Most voters support Biden's American Families Plan, poll finds
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- A Morning Consult/Politico poll found 58% of voters support Biden's American Families Plan.
- Individual provisions within the plan, such as universal pre-K, are even more popular.
- Republican lawmakers oppose the scope and price of the plan, calling it a "$4.1 trillion grab bag."
- See more stories on Insider's business page.
While Republican lawmakers have strongly opposed President Joe Biden's American Families Plan, citing concerns with its $1.8 trillion price tag and corporate tax hikes, a new poll found the majority of voters, including Republicans, support it.
A Morning Consult/Politico poll released on Wednesday found that 58% of all voters support the president's plan, with 86% of Democrats, 54% of Independents, and 25% of Republicans backing it. Meanwhile, individual provisions within the plan were found to have more support than the overall package, with 64% of voters supporting ensuring low- and middle-class families pay no more than 7% of their income on childcare.
"The poll, conducted in the days after Biden's address to Congress unveiling the plan, shows that most of the individual provisions in the package are more popular among voters than the plan overall - something to keep in mind as Biden reportedly considers splitting his proposal into multiple parts to reach a bipartisan compromise," the poll said.
Here are other main findings from the poll:
- 63% of voters support universal pre-K for 3- and 4-year-olds;
- 59% of voters support two years of free community college;
- 59% of voters support a $15-per-hour minimum wage for childcare workers;
- 57% of voters support extending the expanded child tax credit;
- And 56% of voters support two years of subsidized tuition for Historically Black Colleges and Universities and minority serving institutions.
Biden has cited this kind of bipartisan voter support from polling in arguing for a new definition of bipartisanship that doesn't necessarily include any Republican votes.
Before unveiling his plan, for instance, Biden said there's no reason why infrastructure cannot be bipartisan, and The Washington Post reported in April that Biden's definition of "bipartisanship" means support from Republican and Democratic voters - not necessarily Republican lawmaker. Indeed, while not a single Republican in Congress voted for Biden's stimulus, several have touted elements of it. Even House Minority Leader Kevin McCarthy promoted a restaurant aid program from the stimulus.
Democratic lawmakers have advocated for the individual provisions, such as extending the expanded child tax credit from Biden's $1.9 trillion stimulus. Many members of the party want it to be permanent, instead of the four-year extension Biden proposed.
When it comes to the price of the plan, although the majority of voters support the spending, Democrats and Republicans disagree the topic. On Monday, Senate Minority Leader Mitch McConnell drew a red line at $600 billion for infrastructure and jobs, which is less than a fifth of the $4 trillion in spending Biden proposed.
"I don't think there will be any Republican support - none, zero - for the $4.1 trillion grab bag, which has infrastructure in it, but a whole lot of other stuff," McConnell said.
Separately, Penn Wharton Budget Model released an analysis on Wednesday that found Biden's American Families Plan will actually cost $700 billion more than the White House's initial $1.8 trillion estimate, while also noting that strengthened Internal Revenue Service enforcement will help raise $1.3 trillion in tax revenue over 10 years.
- The founder of Wall Streets Bets is launching a blockchain app and exchange-traded portfolios in an effort to empower retail investors to "fight back against corrupt institutions."
- "The amalgamation of blockchain technology with financial markets is the next logical step for finance," said Wall Street Bets founder Jaime Rogozinski.
- Retail investors would use a token to vote on issues related to the Wall Street Bets exchange-traded portfolios.
- . See more stories on Insider's business page.
The founder of Reddit's Wall Street Bets forum, Jaime Rogozinski, is planning to launch a blockchain app and exchange-traded portfolios in an effort toward "rooting out corruption" in the world of finance.
Rogozinski has been working on a decentralized application and collaborating with blockchain and financial technology experts to create exchange-traded portfolios, or ETPs, that will give retail investors exposure to a variety of assets, as well as a say in how the portfolios are run, according to a statement released on Wednesday.
"The amalgamation of blockchain technology with financial markets is the next logical step for finance -- and not just for Wall Street but everywhere," said Rogozinski in a statement that calls him a strategic partner in the Wall Street Bets Decentralized Application, or DApp, project. "It will result in stronger, more democratized markets and will empower individuals around the world."
Blockchain-based finance would give retail investors the opportunity "to fight back against corrupt institutions and to end dependence on them altogether," the statement said.
The profile of the Wall Street Bets forum on Reddit was elevated this year after investors on the message board sparked a rally in shares of video game retailer GameStop that resulted in losses for short sellers.
The ETPs would be run under a decentralized autonomous organization, or DAO, that would allow community members to vote on issues related to the portfolios using a $WSB governance token. In a given example, token holders who believe electric vehicle maker Tesla should comprise 90% of a particular ETP instead of 10% can vote on it by signing a transaction using their $WSB tokens during voting cycles.
Wall Street Bets, formed in 2012 in the wake of the global financial crisis, calls itself a movement centered on empowering "little guy" investors against "unaccountable" financial institutions. Wall Street Bets ETPs are being pitched as an "alternative to the kind of market manipulation perpetuated by opaque and politically connected" banks and hedge funds.
"For WallStreetbets, the forthcoming release of our $WSB token is a shift in strategy," said BTCVIX, CEO of the Wall Street Bets DApp.
"We tried to fight back through protest after the global financial crash back in 2008-2009. We then tried to beat Wall Street insiders at their own game by short squeezing them to near bankruptcy. And now, with our soon-to-be-launched ETPs, we aim to simply exit the existing system for one that is fair and relies on community," said BTCVIX whose Twitter bio says "Banned from r/WSB for talking crypto in 2015."
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