The Biden administration delivered a series of stimulus checks and expanded the Child Tax Credit (CTC) which has helped millions of American families.
Impact of Stimulus Checks and Child Tax Credit
The COVID-19 pandemic has financially affected millions of American families across the country. To address the problem, the government released a series of stimulus checks and expanded the Child Tax Credit allowing every family to receive an amount of $1,400 for each eligible child.
In a published article in Yahoo Finance, a report from the U.S. Department of Treasury revealed that the stimulus programs of the U.S. government contributed to the most equitable recovery in recent history, especially for the minority groups in the country.
Research from the Treasury Department
According to an article published in the Center on Budget and Policy Priorities, the new Treasury Department research revealed that the Biden administration “helped to thwart the worst economic outcomes anticipated from the COVID shock for Black and Hispanic families” through its stimulus programs.
Deputy Treasury Secretary Wally Adeyemo also said during a press release, “This report shows that, as the Biden administration policies have driven a historic economic recovery, we’ve also been building the economy we need for the long term — one that allows all communities to reach their economic potential.”