Will the US child tax credit reduce poverty and improve outcomes for children and parents?

The American Rescue Plan Act of 2021 temporarily increased the value of the child tax credit from $2,000 to $3,000 for children aged 6-16 and to $3,600 for younger children. To date, the Biden administration has been unable to renew the expansion of the child tax credit, amid broad public debate about its effects on child poverty and parental labour supply, as well as its potential longer-term fiscal benefits. A panel by the Initiative on Global Markets asked top economists for their views on key angles of the discussion. Romesh Vaitilingam sums up their opinions.