According to the White House, low-and middle-income families will benefit the most.
As part of its “Build Back Better” strategy, the Joe Biden administration will help American families suffering from rising prices. This is stated in the Council of Economic Advisers and the Office of Administration and Budget report under the President of the United States, excerpts from which were published on Wednesday by the White House.
The report says that over the past three decades, American families have faced a significant increase in the prices of many necessities, which has been an obstacle to ensuring their economic security. While the prices of some services and goods have fallen significantly during this period, although their quality has increased, some other expenses – in particular, in the field of health care, child care, and education – have increased significantly and, in many cases, prices have grown faster than income. Low-and middle-income families suffered the most from this.
As part of the economic program “Build Back Better,” the Biden administration proposed to make critical investments to eliminate this price pressure. In particular, we are talking about expanding tax benefits for families with children, introducing universal preschool education, improving the quality of child care, reducing the cost of prescription drugs, and expanding Americans ‘ access to good medical care.
As a result of the proposed innovations, families with young children and the elderly will benefit the most.
“Collectively, these proposals put forward by the president will help ensure that families will be able to cover expenses and participate in the growth of general well-being,” the report says.