INFLATION AND BUILD BACK BETTER ACT
- We’re on the road to recovery thanks to investments like the American Rescue Plan and the Bipartisan Infrastructure Deal. But American families are still feeling the effects of the shockwaves the pandemic has sent through our economy.
- Thankfully, President Biden is taking decisive action to address the supply chain issues so products are on shelves and people can afford to buy what they need. But there’s more we can do.
- The best way to help families deal with higher costs is to pass the Build Back Better Act, which lowers the cost of prescription drugs, utility bills, childcare, education and health care for families, allowing them to keep more money in their pockets.
- In fact, a recent study shows that the Build Back Better Act will save the average family at least $7,400 per year — a figure that grows to $15,000 for single-parent households.
What’s causing inflation?
- Our economy is recovering from a once-in-a-generation pandemic. We’ve come a long way, but sudden increases in demand as people have gotten back on their feet have caused disruptions in a supply chain still reeling from the pandemic economy.
- This is not a uniquely American problem — we’re seeing rising costs and inflation around the world as the global economy handles the fallout from the pandemic.
- To make matters worse, some corporations are taking advantage of these global issues, using the cover of inflation to raise prices unnecessarily and boost their bottom line.
What can we do about it?
- Passing the Build Back Better Act is how we reduce everyday costs and ease the burden on families.
- The Build Back Better Act will save the average family $7,400, with investments in child care, health care, and education, and tax cuts for the middle class:
- It will lower child care costs — which cost parents $30-35 billion in income before the pandemic. Access to affordable child care could increase the lifetime earnings for women with children by nearly $100,000.
- It will lower the cost of long term care, expanding access to affordable home care to hundreds of thousands of Americans.
- It will lower energy costs, saving the average American family $500 per year by investing in clean energy.
- It will lower health care costs and premiums for those buying coverage through the ACA by extending the American Rescue Plan’s cost saving premium tax credits; adding hearing coverage to Medicare; and closing the Medicaid gap for low-income Americans.
- It will lower prescription drug costs for Americans by letting Medicare negotiate drug prices, so consumers are no longer at the whim of pharmaceutical companies.
- It will lower taxes for low-and-moderate-income workers by extending the American Rescue Plan’s Earned Income Tax Credit to millions.
- It will lower education costs by expanding Pell grants and making universal preschool a reality.
- It will lower housing costs by creating more than one million new affordable homes in rural and urban areas.
Will the Build Back Better Act exacerbate inflation?
- NO! The facts are clear: experts from across the political spectrum, including 17 Nobel Laureates in economics, agree that the Build Back Better Act will ease inflation by lowering the costs of essentials like prescription drugs, child care, education, and housing — all while boosting economic growth and productivity.
- Republicans are trying to hide their opposition to this bill behind inflation fear-mongering, but here’s the truth: Republican lawmakers are opposed to the Build Back Better Act because they are on the side of the ultra-wealthy, and President Biden and congressional Democrats are on the side of working Americans.
- But despite all their opposition, they have been unable to put a dent in the popularity of the Build Back Better Act, because voters know this vital legislation will make a real difference in their lives.