Presidential candidate Joe Biden announced an economic plan that focuses on caregiving for children and older Americans.
In a speech near his home in Delaware, Biden outlined his plan, the third part of his “Build Back Better” economic recovery plan.
The first part was a $700 billion package to increase government purchasing of U.S. goods and investing in new American research and development. The second was a $2 trillion proposal to help the environment and promote clean energy. The final part will focus on racial equality.
Biden’s plan to restore the economy
He hopes to restore the country’s jobs after the coronavirus pandemic. Biden said, “We’re trapped within a caregiving crisis, within an economic crisis, within a health care crisis.”
The caregiving plan would cost $775 billion over 10 years. It would be paid for by eliminating tax breaks for real estate investors with incomes over $400,000, as well as working to increase tax compliance for high earners.
Biden also plans to provide 3 million Americans with new care and education jobs, as well as provide working parents up to 12 weeks of paid family and medical leave. The U.S. falls behind other wealthy countries in paid family leave and universal childcare.
The Trump campaign came back with a statement that Biden was embracing an “unaffordable left-wing agenda” that would cause higher taxes for the middle class.
How does it break down?
Of the $775 billion, $450 billion would be devoted to getting rid of the 800,000-person waitlist for Medicaid services. In addition, it would fund the hiring of 150,000 community health care workers, plus 35,000 more workers to fight the opioid crisis.
The plan would offer a $5,000 tax credit and Social Security credits to unpaid caregivers who take care of family members.
Biden plans to fill tens of thousands of vacancies at Veterans Affairs facilities. In addition, after the nursing home debacle resulting in thousands of deaths during the pandemic, Biden hopes to find a way to get care for more older Americans in their homes by funding research on alternatives to institutional care.
For early childhood education, Biden proposed $8,000 in tax credits for families with one child and $16,000 tax credits for families with two or more children. He also proposes giving all three and four-year-olds access to free Pre-K, as well as expanding after school and summer care. He plans to increase pay for childcare workers as well.
For businesses, Biden would offer a tax credit work half of the first $1 million in construction costs to build a child care facility as an addition to their existing buildings.
Joe Biden’s plans for older Americans
On his website, Joe Biden outlines his main plans to help older Americans. The major points are:
- Stand up to the abuse of power by prescription drug companies
- Protect and strengthen Medicare as we know it and ensure quality, affordable health care for all older Americans
- Preserve and strengthen Social Security
- Equalize saving incentives for middle-class workers
- Provide help for older workers who want to keep working