The Common Good

The Poor Still Can't Breathe Easy Post–Fiscal Cliff

The Nation reports that the fiscal cliff deal is a "mixed bag" for the poor. On the positive side:

The biggest takeaway, perhaps, was for the unemployed: they saw a one-year extension in federal unemployment benefits. Another very important piece of the deal was a five-year extension of crucial tax breaks: the Earned Income Tax Credit, Child Tax Credit and the American Opportunity Tax Credit.

On the negative side:

The payroll tax holiday was allowed to expire. The double whammy of trying to get Congress to raise the debt ceiling while also trying to keep it from torching the social safety net does not bode well for the poor.

Read more here.

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