By C.L. "Connie" Entrekin, SOAR President
The White House Middle Class Task Force, led by Vice President Biden has re-leased a preview of its recommendations for strengthening the middle class. The full report is due out later this month. The Task Force proposed several policy initiatives to help middle-class families get ahead as the country continues to climb out of the greatest recession since the Great Depression.
The Middle Class Task Force held meetings around the country, resulting in several proposals to help middle-class families, including: (1) Nearly doubling the Child and Dependent Care Tax Credit for middle-class families making under $85,000 a year. (2) Limiting a student’s federal loan payments to 10 percent of his or her income above a basic living allowance. (3) Creating a system of automatic workplace IRAs. (4) Expanding tax credits to match retirement savings and enacting new safeguards to protect retirement savings. (5) Expanding support for families balancing work with caring for elderly relatives.
The ideas put forth by the Middle Class Task Force are the kind of steps we need to pursue to help hard-working families that have fallen behind due to the failed economic policies of the previous administration. Workers have seen their paychecks shrink, their jobs disappear, and the costs of health care and a higher education rise. Strengthening our middle class is essential to a strong economic recovery that puts people back to work and creates economic growth.
I applaud the work of the Task Force and hope Congress sees this as a great first step in revitalizing the middle class.
