ICYMI: WHITE HOUSE SHOWS WHY GOP CONGRESSIONAL PLAN WON’T LOWER INFLATION AT ALL

Even Conservative Economists Say It’s “Unlikely” Republican Plan Would Reduce Inflation

In Case You Missed It — Today, the White House released a fact sheet detailing why Congressional Republicans’ economic plan would help fight inflation at all. In fact, it would make inflation worse, raise prices, and increase the hardship for working American families.

Even conservative economists don’t believe the Congressional Republican plan can help inflation. Michael R. Strain of the conservative American Enterprise Institute said “it is unlikely that any of the policies proposed by Republicans would meaningfully reduce inflation in 2023.”

READ THE WHITE HOUSE FACT SHEET HERE

KEY POINTS: 

  • Congressional Republicans have laid out their mega MAGA trickle-down economic plan clearly. Their economic plan will raise costs and make inflation worse. Their five part plan includes:

    • $3 trillion in tax cuts skewed to the wealthy – which would add to the deficit and make inflation worse: These tax policies would add about $3 trillion to deficits over 10 years, Congressional Budget Office and Joint Committee on Taxation estimates show. By adding to near-term deficits, the tax cuts would increase inflation and work against efforts to bring inflation down in 2023.

    • Raising prescription drug costs for millions of seniors: Repealing the IRA prescription drug provisions would increase prescription drug prices by eliminating the requirement that drug companies pay rebates to Medicare when they raise prices faster than inflation, as they did for 1,200 drugs from 2021-2022.

    • Increasing health insurance premiums: Repealing the IRA improvements to ACA premium tax credits would raise health insurance premiums by an average of about $800 for 13 million people starting next year, with about 3 million people becoming uninsured. 

    • Increasing energy bills in 2023 and beyond: The Congressional GOP plan will eliminate tax credits that will save Americans thousands of dollars starting next year if they buy an electric vehicle, weatherize their homes, install a super-efficient heating and cooling system like a heat pump, install rooftop solar, or make other investments that will also directly cut their energy bills.

    • Increasing student loan payments: Republican officials are suing to block the Biden administration’s student debt relief plan. If they succeed, that would mean higher debt payments for the over 40 million Americans who could benefit from up to $20,000 in student debt relief.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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