PRESS RELEASE: STATEMENT: CPI REPORT SHOWS URGENT NEED TO PASS BIDEN AGENDA LOWERING COSTS FOR FAMILIES

FOR IMMEDIATE RELEASE 
June 10, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

STATEMENT: CPI REPORT SHOWS URGENT NEED TO PASS BIDEN AGENDA LOWERING COSTS FOR FAMILIES

Passing the Biden Agenda Will Lower Key Expenses for Families

WASHINGTON, D.C. — As President Biden outlined in a Wall Street Journal op-ed, one of the most significant actions lawmakers can take to combat inflation is passing the President’s cost-lowering agenda. 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, energy, and more.

Invest in America Action released the following statement in response to the Consumer Price Index (CPI) report today.

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

“This CPI report makes clear that we must address rising costs and we must do it quickly. The good news is we have solutions to do just that.

“Economists and policy experts have long said the best way to lower costs for American families is by passing President Biden’s full agenda. Congress cannot wait any longer. There is an urgent need to pass the president’s plan to lower the cost of energy, health care, prescription drugs, child care, and more. This report should be a call to action – we must pass the full Biden agenda.”

The Investments in 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.

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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