Beyer, Schakowsky, Roosevelt’s Ali Bustamante Highlight Joint Economic Committee Analysis On McCarthy Plan To Repeal Inflation Reduction Act

FOR IMMEDIATE RELEASE
September 29, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

REPS. BEYER AND SCHAKOWSKY, ROOSEVELT’S ALI BUSTAMANTE HIGHLIGHT NEW JOINT ECONOMIC COMMITTEE ANALYSIS ON MCCARTHY’S PLAN TO REPEAL THE INFLATION REDUCTION ACT

New Navigator Polling Shows 56 Percent of Americans Oppose McCarthy’s Plan

Rep. Don Beyer: “Repealing the Inflation Reduction Act would be dangerous for U.S. workers, families, and businesses. It’s going to increase household costs. And according to new analysis by the Joint Economic Committee, repealing this legislation would force over 13 million low- and middle-income Americans to pay more for their health insurance.”

Rep. Jan Schakowsky: “All Americans need to understand the consequences of Kevin McCarthy’s pledge to repeal the Inflation Reduction Act. The Inflation Reduction Act is a momentous piece of legislation that is going to change the lives of so many Americans for the better.”

Roosevelt Institute’s Alí Bustamante: “The Inflation Reduction Act is a transition toward equity-focused government policies. At the core of that is it addresses our great challenges and also invests in American workers.”

 

WASHINGTON, D.C. — Today, Chairman of the Joint Economic Committee Don Beyer (D-VA), Congresswoman Jan Schakowsky (D-IL), and Roosevelt Institute economist Alí Bustamante joined a press call hosted by Invest in America to unveil a new Joint Economic Committee analysis on House Minority Leader Kevin McCarthy’s plan to repeal the Inflation Reduction Act. The JEC findings show a devastating cost to American families if McCarthy is allowed to raise prices for health care, prescription drugs, and energy.

Read the new analysis

Watch the recording here

If the Inflation Reduction Act is repealed, 13 million low- and middle-income Americans would pay more for health care insurance, families will pay an average of $300 more for energy costs, and millions of new clean energy and manufacturing jobs will be put in jeopardy.

The call follows new Navigator polling released today, which showed that 56% of Americans oppose McCarthy’s plan to repeal the Inflation Reduction Act.

The following are statements from the call:

Rep. Don Beyer (D-VA):

“Let me be clear: repealing the Inflation Reduction Act would be dangerous for U.S. workers, families, and businesses. It’s going to increase household costs. And according to new analysis by the Joint Economic Committee, repealing this legislation would force over 13 million low- and middle-income Americans to pay more for their health insurance… The Inflation Reduction Act is pro-growth legislation that will make historic strides to rein in health care and energy costs. It’s the most important thing we’ve done yet to combat climate change, cut the deficit, and stop inflation. Repealing it, which is McCarthy’s commitment, would be disastrous for households and disastrous for our country.”

Rep. Jan Schakowsky (D-IL):

“All Americans need to understand the consequences of Kevin McCarthy’s pledge to repeal the Inflation Reduction Act. The Inflation Reduction Act is a momentous piece of legislation that is going to change the lives of so many Americans for the better. I have talked to senior group after senior group, and let me tell you, they are thrilled because they are tired of being charged way more than they can afford for pharmaceuticals. We know Americans are paying two to three times more for medicines than the rest of the world. That is why this is huge! We are finally going to begin negotiating for lower pharmaceutical prices under Medicare. Who would want to repeal that?”

Alí Bustamante, Deputy Director of Worker Power and Economic Security at the Roosevelt Institute:

“The Inflation Reduction Act is a transition toward equity-focused government policies. At the core of that is it addresses our great challenges and also invests in American workers. Any attempt to move away from the Inflation Reduction would be abandoning the government’s ability to provide us with a much just future. Economic security isn’t achieved when it’s limited to a few, it can only be achieved when we all have a seat at the table and the ability to prosper.”

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.

###