In the past few years, we’ve found out how to greatly reduce economic deprivation among the young, and how to greatly increase it.
salvaged some of Biden’s domestic agenda, another expansion of the child tax credit got left out, and Democratic efforts to include it in a subsequent spending bill failed. So the policy didn’t exist in 2020, went into effect in early 2021, and was eliminated for 2022. This unusually clean time line presented a unique opportunity for officials and researchers to gauge the policy’s effects.
The Census Bureau, when it published the 2022 child-poverty figures earlier this week, was careful to point out that the huge increase can’t be entirely attributed to the end of the expanded child tax credit. There were other policy changes last year that affected poverty rates, including the expiration of pandemic-era stimulus payments and changes to the earned-income tax credit, another program designed to help people with low incomes.
To be sure, the one-year expansion wasn’t cheap. According to the Joint Committee on Taxation, it cost taxpayers $109.5 billion. That’s a large sum, but the federal budget is full of large sums, including about $1.2 trillion for Social Security this year, $1.1 trillion for national defense, and more than thirty billion dollars in subsidies to the nation’s 2.6 million farmers and ranchers.
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