NEW REPORTS: President Biden’s Build Back Better Framework Will Boost The Economy And Reduce Deficits
Today, a new Moody’s report revealed that President Biden’s Build Back Better Framework and bipartisan infrastructure deal will create jobs, fuel economic growth, support businesses and build a stronger middle class. In addition, a new report by the non-partisan Joint Taxation Committee confirms that the Build Back Better Framework will not only be paid for, but will also provide a net reduction in the deficit.
President Biden has kept a promise to build an economy that works for everyone, not just those at the top, and today’s reports show how his economic agenda will work for the American people.
President Biden’s Build Back Better agenda would fuel economic growth and, most importantly, benefit working Americans:
Moody’s: “It will bolster long-term economic growth that would primarily benefit low- and middle-income Americans.”
Moody’s: “Real GDP growth would average 3.2% per year during Biden’s tenure and 2.2% over the next decade, compared to less than 2.8% and 2.1% per year if the legislation were to be passed does not come into force. “
President Biden’s Build Back Better agenda would create millions of new jobs, reduce unemployment and increase labor productivity:
Moody’s: “In terms of employment, under the infrastructure deal and the reconciliation package, there will be 2.4 million more jobs at peak employment impact by the middle of the decade, and unemployment will be a whole percentage point lower. Labor force participation is also higher, although the full increase in labor force participation occurs after the 10-year household horizon. “
Moody’s: “Barrier-free childcare, which is made possible by government support for childcare providers, has particularly strong employment effects for single mothers, mothers with young children and mothers with lower incomes.”
Moody’s: “A second major macroeconomic impact of the reconciliation package is that it would increase labor productivity by increasing the level of education of the workforce through universal, expanded funding for higher education before the K. Higher funding for staff development would also increase the skill levels of the workforce . “
It would fill the income and wealth g – by providing benefits to working Americans and getting the rich and corporations to pay their fair share:
Moody’s: “The reconciliation package also helps address the large and growing inequality in the country’s income and wealth distribution. It targets most of the social investments in low and middle income households and taxes multinational corporations and the wealthy to pay for these benefits. ”
And President Biden’s Build Back Better Framework is fully paid for and would actually reduce the deficits in the long run:
The Hill: “Tax increases in the latest version of their Democrats’ social spending package would raise nearly $ 1.5 trillion over 10 years, the Congressional tax advisor said Thursday … that the JCT score indicates the bill is paid in full if the tax increase, the IRS and drug pricing regulations are taken into account. “
The Hill: “The Treasury Department said the bill, after taking into account the IRS and drug pricing rules, would add -proximately $ 2.2 trillion in revenue streams. The Treasury Department estimated the IRS investment would bring in $ 400 billion and said prescription drug regulations would bring about $ 250 billion in savings. “The investments and revenues from the Build Back Better package would bring in over $ 2 trillion in compensation payments, paying for the entire package over a decade and reducing deficits in the long term,” Treasury Secretary Janet Yellen said in a statement.