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In the Obama economy, costs are rising while take-home pay is stagnant. Many are out of work or working part time even while the basic costs of living life and raising a family are going up.

From 2004 to 2012, annual costs for clothing, food, child care, and education for a child rose by hundreds, if not thousands of dollars. Meanwhile, the child tax credit remains at $1,000.

That is why this week the House will pass H.R. 4935, the Child Tax Credit Improvement Act, which will update the child tax credit and index it to inflation to make sure families can keep more of their hard-earned money to raise the next generation.