STATEMENT: President Biden’s Framework on Build Back Better Paves the Way for the Most Consequential Economic Legislation in Almost 50 Years
Washington, D.C. — Today, President Joe Biden announced a framework for the Build Back Better Act. Following the announcement, Patrick Gaspard, president and CEO of the Center for American Progress, issued the following statement:
The announcement of today’s Build Back Better framework marks a new beginning for American families, our economy, and our planet. With the Build Back Better Act, President Biden and Democratic leaders in Congress are on the precipice of passing the most consequential economic legislation in 50 years. Today’s framework marks a legislative turning point in the decades-long failure of trickle-down economics and its ravages on the American people, as well as the start of a new vision: growing the economy by investing in working people, creating millions of good-paying union jobs, and protecting the planet.
Significantly, this legislation will:
- Put the United States on a clear path to cut emissions in half by the end of the decade—the biggest single action we’ve ever taken to tackle the climate crisis
- Require large corporations to start paying their fair share in taxes and invest those resources to lift up working people, particularly by raising wages for child care and home-care workers
- Give working families economic relief by establishing universal preschool and ensuring that child care is accessible and affordable for all families in America
- Reduce child poverty nearly in half through the continuation of President Biden’s child tax credit for 2022, with low-income families made permanently eligible for the full benefit
- Expand health coverage to millions more Americans, saving thousands of lives each year
This is the first legislative package in our nation’s history to value the central role of women, especially women of color, in the economy by linking recovery to their advancement in work—particularly that done by early childhood educators and home-care workers—that has long been devalued and robbed of its dignity and by supporting women’s labor force participation through a dramatic expansion in child care access and affordability. This legislation also recognizes that for decades, Americans’ stagnant paychecks have been eaten up by rising energy, child care, and health care costs. Today’s deal will put money back in the pockets of millions of families.
The framework reached today ensures that all American families benefit from the nation’s economic growth and starts to address racial and gender inequalities that have persisted for far too long. It also begins to level the playing field by ensuring that wealthy tax cheats can no longer avoid paying their fair share by hiding assets abroad and taking advantage of loopholes that aren’t available to the vast majority of Americans, and that never again will a large profitable corporation pay zero dollars in taxes—as dozens of companies did just last year.
While there is still much work to be done to advance fundamental priorities such as providing all workers with access to paid leave and lowering prescription drug prices, the Build Back Better Act serves as a new foundation to build America’s economic future. But America’s future can’t wait. Congress must act to turn this framework into a bill that is passed quickly to continue delivering real change for the American people.
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