Last night the Senate took an important step toward passing the Build Back Better Agenda – a plan to create jobs, cut taxes, and lower costs for working families. For today's #WhiteHouseDeepDive, let's look at how this plan brings down costs for Americans.
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By lowering health insurance premiums, the Build Back Better Agenda will save 9 million people an average of $50 per person per month, and help an additional 4 million uninsured people gain coverage. The plan will also add dental, vision, and hearing coverage to Medicare.
The Build Back Better Agenda's health care savings don't stop at more affordable coverage. President Biden knows that nearly 1 in 4 Americans struggle to afford their prescription drugs. His plan will lower costs by empowering Medicare to negotiate and drive down drug prices.
The Build Back Better Agenda will make universal preschool a reality, partnering with states to offer all parents free, high-quality preschool in the setting of their choice. Fully implemented, this investment is projected to benefit five million children.
In addition to supporting families before school starts, the Build Back Better Agenda helps students continue their education after high school. The plan provides two years of free community college, ensuring young Americans are more prepared to enter the 21st century economy.
President Biden’s plan will also increase the maximum Pell Grant award by almost $1,500, and invest billions in subsidized tuition for low and middle-income students at HBCUs, Tribal Colleges and Universities, and minority-serving institutions.
43% of parents with children under six can’t find good child care where they live.
With the President’s plan, most American families will save more than half of their spending on child care, and they will be able to access higher quality care where workers receive better wages.
With the President’s plan, most American families will save more than half of their spending on child care, and they will be able to access higher quality care where workers receive better wages.
Finally, nearly 10.5 million Americans pay more than half their income to rent. The Build Back Better Agenda will use tax credits and government financing to bolster affordable and resilient housing — supporting the construction or rehabilitation of more than two million homes.
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