SEC. YELLEN: BUILD BACK BETTER AGENDA WILL “REPAIR THE BROKEN FOUNDATIONS OF OUR ECONOMY”

Today, U.S. Treasury Secretary Janet Yellen traveled to Atlanta to advocate for the passage of the Bipartisan Infrastructure Deal and the Build Back Better agenda, critical investments in American infrastructure, clean energy, caregiving, and more that will create millions of jobs, address inequities, and position the United States to be a world economic leader.

Yellen’s remarks included the below:

“We’ve grown used to America as the world’s pre-eminent economic power. We aren’t destined to stay that way, but with these investments, I believe we will.”

“We have a chance now to repair the broken foundations of our economy, and on top of it, to build something fairer and stronger than what came before.”

“My largest concern is not: What are the risks if we make these big investments? It is: What is the cost if we don’t?”

The investments in President Biden’s full Build Back Better agenda will create jobs, lower costs, and lower taxes for working families. 

  • The Build Back Better agenda will create millions of jobs: 

  • The Build Back Better agenda will lower taxes for middle class families: 

    • It will expand the Child Tax Credit, lowering 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.

  • The Build Back Better agenda will lower costs for working people: 

    • It will lower prescription drug costs for Americans by letting Medicare negotiate drug prices, so consumers are no longer at the whim of pharmaceutical companies.

    • It will lower child care costs — which cost parents $30-35 billion in income before the pandemic. Access to affordable child care could increase the lifetime earnings for women with children by nearly $100,000.

    • It will lower health care costs and premiums for those buying coverage through the ACA by extending the American Rescue Plan’s cost savings; adding dental, vision, and hearing coverage to Medicare; and closing the Medicaid gap for low-income Americans.

    • It will lower education costs by making two years of community college tuition-free and making universal preschool a reality.

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