Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding President-elect Biden’s economic package released today.
“President-elect Biden’s plan offers sound solutions to the health and economic fallout of COVID-19 and promises to address structural challenges that made so many families economically vulnerable in the first place.
“The plan includes more direct payments to individuals and families, an expanded child tax credit, increased federal unemployment benefits, bigger SNAP benefits and help for those facing housing insecurity. It also provides support for small businesses, essential aid to state and local governments and money to get COVID-19 under control.
“We know that government interventions work. Research shows that federal spending from the March CARES Act helped prevent a poverty spike. When that aid dried up, more people struggled to financially stay afloat. COVID-19 has revealed our deeply unequal society. The rich have grown richer as more people have struggled to put food on the table and pay for housing. Lawmakers of both parties should commit to giving people the resources they need to weather this crisis and put in place bolder policies that will allow more people to share the nation’s prosperity.“