Ro Khanna: Build Back Better will ease inflationary pressures
Democrat California congressman argues the bill would reduce cost for working class Americans on ‘Special Report.’
Last week, the House passed the Build Back Better Act. This legislation is aimed at strengthening our social safety net and also aims to boost efforts that weaken the impact of climate change.
Build Back Better is a good thing, and it should pass. (Most predictors say it will with a few changes). This legislation would impact nearly every single American, in a good way.
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Who will it affect and how? And how can it be good? President Joe Biden says "help is on the way." It is. Below I list who is affected and how it could be good for you.
U.S. President Joe Biden delivers remarks on infrastructure at the Kansas City Area Transportation Authority in Kansas City, Missouri, U.S., December 8, 2021. REUTERS/Jonathan Ernst (REUTERS/Jonathan Ernst)
BUSINESSES
Businesses large and small will be impacted by this legislation. Economists on Wall Street think that President Biden’s Build Back Better bill will be a big deal especially for infrastructure companies. An Oxford Economics analysis shows an expected increase in GDP growth. It also projects that 750,000 jobs will be added to the economy by the end of 2023.
ENVIRONMENT
There are measures in this act to address climate change and to protect our environment, such as a $900 tax credit for e bikes, reducing hazardous fuel to assist national parks, and forest conservation. If enacted, it will result in a cleaner and safer environment.
President Joe Biden speaks from the South Court Auditorium on the White House complex in Washington, Thursday, Dec. 9, 2021, for the opening of the Democracy Summit. (AP Photo/Susan Walsh)
LOCAL ECONOMIES
Build Back Better would invest one billion dollars for salmon conservation; projects for both Pacific salmon and steelhead populations and their habitats. These projects will stimulate local economies in California, Oregon, Washington, Idaho, and Alaska. Additionally, the bill will provide tax credits for local news outlets resulting in not only more local news coverage, but additional hiring—and that means jobs.
THE UNINSURED
An estimated 3.4 million Americans would gain health insurance as a result of this legislation.
U.S. President Joe Biden speaks with reporters after delivering remarks on the November jobs report at the White House in Washington, U.S., December 3, 2021. REUTERS/Kevin Lamarque
SENIOR CITIZENS
Out-of-pocket medical costs are killing the population which will be our nation’s majority in just a few years down the road. The bill provides coverage for hearing aids every 5 years, a $35 monthly cap on insulin and lower prescriptive drug prices.
It also provides support for in-home and community-based care. This would tackle the long waiting list of people who are waiting to receive subsidized home care. According to Time magazine, thousands of seniors and disabled Americans have been unable to receive the care they need, including more than 800,000 on state Medicaid waiting lists.
PARENTS
The legislation addresses many issues that parents in our nation face daily. For starters, the act will provide an entire year of healthcare coverage through Medicaid for new moms. The Child Tax Credits will be extended; that is $300 per child under six and $250 for older minor children.
Childcare is a big issue and a big cost to most working families. This legislation will make child care more affordable, more accessible, and increase what childcare providers make. This will help parents re-enter the workforce and boost the economy. And the bill provides four weeks of paid leave.
President Joe Biden talks with reporters at the White House in Washington, Friday, Dec. 3, 2021, as he prepares to leave for Camp David. (AP Photo/Susan Walsh)
CHILDREN
Build Back Better has a provision that would provide 12 months continuous eligibility for health care coverage for children. Disruptions in healthcare coverage impact our children and their health. Such gaps were extremely common for Latino and African American children. That means those children because of that gap did not see a doctor for an entire year, this provision would change that.
Additionally, CHIP, the Children’s Health Insurance Program would be permanently funded. Universal Pre-K for all 3 and 4-year-old’s is included in the bill as is access to free school meals for nine million more students and 29 million children will receive $65 a month to help their families pay for food over the summer.
LOW INCOME FAMILIES
Help is on the way with this bill for low income families, providing $65 billion dollars to address a backlog of repairs in public housing.
STUDENTS
Build Back Better will provide $500 million to help low income college students and provide financial help for historically Black Colleges and Universities.
THE UNEMPLOYED
This legislation will give extra assistance for jobless to buy health insurance.
President Biden answers a question as he speaks about the November Jobs Report from the State Dining Room of the White House in Washington, D.C., on Dec. 3, 2021. (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images) (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
The bottom line is Americans are still living in a pandemic due to Covid-19 and still worry about paying groceries, rent, and other necessities. Money is their main concern.
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Build Back Better will not only help Americans and their families, but it’s legislation that they want—61 percent of them. A new Monmouth poll found that Build Back Better is actually more popular than Congress, the president, or the Democrats trying to get it passed.
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So yes, it’s still ‘the economy stupid’ and Build Back Better will improve that for all of us in all walks of life.
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