You may have heard of the Build Back Better plan, which is President Biden’s ambitious agenda to invest in American families, communities, infrastructure, and clean energy. The plan includes two major bills: the Bipartisan Infrastructure Deal, which has already passed the Senate with support from both parties, and the Build Back Better Framework, which is currently being negotiated among Democrats in the House and Senate.
The Build Back Better Framework is a $1.75 trillion package that aims to lower costs for child care, health care, education, housing, and more; expand access to universal preschool, free community college, paid family leave, and home care; reduce prescription drug prices and strengthen Medicare; combat climate change and create millions of green jobs; and make the tax system fairer by making the wealthy and large corporations pay their fair share.
Sounds great, right? Well, not everyone agrees. The plan faces opposition from Republicans who argue that it is too expensive, too expansive, and too radical. They claim that it will increase inflation, debt, taxes, and government dependency. They also say that it will hurt American competitiveness and energy security.
But are these arguments valid? Let’s take a closer look at some of the facts.
First of all, the plan is fully paid for by raising taxes on those who can afford it: individuals making over $400k a year and corporations that pay little or no taxes. According to the White House, these tax reforms will generate enough revenue to cover the cost of the plan over 15 years without raising taxes on anyone making less than $400k a year.
Secondly, the plan will actually reduce inflation by increasing productivity and supply. According to Moody’s Analytics, an independent economic research firm,
> “The additional public investments proposed as part of President Biden’s Build Back Better agenda would have significant positive impacts on GDP growth over this decade… These policies would also lift longer-term economic growth by increasing labor force participation…and productivity growth… The higher levels of GDP would quickly reverse any near-term increase in federal debt relative to GDP… The boost to GDP also means that inflationary pressures would be largely mitigated.”
Thirdly, the plan will benefit everyone by creating more opportunities for workers, students, families, seniors, and people with disabilities.
The plan would:
– Save most American families more than half of their spending on child care
– Provide universal preschool for all 3- and 4-year-olds
– Increase Pell Grants by almost $1500 and make community college free
– Reduce premiums for 9 million Americans who buy health insurance through Obamacare
– Expand Medicare to cover hearing benefits
– Lower prescription drug costs by allowing Medicare to negotiate prices
– Invest in affordable housing homelessness prevention and rental assistance
– Create hundreds of thousands of jobs in clean energy manufacturing and innovation
– Cut carbon emissions by 50% by 2030
Finally, The plan will be helpful for the next election by boosting public support for Democrats.
According to recent polls , a majority of Americans favor Biden’s Build Back Better agenda and prefer Democrats over Republicans on handling key issues such as health care education
climate change and infrastructure. The plan also addresses some of the main concerns that voters have about the economy such as rising costs inequality
and lack of opportunity.
So there you have it: my take on Biden’s Build Back Better plan and its prospects in Congress. I think it’s a bold and visionary proposal that will make a positive difference in people’s lives. I hope you found this post informative and interesting. Let me know what you think in the comments below. And don’t forget to subscribe to my blog for more updates on politics, economics, and social issues.
Thanks for reading!