President Joe Biden created the Build Back Better framework to develop an America with comprehensive economic and social policies. He believes that hard work and ingenuity are the keys to the success of the American economy. Throughout many American Presidents, the economy has worked well for those at the top while working families get squeezed.
He promised to rebuild America’s middle-class economy, which is the country’s backbone. The great thing about this framework is that it encourages everyone to participate; no one is left behind. What can it do? Hanfincal (hanfincal.com) will help you explore right now.
1. What is the Build Back Better framework?
Joe Biden’s brainchild, Build Back Better, matured before being elected President of the United States. Now that he has the opportunity to build it, he is following through on his above promises. President Joe Biden announces the framework of the Build Back Better Act after negotiating and hearing from all parties.
Senators Manchin and Sinema, Congressional Leadership, and Congress serve on Joe Biden’s advisory board for this Act. President Biden is confident that this framework will be approved by both houses of Congress. He looks forward to signing it into law.
This framework will serve as a guide for the creation of the legislative language of the United States.
2. What are the policies in the Build Back Better?
The Build Back Better is a savior who will revive, rebuild, and restore America’s suzerain position in the world after a time has been surpassed by China. That means America must become more comprehensive in all aspects. These are some highlight policies:
- Generational investment in children and caregiving
- Combat global warming
- Affordable health care
- Reduce costs and strengthen the middle class for future generations
Take a closer look at:
2.1. Generational investment in children and caregiving
All children aged three to four years old will be eligible for universal and free preschool. That is the most significant expansion of universal and free education for 100 years. Furthermore, parents have the right to select a high-quality preschool, ranging from public schools to private child care.
In addition, the program will provide children and parents with lifelong educational and economic benefits. It is a game-changing investment in America’s future economic competitiveness. Education is responsible for the strong development of America’s future. That is because every dollar invested in high-quality education can yield $3 to $7 in the long run.
In the United States, preschool costs about $8,600 per year. This policy will save most American families more than half of their child care costs. Middle-class families have to pay no more than 7% of their income under this Act.
Another significant aspect of the Build Better Back initiative is providing affordable, high-quality care in the homes of older Americans and people with disabilities. Simultaneously, they also support the workers who provide this care. Furthermore, according to White House data, a family that does not have to pay for home care costs around $5,800 per year (1)
By 2022, the Build Back Better framework will provide monthly payments to the parents of nearly 90% of American children. It is $300 per month for children under six and $250 per month for children ages 6 to 17.
And, most importantly, the framework includes permanent refundability for the Child Tax Credit, ensuring that the neediest families continue to receive the full Child Tax Credit in the long run.
2.2. Combat global warming
Promotes cost-cutting measures for middle-class families in transitioning to clean energy and electrification. In fact, this framework will save the average family hundreds of dollars in energy costs each year.
Ensures that clean energy technology is built in the United States the raw material self-sufficiency criterion. Because sustainable development is America’s and the world’s primary goal, the Build Back Better legislation will focus on incentives to expand domestic supply chains in solar, wind, and other critical industries.
Promotes environmental justice by establishing a new Clean Energy and Sustainability Accelerator, which will invest in projects across the country while directing 40% of investment benefits to underserved communities.
The Build Back Better increases resilience and natural climate solutions by investing in forest management, coastal restoration, and soil conservation.
2.3. Affordable health care in Build Back Better
The first thing Build Back Better will do is to reduce the cost of prescription drugs. If drug companies and stores raise their prices faster than inflation, the US government will punish by levying a tax penalty.
The second thing, the number of Americans with diabetes is increasing and becoming younger by the day. The Build Back Better plan will also reduce insulin prices so that people with diabetes pay no more than $35 per month for their insulin.
More than that, this framework will provide health care coverage to up to 4 million uninsured people in states through the Affordable Care Act. Individuals pay no premiums under the framework, making health care affordable and accessible.
Furthermore, the Build Back Better framework will expand Medicare coverage to include hearing care, allowing older Americans to get the affordable care they require.
2.4. Bring down costs while also strengthening the middle class in generations
Affordable housing is the largest and most comprehensive investment; for example, Section 8 provides rental housing assistance to millions of low-income families.
The framework will address the capital needs of America’s public housing stock in major cities and rural communities, ensuring that it is safe and habitable and healthier, and more energy-efficient.
Increases access to low-cost, high-quality education after high school. The framework will increase assistance by $550 for more than 5 million students enrolled in public and private, non-profit colleges and universities. Financial aid for low-income students is another innovative step in this framework.
Promotes nutrition security to benefit children’s health. The primary goal is to reduce the number of malnourished children.
Finally, it makes investments in immigration reform. The Build Back Better Framework focuses on increasing legal representation, reducing backlogs, and improving the asylum system and border processing.
These ground-breaking policies outlined in the Build Back Better framework are innovative steps toward rebuilding the United States in all aspects. Joe Biden’s mind and heart are always burning with the desire to restore America’s position as the world’s number one. The bright future will be in the single hand of Joe Biden and every American with the incredible Build Back Better Framework. HanFincal (hanfincal.com) also hopes a bright future will come to the United States.
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