Casey & the Middleclass
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Sen. Bob Casey said many middle class families are facing challenges with wages and with costs. He said child care, health care and prescription costs are increasing and the middle class needs a break. "We had a surge in wages after World War II, basically from 1948 to 1973 by one estimate," Casey said. "So for about a quarter of a century every time productivity one up, wages went with it." Casey said those wages have flattened in recent decades even as productivity increased. He said the nation has not seen substantial wage growth in at least 40 years. Casey said altering tax laws can offer relief. "In essence, the equivalent of raising wages is give a real tax cut to the middle class. A substantial break to the middle and people trying to get to the middle," Casey said. "You could do that through the tax code." Casey said he's often asked where all that money would come from. "Well the top 1%, their tax cut alone in one year cost more than $50 billion [and] by one estimate maybe $55 (billion) or $56 billion," Casey said. "There's a lot of money to give relief to tens of millions of people." Casey called the change in the tax code a short-term solution, but he said education is the key to long-term growth. "The best way to raise wages over time is to have higher levels of education," he said. Casey said providing students with adequate educational resources and instruction will help them receive higher wages in the future.