Former Vice President Joe Biden giving a speech about his "Build Back Better" plan. Photo: Chip Somodevilla/Getty Images
Joe Biden released the third plank of his "Build Back Better" economic recovery plan Tuesday, which would cost $775 billion over 10 years and aims to create 3 million new caregiving or education jobs.
The big picture: The Biden campaign is trying to make a big splash with their economic policy rollouts, deploying former 2020 rivals to help pitch the plans and sending the former vice president out to give remarks in person in Delaware.
- These come at a time when the coronavirus pandemic has created an economic crisis just months before the presidential election.
- Several states are begging for more financial help after they've had to shut down their economies because of the public health crisis.
- Both parties are working on coronavirus relief efforts in Congress, but time is running out to get things done before members leave for August recess.
Details: "The Biden Plan for Mobilizing American Talent and Heart to Create a 21st Century Caregiving and Education Workforce" would cost $775 billion over 10 years.
- The campaign said it would be paid for "by rolling back unproductive and unequal tax breaks for real estate investors with incomes over $400,000 and taking steps to increase tax compliance for high-income earners."
- The two main focuses of the plan are childcare and expanding access to care for older Americans and those living with disabilities.
- “Biden will allocate $450 billion to give more people the choice to receive care at home or in supportive community situations, or to have that choice for their loved ones,” the plan says.
- He proposes increasing Medicaid funding to states, eliminating the current waitlist for home and community care services that are available under Medicaid, and investing in community health services.
Driving the news: "Our country is experiencing a caregiving crisis," said a senior Biden campaign official during a phone briefing with reporters.
- Their plan calls for creating a new "child care construction tax credit to encourage businesses to build child care facilities at places of work."
- Biden would offer universal pre-k, make child care more affordable and accessible, aim to create over 1 million early education jobs.
- Under this plan, low-income and middle-class families would receive a tax credit (as much as $8,000) to offset childcare costs.
- Biden also proposes increasing pay for early childhood educators in public schools to "receive similar pay and benefits to elementary school teachers if they have similar qualifications and experience."
- And it would aim to expand child care for military families, as well as train caregivers who deal with veterans and Americans dealing with substance use disorders.
Go deeper: How Warren is shaping Biden's policies