What’s in the Opportunity Economy for you?
“An opportunity economy prioritizes equality of opportunity rather than equality of outcomes”
“That’s one where we all have the chance to achieve our potential, even if some people ultimately end up earning more than others. Right now, opportunity is not equally distributed in America: People’s chances of achieving success vary widely depending upon their parents’ income, racial background and ZIP code… Most people agree that it’s unfair if your fate is determined by the family you happen to be born into or where you grow up.” — NYT
Check this infographic for eight parts of the plan and what it means for you and your family.
Opportunity Economy explained
- Providing $25,000 in Potential Down Payment Assistance to Help Some Renters Buy a Home — “Purchasing a home requires overcoming two challenges,” said Kates. “Accruing the down payment and maintaining the cash flow of the monthly payments. The $25,000 assistance [Harris is proposing] would close the gap for many borrowers.”
- Construction of 3 Million New Housing Units in Four Years — This would alleviate some of the pressure on middle-class buyers competing for properties.
- Make Permanent a $3,600 Per Child Tax Credit Approved Through 2025 for Eligible Families, While Offering a New $6,000 Tax Credit for Those With Newborn Children — “Childcare is one of the largest expenses many young families have, sometimes even higher than their mortgage payments,” said Kates. “Easing this cost burden with higher tax credits would benefit many families across the country, with the greatest impact on those with low household income,” he said. This might help propel them into the middle class. — NASDAQ
Opportunity Economy builds a stronger middle class
“A fairer deal for workers builds a strong middle class. Economic growth has been stronger when there is less inequality and more fairness to workers… During the first 20-years following WWII, CEOs earned 21 times the average worker pay. By the 2020s, CEO pay had skyrocketed to 344 times that of the average worker, significantly widening the gap between typical employees and corporate executives. Reasonable people should agree that addressing this imbalance is not socialism.
Rather, it is a fair and necessary realignment, even if it will inflict some pain on the most highly compensated members of our society Harris stands on solid ground in her belief that achieving higher levels of overall economic growth does not have to come at the expense of worker well-being. In fact, history shows that economic expansion is more likely with a broader base of prosperity.” — TIME
TakeAway: Your fate should not be determined by the family you happen to be born into or where you grow up. Get to know what’s in the Opportunity Economy for you.
Deepak
DemLabs
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Reposted from Democracy Labs with permission.