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American Rescue Act Brings Back Government For The People

Morning Joe's segment shows that Biden wants the government to help average Americans and Main Street. It's a very strong contrast to the Trump tax cuts which went to the top .01%.

By Frances Langum
03/08/21 08:02 am

"The most extraordinary piece of legislation that I've seen in a very long time."

That's the reaction of economic analyst Steven Rattner on Morning Joe this morning.

Rattner showed several charts contrasting Biden's bill to Trump's tax cuts. "These pieces of legislation are almost the same size of $1.9 trillion," said Rattner.

The difference between which set of Americans the legislation helps, however, is stark.

Rattner called this "the most dramatic shift in philosophy of government" in 80 years, comparing it to FDR's approach to government after the Hoover administration.

RATTNER: You can see the dramatic skewing and who is helped and who is helped more and who is helped less between these two bills. ...This is what is estimated the American Rescue Plan will do: cut poverty by a third. We have never done anything like that in our entire history in one year. Cut child poverty by more than half. Bring poverty down to just over 8%. ...It will make good on Biden's campaign promise that he will be focused on people in need toward the bottom. It is a dramatic piece of legislation. It may be too large for some of us. Could have been done in a more targeted fashion. But you can't mistake the enormous impact of this bill and the contrast to the last administration.

As Chief of Staff Ron Klain tweeted in response to Rattner's charts, "Elections have consequences."
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