The budget the Biden administration released today is a bold approach to addressing many of the nation’s long-standing problems and building toward a more equitable economy where everyone can thrive: cbpp.org/press/statemen… 1/
Its policies are designed to make significant progress in reducing racial & ethnic disparities, rooted in racism & other forms of discrimination, that for generations have resulted in deeply unequal access to #jobs, #education, #housing, & #health care. 2/
First, the budget includes investments to build toward a strong and #EquitableRecovery that would dramatically reduce child #poverty and help children thrive, improve our nation’s health, and expand opportunity in early and higher #education. 3/
It would also create new workforce development opportunities, help households struggling to afford the basics and allow people to take paid time off from work to meet health and caregiving needs. 4/
Although bold and broad in scope, these policies are not radical or new, but policies that build on successful initiatives and programs or efforts that have been tested in states. 5/
Second, the budget would make critical investments in appropriated programs to bolster K-12 #education, particularly for disadvantaged students; protect the environment; expand #housing assistance; and rebuild basic government functions. 6/
Third, the President’s budget includes a series of revenue proposals to fund its investments and to build towards the more adequate, sustainable, and equitable tax system we need to support a 21st century economy. 7/
The revenue proposals fall in 3 categories: raising revenues on high-income/wealthy households; raising revenues on profitable corps; and reforms that will make sure that taxes owed are paid. 8/
Policymakers should aggressively pursue the President’s agenda and in some areas, like the #ChildTaxCredit, health coverage, and #housing vouchers, will need to develop details on or strengthen key proposals. 9/
Some critics will claim that the President’s agenda costs too much. But these policies are commonplace and work well in other wealthy countries. 10/
The budget demonstrates fiscal stewardship by avoiding a premature shift to austerity, and ensuring that the federal government continues to support a robust and sustainable recovery. 11/ #EquitableRecovery
It also takes advantage of the fiscal space afforded by low interest rates to make investments that will strengthen the nation into the future, including both infrastructure investments and investments in children, health coverage, and workers. 12/
Finally, it proposes to pay for these investments over time – and by the end of the decade it would reduce deficits below where they would be under current law. 13/
Our nation faces significant challenges. The President’s budget sets forth an ambitious agenda that meets this moment. Congress should move swiftly to craft legislation that acts on and in some cases strengthens this agenda. cbpp.org/press/statemen… 14/
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