MEMO: Build Back Better will lower costs for families, seniors, and workers

Nearly all major economies are facing significant inflationary pressures across the globe, however, as a recent OECD report showed, the U.S. economy is recovering faster than every other advanced economy in the world. The U.S. has done this by investing in the middle class. As a result, working families who have seen their savings increase and most workers have seen their wages outstrip inflation over the past two years. The Biden agenda is having a major impact, but there is more work to do.

The Build Back Better Act will save workers, families, and seniors thousands of dollars and today’s CPI report should not be seen as a reason not to pass Build Back Better; it bears repeating that Build Back Better will not add to inflation. In fact, cost pressures are exactly why it is so important that the Senate passes the Build Back Better Act to extend tax cuts for families so they have more money in their pockets, create new jobs, raise wages and cut costs for child care, housing and health care — expenses that have been rising quickly and squeezing families for decades.

Major cost savings in President Biden’s Build Back Better Act:

  • Helping parents with the costs of raising children by continuing the Child Tax Credit (CTC) which provides $250 every month per child over 6and $300 every month per child under 6 — reducing child poverty nearly in half, and ensuring that the lowest-income families are permanently eligible for the full benefit. In fact, the expanded CTC would benefit nearly 90 percent of children.

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