Power of middle class will drive economic growth

The American Rescue Plan, aka the COVID-19 Stimulus Package, is one of the most progressive pieces of legislation in history and was passed by the Democratic congress.

It will change the course of the pandemic and deliver immediate relief for American workers; build a bridge to an equitable economic recovery and immediately reduce child poverty; invest about $160 billion to stop the spread of COVID-19 and distribute vaccines and provide $130 billion to help schools.

More than two thirds of its tax cuts and direct payments go to families making less than $90,000 per year.

It will give working families a $1,400 per-person check, even one to every adult child living at home; extend unemployment insurance benefits and eligibility; provide a $300 per week supplement; help Americans stay in their homes by providing emergency aid to cover back rent and increase the value of Supplemental Nutrition Assistance Program benefits.

It will increase the child tax credit; increase the earned income tax credit for 17 million workers by as much as $1,000; expand child care assistance; give families an additional tax credit to help cut child care costs and provide an additional $1 billion for states for Temporary Assistance to Needy Families recipients.

The plan will lower or eliminate health insurance premiums for millions of families enrolled in health insurance marketplaces; provide emergency grants, lending and investment to hard-hit small businesses and distribute more than $360 billion in emergency funding for state, local and territorial entities.

It’s amazing that zero Republican members of Congress voted for the plan, even though it has broad bipartisan support among voters.

The American Rescue Plan says give cash to poor and middle class Americans and their purchasing power will drive growth for everyone. We think it’s worth celebrating.

— Deirdra Rogers and Maya Butterfield, Fairfax