4.8 • 1.5K Ratings
🗓️ 23 January 2024
⏱️ 46 minutes
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0:00.0 | Hey Pitchfork listeners, Goldie here. |
0:02.2 | News broke last week that Congress has allegedly agreed |
0:05.9 | on a partial renewal of the expansion of the child tax credit. |
0:10.3 | And so we thought now would be a good time to re-air an episode from 2021 in which we talked with Wendy Bach about the trial tax credit and why it's so effective at lifting millions of children out of poverty. |
0:26.4 | We hope you enjoy. |
0:28.7 | The rising inequality and growing political instability that we see today |
0:33.2 | are the direct result of decades of bad economic theory. |
0:37.4 | It's time to build our economy from the bottom up |
0:39.6 | and from the middle out, not the top down. Middle out economics is the answer. |
0:45.0 | Because Wall Street didn't build this country. |
0:47.0 | The great middle class built this country. |
0:49.0 | The more the middle class thrives, the better the economy is for everyone even rich people like me. This is pitchfork economics with Nick Hanauer, a podcast about how to build the economy |
1:08.0 | from the middle out. |
1:10.0 | Welcome to the show. Big news recently, Nick, in July, the first checks went out to families with children from the expanded federal child tax credit. |
1:26.5 | It's a lot of money in working people's pockets. |
1:30.8 | It was part of the 1.9 trillion dollar COVID relief package that President Biden signed in March, and it has extended and expanded these credits for another year they had been part of the original COVID relief. |
1:47.5 | And it's as I said, it's a lot of money before the expansions. |
1:52.0 | Families provided with up to $2,000 per child under 17. |
1:56.7 | Now it's $3,600 for each child under 6 and $3,000 for each child under eighteen and it looks like |
2:07.2 | it's making a difference already. Absolutely I mean and the estimates predict the |
2:11.9 | payments could cut child poverty by nearly 50% which is |
2:16.7 | Amazing and that's a lot of children it is a lot of children You know in the US today one in seven children live below the official poverty line |
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