ICYMI: TREASURY SECRETARY YELLEN SAYS SPENDING BILLS WILL BE ANTI-INFLATIONARY, LOWERING IMPORTANT COSTS

Secretary Yellen: “[The Build Back Better Act] Will Boost the Economy’s Potential to Grow and Push Inflation Down”


NEW POLLING: 67% of Voters — including 64% of Independents — Support Passing the Build Back Better Act Through Reconciliation.

WASHINGTON, D.C. — The Build Back Better Act and the Bipartisan Infrastructure Deal will ease inflationary pressures by increasing the economy’s supply potential, according to Treasury Secretary Janet Yellen. Secretary Yellen made the case for the passage of both bills on Friday from Rome, saying American families will see key expenses lowered once the framework’s investments are implemented.

Secretary Yellen’s comments come a day after the White House announced a framework for the Build Back Better plan and over 60 economists signed a statement applauding the framework and urging its passage.

KEY POINTS:

  • It will boost the economy’s potential to grow, the economy’s supply potential, which tends to push inflation down, not up,” she said. “For many American families experiencing inflation, seeing the prices of gas and other things that they buy rise, what this package will do is lower some of the most important costs, what they pay for health care, for child care. It’s anti-inflationary in that sense as well.

  • She called the White House’s Build Back Better program “transformational” in addressing the economy’s needs as the nation seeks to emerge from the Covid-19 pandemic. She insisted the spending plans are “fully paid for” through tax proposals primarily aimed at higher earners and corporations.
  • “I think it really helps us invest in physical capital. That’s public infrastructure that’s important to productivity growth,” she said. “There’s investment in human capital, there’s investment in research and development, the support that families will receive that will help them participate in the labor market.”

Read the full article here.

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