🎧 Listen: In today's episode of The Journal podcast, RichardRubinDC explains how Democrats gambled that their expanded child tax credit would be so popular that Congress wouldn't let it lapse—and why it just lapsed
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Jamie Herrington: I believe it went to buying a few things for a camping trip that we were going on with my parents. We actually were able to afford to buy some extra things for Lily, like water socks and floaties and a new swimming suit and stuff like that. Jamie Herrington: It was definitely this feeling of, maybe I don't have to be anxious. I don't have to think about finances as much as I usually do. It was just that clarity, and it really was a feeling of joy.
Jamie Herrington: It's kind of like Christmas for me, I guess. Not really. Because usually at that point is when we can go and buy and purchase those things that we've been putting off, like a new bedspread or something like that. Or getting some additional dental work done, or being able to splurge and buy something nice for my daughter or for the family, things like that. It's always a great feeling.
Speaker 4: We need to be a country that goes, amongst developed nations, from one of the last that's helping and empowering parents, to being up at the first. Richard Rubin: Lawmakers are looking for ways to respond to the pandemic, right? They're looking for ways to respond to the stresses that people are feeling. And the stresses that families are feeling. They're seeing what happened with the stimulus payments, where the IRS spigot was turned in the other direction and the IRS was able to move relatively quickly and pump out a bunch of money.
Richard Rubin: That was the big pitch. This is going to put a big dent in child poverty and help low income families.Richard Rubin: That's a longstanding issue in federal politics, that programs sell better to the public the more universal they are. People can see that they still get the benefit, and they see it as something that everyone gets as opposed to something that those people get. And that's a powerful thing in terms of selling it.Richard Rubin: No, but ...
Jamie Herrington: Because it was like, yes, we can actually not have to sit there and check my banking account every single day, making sure that we're not going to overdraft. And going and thinking like, hey, when my daughter's birthday comes up in August, I can actually get her a few more things for her birthday. And kind of just live the life that we want to live without having to worry about finances.
Richard Rubin: He has two problems. He doesn't like the idea of this being only extended for one year, when everyone really wants to make it permanent. He finds that gimmicky.