We got some encouraging news from the U.S. Census Bureau last week. Child poverty reached a historic low in 2021.
But that good news may be short-lived.
Most of last year’s gains resulted from temporary pandemic relief policies, such as the expanded Child Tax Credit. This progress is already unraveling. When the expanded CTC expired at the end of December 2021, 3.7 million children fell back into poverty.
Right now, the poverty rate in New York is 12.3%. Behind that figure are thousands of families struggling to make ends meet. Parents who aren’t sure how they’ll put food on the table or make rent as inflation and the cost of living continue to soar.
We have a solution we know works to lift kids out of poverty and reduce racial economic disparities. Congress missed an opportunity to restore these tax credits in the Inflation Reduction Act, but a 2022 year-end tax package offers another chance to act. We have to keep the pressure to ensure that Congress makes the expansion of these programs a priority.