The claim by Democrats is their “Covid bill” will cut child poverty by 46%. So now we can track the rapid fall of child poverty down to around 7.8%.
How long until we get there?
Nearly 11 million children are living in poverty in America. Here is how the crisis reached this point—and what steps must be taken to solve it.
www.americanprogress.org
Yes, quite doable, and the time frame could be as short as three months. It is really pretty simple, the expansion of the child tax credit from two thousand to three thousand, $3,600 for children under six. Making the child tax credit completely refundable, and eliminating the age cap of 17 and the number of children cap at three, and we are talking some serious money going in to the hands of people that need it the most. Let us look at an example. A single mother, working at McDonalds, with two kids. If she worked 52 weeks of the year making ten dollars an hour, well she will just break past the poverty line. But with two kids, you know that is not going to happen. And knowing McDonalds, she probably is not going to be scheduled 40 hours every week of the year. The additional child tax credit, and the refundable part in particular, will easily move her and her children out of poverty.
Honestly, it is great economic policy. The multiplier on that money is going to easily exceed one. Pretty much every dime of it is going to be spent. I can think of only one way better to stimulate the economy, and that is student loan forgiveness. I mean this is a welcome reprieve from totally ineffective "tax-cuts" to the wealthy and corporations. If you think about it, if the government is going to spend money, and yes, damn skippy tax cuts are the same as spending money, I won't start on opportunity costs because I know that is far over the heads of most posters here. Well, it just seems like the government should operate just like your family and seek to get the most "bang for the buck". This expanded child tax credit comes with a huge BANG.