INVEST IN AMERICA WEEKLY ROUNDUP
- Invest in America Action organized a statement signed by over 60 economists, who urged Congress to pass the Build Back Better framework announced Thursday by the White House and create millions of jobs, lower costs for middle-class families, and make the economy more equitable for all Americans. The signers were led by Nobel laureate Joseph Stiglitz. Read the full statement and view its signers here.
Invest in America Action released a statement applauding the Build Back Better framework released by the White House and urging Congress to swiftly enact the framework into law. The statement highlighted the urgent need for the framework’s investments, which upon passing will create millions of jobs, lower costs, and cut taxes for American families across the country.
Invest in America released a factsheet detailing what makes the Build Back Better framework so historic, including the largest investments in child care and climate initiatives in U.S. history, the largest expansion of universal and free education in 100 years, and the extension of the largest 1-year reduction in child poverty in U.S. history. It also noted that the Build Back Better plan is twice as large as FDR’s New Deal and twelve times bigger than the Marshall Plan.
Invest in America Action disseminated a roundup of statements of support for the Build Back Better framework made by activist organizations, who urged Congress to pass the framework’s once-in-a-generation commitments to tackle the climate crisis, expand access to affordable health care, make our immigration system more just and humane, invest in childcare and caregiving, extend the Child Tax Credit, establish universal preschool, and more.
INVEST IN AMERICA COVERAGE
The $1.75 trillion Build Back Better plan can “counteract decades of underinvestment” and supercharge the pandemic recovery, a group of 61 economists said in a Thursday letter. Signatories include Nobel laureate economist Joseph Stiglitz.
President Joe Biden rolled out the latest framework for his social-spending plan Thursday morning, pushing Democrats to approve the package ahead of an October 31 deadline. Pushback from centrist Democrats forced Biden to halve the measure’s initial price tag over weeks of negotiation, with many progressive priorities left on the chopping block. One notable omission is paid family and medical leave.
Yet the framework — which is set to be fully paid for by new taxes — still includes programs that would massively bulk up the country’s social safety net. Those include universal preschool, affordable childcare, greater insurance access, a Medicare expansion to cover hearing aids, and a lengthened child tax credit. The framework’s largest investment comes in the form of combating the climate crisis, with $550 billion allocated toward a suite of initiatives that range from creating a Civilian Climate Corps to rebates for families adopting clean-energy infrastructure.
Provisions left in the bill would serve as “long-neglected key economic investments,” the economists said in the letter organized by advocacy group Invest in America Action. By spending billions of dollars on child care, clean energy, health care, and education, Congress can “help position the US to meet the enormous challenges of the 21st century, including a changing economy and a growing climate crisis,” they added.
On Wednesday, the centrist group Third Way and the liberal polling organization Data for Progress held an unusual joint press conference to encourage Democrats to reach an agreement. “There are enormous substantive reasons why it’s important for individual components of this package to be included, but politically, what will matter most for Democrats is that the bills are done,” Sean McElwee, a co-founder and the executive director of Data for Progress, said during the event. “The sooner we can get these bills finalized … the sooner we can demonstrate, to both our base and the independents, that we are unified as a party and able to get things done. That’s why there is real urgency around getting this across the finish line.”