PRESS RELEASE: STATEMENT: CPI REPORT SHOWS INFLATION SLOWED, REINFORCES NEED TO LOWER COSTS FOR FAMILIES

FOR IMMEDIATE RELEASE 
May 11, 2022

Contact: 
TJ L’Heureux, Press Secretary
[email protected]

STATEMENT: CPI REPORT SHOWS INFLATION SLOWED, REINFORCES NEED TO LOWER COSTS FOR FAMILIES

Americans Need Relief on Energy, Rx, and MorE

Biden Agenda Would Cut Key Expenses for Families

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

Experts from across the political spectrum, including 17 Nobel Laureates in economics, agree that the Biden administration’s proposals will ease inflation by lowering the costs of essentials like prescription drugs, child care, energy, education, housing, and more.

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

“Today’s CPI report shows that while inflation has slowed, there is still an urgent need to lower costs for American workers and families. Putin’s horrific invasion of Ukraine, supply-chain disruptions, and corporate greed are keeping prices high. But we have cost-lowering solutions ready.

“According to economists and policy experts, the best way to lower costs and deliver relief is by passing President Biden’s full agenda. Congress cannot afford to delay — it’s time to pass legislation that delivers lower utility, health care, and prescription drug costs for Americans.

“Thanks to President Biden’s policies, we’ve seen 8 million new jobs and the lowest unemployment rate in 54 years. His agenda is working. It’s time that Congress passed more of it to address high costs.”

President Biden’s agenda will lower costs and cut taxes for working families.

  • President Biden’s 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.

  • President Biden’s 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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