CONGRESS MUST PASS BUILD BACK BETTER ACT TO ADDRESS INFLATION, LOWER COSTS

Leading Economists Agree That The Build Back Better Act Will Lower Everyday Costs and Reduce Burden on the Middle Class


17 Nobel Prize Winners Letter“Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures.’”

WASHINGTON, DC — Today, Invest in America Action released the statement below in response to the October Consumer Price Index. For months, leading economists have agreed that the Build Back Better Act will ease inflation by reducing everyday costs for families and the middle class.

Invest in America Action senior advisor Zac Petkanas made the following statement:

“If you’re concerned about rising costs, you should support the Build Back Better Act, which will lower some of the steepest costs facing American families like child care, energy, health care, and prescription drugs.

“Experts from former John McCain advisor Mark Zandi to seventeen Nobel Laureates agree — the best way to reduce inflation and ease the burden on the middle class is passing the Build Back Better Act.”

Here’s why Congress must pass the Build Back Better Act to address rising costs:  

  • The Build Back Better agenda will lower costs for American families and 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 hundreds of dollars 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.

  • Leading Economists Agree the Build Back Better Act Will Ease Inflation: 

    • Mark Zandi, Chief Economist of Moody’s Analytics: “Moreover, much of the additional fiscal support being considered is designed to lift the economy’s longer-term growth potential and ease inflation pres­sures.”

    • 17 Nobel Prize Winners Letter: “Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures.’”

    • Jason Furman, Professor at Harvard’s Kennedy School of Government: “If you’re expanding the productive capacity of the economy, you are putting some downward pressure on inflation […] If I were looking at this legislation […] I wouldn’t adjust my inflation forecast at all.”

    • Paul Krugman, Nobel Laureate Economist: “Spending on physical infrastructure, both in the bipartisan bill the Senate has already passed and in the likely future Democrats-only bill, would alleviate the supply bottlenecks that have played a big role in recent inflation, while making workers more productive.”

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