Childhood poverty rates are a problem, but there are multiple contributing factors.
Childhood poverty is a major issue on a national scale. In January of 2022, the child poverty rate sat at 17%, according to data from Columbia University's Center on Poverty & Social Policy.
But the reality is that we're worse off from a child poverty standpoint now than we were in 2021. And a big reason has to do with the absence of the enhanced Child Tax Credit.
Prior to 2021, the Child Tax Credit maxed out at $2,000 per child under age 17. But in 2021, as part of the American Rescue Plan, the Child Tax Credit got a major boost that increased its maximum value to $3,600 for children under age 6 and $3,000 for children aged 6 to 17.
Just as importantly, the Child Tax Credit became fully refundable. Normally, only a portion of the credit is refundable. But this change allowed those eligible for the credit in 2021 to receive its full value, even if they had no tax liability.
Finally, half of the boosted Child Tax Credit was made available via monthly installment payments that hit bank accounts from July through December of 2021. That allowed parents to keep up with their bills and avoid heaps of credit card debt at a time when living costs were...
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