Biden Will Unveil $775 Billion Plan Over 10 Years To Expand Daycare, Elder Care

Presumptive Democratic nominee Joe Biden will unveil a plan Tuesday to expand daycare and elder care across the nation, boosting the “caregiving economy.” This “21st Century Caregiving and Education Workforce” plan would require a $775 billion investment over 10 years.

Biden, who had served as a U.S. senator from Delaware for decades, will showcase the plan during a campaign event in New Castle, Delaware. The plan would make it easier for families to afford childcare, and would also help seniors receive quality home or community-based care.

The Biden campaign said the initiative “will be paid for by rolling back unproductive and unequal tax breaks for real estate investors with incomes over $400,000 and taking steps to increase tax compliance for high-income earners.” The plan would begin by sending federal aid to state and local governments to keep current childcare and eldercare programs intact.

This initiative would boost the economy, creating 3 million jobs in the education and healthcare sectors. The plan would also add 5 million people taking care of children or elderly relatives to the workforce.

Biden’s plan could assist members of the so-called “sandwich generation,” middle-age adults caring for both their aging parents and their own children. According to the Urban Institute, the number of Americans 65 or older will double over the next 40 years, reaching an estimated 80 million in 2040.