The $360 billion Inflation Reduction Act that passed this week included funds to reduce global warming and lower drug prices for seniors. It also avoids tax increases on the wealthy, has business tax credits such as $30 billion for nuclear energy providers, and includes a $7,500 credit for expensive electric cars – which benefits a handful of companies and wealthy automobile purchasers.
In contrast the Child Tax Credit of 2021 temporarily lifted an estimated 3 million children out of poverty, but quickly dropped them back in because the U.S. Senate wouldn’t vote to continue it.
This bill tackles climate change, which is great. Otherwise it helps the elderly, large corporations, and the very well-off, but does nothing for children. It’s an indicator of our me-first values as a people, and the reason we must continue to be a voice for children.