NEW POLL: MAJORITY OF VOTERS BELIEVE INFLATION CAUSED BY PANDEMIC, NOT SPENDING, & WANT TO INVEST IN AMERICAN JOBS

62% of Voters — Including 62% of Independents and 48% of Independents — Do Not Believe Government Spending is Responsible for Inflation

The Build Back Better Act Will Save The Average Family At Least $7,400 Per Year 

WASHINGTON, D.C. —  A majority of voters believe that inflation is a result of pandemic-related issues, and want the United States to invest in jobs at home to drive prices down, according to a new poll released today by Invest in America and Data For Progress. The poll comes after the release of today’s Consumer Price Index (CPI) report, which raises the urgency for Congress to help families deal with rising costs.

Invest in America Action’s Senior Adviser Zac Petkanas made the following statement: 

“Today’s CPI report shows that we must continue to take inflation seriously. That’s why Congress must pass the Build Back Better Act, which will ease the pressures of inflation by lowering everyday costs for families. If you’re worried about rising costs for families, you should support cutting the costs of things families spend the most on — things like health care, child care, energy cost, and prescription drugs.

“American voters understand that the inflation we’re experiencing is not due to government spending — it is a result of pandemic-related challenges and corporate greed that are creating problems across the globe. This poll shows that voters know that if we are going to drive down prices, we need to invest in good-paying jobs right here at home.

“It’s simple: if we want to lower costs, create jobs, and boost the economy, we need to pass the Build Back Better Act immediately.”

The poll was conducted with 1,276 likely voters from January 7 – January 10. Key findings include: 

  • 58% of voters, including 78% of Democrats and 63% of Independents, price increases are mainly due to temporary bottlenecks and shortages caused by the pandemic.

  • 62% of voters, including 75% of Democrats, 62% of Independents, and 48% of Republicans, believe that we need to invest in bringing manufacturing jobs back to the United States to drive down prices rather than avoiding any government spending.

Read the full polling tabs and methodology here.

Here’s what to know about inflation and the Build Back Better Act in light of today’s Consumer Price Index: 

The Build Back Better Act will lower costs for families. 

  • Passing the Build Back Better Act is the way to reduce everyday costs and ease the burden on families.

  • 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:

  • 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.

Inflation is spurred by the pandemic and corporate greed, not public investment. 

  • The economy has come a long way since the shock of the pandemic, 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.

Experts agree that the Build Back Better Act will ease, not exacerbate, inflation. 

  • The facts are clear: experts from across the political spectrum agree that the Build Back Better Act will ease the pressures of inflation by lowering the costs of essentials like prescription drugs, child care, education, and housing — all while boosting economic growth and productivity.
  • In November, 15 Nobel laureate economists released a letter urging the passage of the Build Back Better agenda, which they agree will ease long-term inflationary pressures, strengthen the economy, and lower American families’ costs.
    • The signers are led by a number of this century’s most notable economists, including Joseph Stiglitz, Peter Diamond, Paul Romer, and Daniel Kahneman.
  • Last month, a group of 50+ economists released a letter urging Congress to pass the Build Back Better Act in order to address rising costs for families. The signers included Alan Blinder, former vice chairman of the Board of Governors of the Federal Reserve.

    • The economists wrote: “Congress can alleviate some of the strain caused by inflation by passing the Build Back Better Act, which will lower everyday costs for families, including child care, health care, utility bills, prescription drugs, and education.”

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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