Speaking in Hartford, Conn., on Friday, President Biden said “too many folks in Washington still don’t realize it isn’t enough just to invest in our physical infrastructure. You also have to invest in people.” Biden then cited his Build Back Better agenda that he said will allow families to reduce their childcare costs and help parents return to the workforce.
JOE BIDEN: But the bottom line is I wanted to come here today because too many folks in Washington still don't realize it isn't enough just to invest in our physical infrastructure. We also have to invest in our people. And that's what the second bill does, the Build Back Better initiative.
Seeing children and educators here at this center is a perfect reminder of what our families need and our economy needs so badly to be able to thrive. You know, you all know the statistics, particularly the teachers here, a child coming out of a single parent house where there's real difficulty will hear literally a million fewer words spoken, not different words, spoken, than a child coming out of a middle class household. And so no matter what you say, you start them at the same age, at age 6 or 7-- 5 or 6 in school, they're already behind the curve, already behind the curve.
How can we compete in a world if millions of Americans' parents, especially moms, can't be part of the workforce because they can't afford the cost of child care? Or elder care, I might add, elder care. There's a sandwich generation getting crushed. Here in Connecticut, the average annual cost to bring your toddler to a quality childcare center is about $16,000 a year. That's what is around the country. Some places more, some places a little less. A lot of money. That's $16,000 after taxes, after you pay your taxes.
So the average two-parent family with two young kids spends 26% of their income on child care every year. My Build Back Better plan is going to change that. It's going to cut the cost of child care for most Connecticut families in half. No middle class family will pay more than 7% of their income on child care, none, period.
And that's going to help parents get back into the workforce and make ends meet.