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

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

American families are still feeling the effects of the shockwaves the pandemic has sent through our economy, as evident by today’s Consumer Price Index. 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 they are saying:

The Build Back Better Act will ease the pressure of inflation on families: 

Chad Stone, Center on Budget and Policy Priorities: “Critics of legislation that would reduce child #poverty, boost opportunity & productivity, advance racial equity, & fight climate change likely will use today’s inflation data to justify their opposition. This is misguided. Investments like those in #BuildBackBetter would have large long-term benefits & when paired with offsets that raise revenue would have little or no risk of generating unacceptable inflation.”

Michelle Holder, President and CEO of Washington Center for Equitable Growth: “The now-stalled #BuildBackBetterAct, which included sweeping public investments that would help families offset the rising costs that have affected their budgets for years, is a missed opportunity that must be reanimated. Congress and the Biden Administration must seize this once-in-a-generation opportunity we have to make long-overdue investments in the long-term stability & resiliency of our economy.”

Rakeen Mabud, Groundwork Collaborative: “Rising prices are the direct result of decades of corporate extraction and a system built to prioritize profits over people. To tackle inflation, we need to rein in corporate greed & invest in an economy that works for all of us.”

50+ Economists: “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.”

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.”

Americans for Tax Fairness: “The House-passed Build Back Better Act (BBBA) will fight inflation over the long run, not fuel it as Republicans claim. It will help working families struggling today with higher gas prices and grocery bills by making healthcare, prescription drugs, childcare, housing and education much more affordable. While current inflation is due to the short-term economic disruption of the pandemic, the BBBA tackles the high costs of essentials that have made life a struggle for working families for decades. And the BBBA is fully paid for by making the wealthy and corporations pay a fairer share of taxes.”

Supply chain issues are causing inflation, not government spending: 

New York Times: Supply chain snags continued to drive up prices in December.

“Persistent challenges in getting goods from factories to customers continue to drive up the price of cars, computer chips, furniture and other products, pushing up consumer prices in December at the fastest rate since 1982 […] The Omicron variant is infecting workers at factories, ports, trucking companies and warehouses and leading to further shortages of some products and parts used for making goods. Strong demand from American consumers also continues to elevate shipping prices and fuel price increases for a variety of products.

Washington Post: Five charts explaining why inflation is at a 40-year high

“Persistent supply chain backlogs and high consumer demand for goods have kept prices elevated. There is no clear answer for when that will change, leaving Americans to feel the strain in their pocketbooks in the meantime.”