PRESS RELEASE: HOUSE PASSES BUILD BACK BETTER ACT, PAVING THE WAY FOR HISTORIC INVESTMENTS, LOWER COSTS, LOWER TAXES, AND MILLIONS OF JOBS
FOR IMMEDIATE RELEASE
November 19, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
HOUSE PASSES BUILD BACK BETTER ACT, PAVING THE WAY FOR HISTORIC INVESTMENTS, LOWER COSTS, LOWER TAXES, AND MILLIONS OF JOBS
POLLING: 64% of Voters — Including 63% of Independents — Support Passing the Build Back Better Act
Moody’s Analytics Mark Zandi: Build Back Better Act and Bipartisan Infrastructure Deal Will Add Nearly $3 Trillion to the GDP and 1.5 Million Jobs Per Year For a Decade
WASHINGTON, D.C. — Today, the U.S. House of Representatives voted to pass the Build Back Better Act, sending the bill to the Senate and moving the Act’s critical investments in child care, education, climate change, health care, and more, closer to becoming law.
Invest in America Action’s senior advisor Zac Petkanas made the following statement:
“This is a historic week for the American people. From the passage of the Build Back Better Act — which sets the stage for life-changing investments in our families and communities — to the signing of the Bipartisan Infrastructure Deal, the achievements of this week will be transformational for Americans across the country who will soon start to see lower prescription drug, utility, childcare, eldercare and housing costs; more and better-paying jobs from a historic investment to combat climate change; and lower taxes for middle-class families.
“We applaud leaders in the House for taking this decisive action to rebuild the middle class, address climate change, and create a fair, sustainable economy that works for everyone. Now, the Senate must follow the House’s example and advance the Build Back Better Act before Christmas.”
The investments in the Build Back Better framework will lower costs, create jobs, and lower taxes for working families.
A lack of affordable child care has become a barrier to work for many parents, especially mothers.
The framework represents the most transformative investment in child care in generations, and will ensure that no middle-income families pay more than 7% of their income.
Access to affordable child care could increase the lifetime earnings for women with two children by about $94,000. It would also boost the collective lifetime earnings of a cohort of 1.3 million women by $130 billion.
Demographic shifts alone require adding 1.1 million more home care jobs to our economy by 2028 to support the aging of our population.
The framework will include high quality, affordable care for elder Americans and people with disabilities in their homes.
The framework includes two years of free preschool for more than six million children
Universal pre-k will improve children’s development, help parents return to the workforce, and boost the economy.
Research shows that universal preschool boosts children’s education achievement, makes children more ready for school, and can even increase the future earnings potential for low and middle-income students.
Addressing Climate Change:
Climate change is one of the biggest existential threats facing the United States.
The framework represents the largest effort to combat climate change in history that will ensure the U.S. can reduce greenhouse gas emissions between 50 and 52 percent below 2005 levels by the year 2030.
The framework’s clean energy tax credits will save American families hundreds of dollars per year in clean energy. It will also enlist 300,000 members in a Civilian Climate Corps to conserve public lands, bolster community resilience, and address the changing climate.
This effort, along with the infrastructure deal, will curb well over a gigaton – or one billion metric tons – of America’s emissions.
Affordable Health Care:
The framework includes the biggest expansion of affordable health care in a decade.
It will reduce premiums for more than 9 million Americans and deliver health care coverage to up to 4 million uninsured people in states that have locked them out of Medicaid. It will also expand Medicare so older Americans can access affordable hearing care.
Child Tax Credit Expansion:
The framework includes an expansion of the Child Tax Credit, which will lower taxes for middle class families by providing 39 million households and nearly 90% of children in the U.S. a major tax cut and cutting the child poverty rate in half.
Currently, there is no state or county where a full-time worker at minimum wage can afford a two-bedroom apartment.
The framework includes investments to create more than one million new affordable homes in urban and rural areas.
The framework will make education beyond high school more affordable by expanding Pell Grants and increased investments in workforce development.
Every year, families in the United States stand to lose $64.5 billion in wages to care for loved ones because they lack access to home care or paid leave.
The Build Back Better Act will permanently authorize the first-ever national paid family and medical leave guarantee for U.S. workers, providing up to four weeks of parental leave, or to deal with their own or a loved one’s serious medical condition.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.