WHAT TO KNOW ABOUT THE BUILD BACK BETTER ACT AHEAD OF TOMORROW’S CONSUMER PRICE INDEX REPORT

Experts and Economists Agree The Best Way to Address Inflation is to Lower Costs for Families with the Build Back Better Act

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

15 Nobel Laureate Economists: “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” 

50+ Economists: Build Back Better Will Help Lower Costs For Families

The American economy is on the road to recovery thanks to investments like the American Rescue Plan and the Bipartisan Infrastructure Deal. But American families are still feeling the effects of the shockwaves the pandemic has sent through our economy with rising prices that are exacerbated by corporations using the cover of inflation to boost their bottom line.

Experts agree that the best way to help families deal with higher costs is to pass the Build Back Better Act, which lowers the cost of prescription drugs, utility bills, childcare, education and health care for families, allowing them to keep more money in their pockets.

Here’s what to know about inflation and the Build Back Better Act ahead of Wednesday’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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