PRESS RELEASE: STATEMENT: CPI REPORT REINFORCES NEED TO PASS BUILD BACK BETTER COST-CUTTING PRIORITIES

FOR IMMEDIATE RELEASE 
February 10, 2022

Contact:
Jack Miller, Communications Director

[email protected]

STATEMENT: CPI REPORT REINFORCES NEED TO PASS BUILD BACK BETTER COST-CUTTING PRIORITIES

Recent Study Shows That Build Back Better Will Save the Average Family at Least $7,400 per year

WASHINGTON, D.C. — Invest in America Action released the following statement in response to today’s Consumer Price Index (CPI) report.

For months, leading economists have agreed that the Build Back Better Act will ease the burdens of inflation by reducing everyday costs for families and the middle class. 17 Nobel Prize-winning economists stated in a letter that “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.’”

Invest in America’s senior adviser Zac Petkanas issued the following statement:

“Today’s CPI report shows exactly why we need the critical investments in the Build Back Better Act, which will lower costs for American families like child care, utility bills, health care, and prescription drugs. We’ve seen enormous economic growth and record job creation in the last year thanks to President Biden’s agenda. Now is the time to continue that progress and lower costs for families facing higher prices as a result of the pandemic.

“Congress must come together and lower costs for American families by passing Build Back Better.”

The investments in President Biden’s full Build Back Better agenda will lower costs for working families, create jobs, and cut taxes. 

  • The Build Back Better agenda will lower costs for working people:  

    • 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.

  • The Build Back Better agenda will create millions of jobs: 

  • The Build Back Better agenda will lower taxes for middle class families: 

    • It will expand the Child Tax Credit, lowering taxes for middle class families by providing 39 million households and nearly 90% of children in the U.S. a major tax cut and cutting the child poverty rate in half.

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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