable, High-Quality Care for Older & Disabled Americans
For families with older or disabled members, you no longer have to worry about expensive home care services. The framework will improve Medicaid coverage for seniors and disabled Americans. It will provide low-cost, high-quality care while also supporting the workers providing the care.
Extending the American Rescue Plan’s Expanded Child Tax Credit
In 2022, parents with children aged 6 and below will be paid $300 per month while parents of 6 to 17 years old will be paid $250 per month. The goal is to reduce child poverty and to cover costs for basic necessities like food, housing, or healthcare. The plan would also mean that the neediest families will continue to receive the full Child Tax Credit.
Combating Climate Change
Giving Rebates & Tax Credits in Exchange for Clean Energy
This act will save families hundreds of bucks per year in energy costs. The president says the framework will cut the cost of installing rooftop solar for a home by around 30%. Along with it is the expansion and enhancement of existing solar energy tax credits and electrification-focused rebate programs. The new vehicle tax credit will lower the cost of an electric vehicle that is made in America. While there are also grants and loans through the Department of Agriculture for rural communities that can tap into the clean energy opportunity.
Making America a Leader in Clean Energy Technology
The framework will target incentives to grow domestic supply chains in solar and wind industries, creating more jobs. Plus, it will boost the competitiveness of U.S. manufacturing by bridging technology gaps, such as high-quality steel for wind towers, and cement for power plants.
Advancing Environmental Justice Through Clean Energy and Sustainability Accelerator
With this plan, the president will invest in projects across the country, while delivering benefits of up to $40 billion to disadvantaged communities. This will also cover the creation of a new Civilian Climate Corps — one with over 300,000 members. These members will focus on conserving public lands, helping build community resilience to the changing climate, and securing good-paying union jobs for more Americans.
This would also allow the deployment of cleaner transit, buses, trucks, and support grants to environmental justice communities.
Historic Investment in Natural Climate Solutions
As a move to combat natural resources’ degradation, the plan will push through on coastal restoration, coastal management, and soil conservation. It would also support farmers, ranchers, and forestland owners to increase conservation and reduce emissions. By investing in climate-smart farming methods, it will increase crop yields and combat climate change.
Expansion of Affordable Healthcare
Low-cost Prescription Drugs
It’s time for the government to step in and stop the ridiculous pricing systems that are in place when it comes to prescription drugs. Medicare will tackle this role of negotiating with pharmacies and manufacturers for reduced prescription drug costs. Once completed, it will mean lower costs of prescription drugs, and medicine is affordable for everyone. There will be a policy for drug companies if they don’t comply with the law or are increasing their prices faster than inflation.
If you have diabetes, this is good news because you’ll be able to get your insulin doses at no more than $35 a month.
Strengthening the Affordable Care Act
This is good news for Americans who don’t have health insurance yet. With this framework, you can now get your insurance through the Affordable Care Act Marketplace at lower premiums. You will pay only an average of $600,000 per year, saving you approximately $245 per month on insurance premiums.
Closing of the Medicaid Coverage Gap
In the past, you needed to pay $450 for benchmark coverage. However, with this framework, you don’t have to pay anything. The goal is to deliver healthcare coverage to everyone through the Affordable Health Care Act tax credits.
Medicare to Cover Hearing Benefits
Medicare will include hearing benefits in its coverage, so every citizen will have access to affordable care they need.
Bring Down Cost & Strengthen the Middle Class in Generations
The framework plans to build more than 1 million affordable homes to boost supply and reduce housing prices. It also aims to make cities safe, habitable, and healthier places to live in. In addition, it will give rental and down-payment assistance, helping everyone become a homeowner and build wealth. The plan will also aid in creating equitable communities and local zoning to provide livable neighborhoods.
Earned Income Tax Credit (EITC) Expansion
In a bid to curb poverty, Build Back Better will expand EITC to help almost all low-wage workers pull out of poverty. This will be possible with the extension of the American Rescue Plan’s tripling of the credit for childless workers, benefiting almost 17 million workers.
Cheaper Education Beyond High School
The intention is to make skill-focused training accessible and affordable to everyone. The framework will increase the maximum Pell Grant to $550, making almost 5 million students achieve their dreams. Alongside this, it will also grant help to low-income students in minority groups and underserved communities. The scheme will focus on helping students get quality training or education that would lead them to better jobs in various sectors.
Nutrition Security for Children
A larger number of school children will receive free meals and $65 each to buy food for summer. This action intends to boost nutrition security in children and help them perform at their full potential.
Better Equity, Safety, & Fairness
The legislation will empower rural regions by supporting locally-led projects. In addition, the government will continue investing in nutrition security and maternal health, expanding free meals, and violence-free communities. The framework will also support small businesses and preparation for future pandemics and supply chain disruptions.
Build Back Better will reform immigration by funding its smooth operation, restoring trust among the American People, and ensuring that border enforcement is consistent with humane values.
All Fully-paid for Historic Investments
By repealing the Trump Administration’s rebate rule, the framework is fully paid for by asking more from the very largest corporations and the wealthiest Americans. No one making under $400,000 will pay a penny more in taxes. All these plans are governed by laws and policies to ensure that everything said is achieved.
The framework will particularly:
- Prevent large businesses from paying zero tax bills
- Push corporations to invest in their workers and grow the economy rather than just enriching themselves.
- Stop rewarding companies for shipping jobs and profits overseas. This means that America will still benefit from local companies shifting jobs or gaining profits overseas.
- Ask the wealthy Americans to pay their fair share in taxes
- Creates fair play in tax payment. Most regular workers have a 99% compliance rate in paying taxes. So, wealthy Americans should also pay their fair share. No one is exempted from existing tax laws. The government will hire trained agents to pursue wealthy evaders, making sure they will pay their obligations.