A Rare Victory for Younger Americans

Catherine Rampell: “For decades, the general trend in federal fiscal policy, with some limited exceptions, has been to transfer wealth away from the young and toward the old. The federal government spends about six times as much per capita on older Americans (primarily in the form of Social Security and Medicare) as it does on children.”

“Thanks to Biden’s legislation, though, the United States will see a (partial) reversal of decades of de-prioritizing kids. The covid-19 package is expected to cut overall poverty by about one-third — and child poverty roughly in half, according to an analysis from the Center on Poverty and Social Policy at Columbia University. Among the biggest beneficiaries of this law will be young children of color.”