Several top Biden administration officials argued on Nov. 14 that the White House-backed social spending package may be a solution to soaring inflation in the United States, though some Democrats have balked at the idea.
“Inflation is high right now, and it is affecting consumers in their pocketbook and also in their outlook for the economy. But those concerns underscore why it’s so important that we move forward on the Build Back Better legislation,” White House National Economic Council Director Brian Deese told CNN in an interview. “This, more than anything, will go at the cost that Americans face.”
Several days ago, the Department of Labor released its monthly consumer price index report, showing that inflation had reached a 30-year high. Grocery prices in October were 5.4 percent higher than a year ago, the data shows. Overall inflation was 6.2 percent year-over-year.
Deese claims the bill would drive down drug prices, lower the costs of child care, and also reduce costs associated with homeownership. In the past 20 months or so, Congress has approved trillions of dollars in stimulus packages, including the $2.2 trillion CARES (Coronavirus Aid, Relief, and Economic Security) Act, in a bid to offset economic troubles associated with CCP (Chinese Communist Party) virus-related lockdowns, social distancing policies, and stay-at-home orders.
“This will lower prescription drug prices, put a cap on prescription drug costs for our seniors. Child care [is] not only a big cost driver for families, but a big impediment for more parents and women to get back into the workforce,” he said, adding that the House of Representatives will consider the bill this week.
In similar remarks to CBS on Nov. 14, Treasury Secretary Janet Yellen blamed the spread of COVID-19, the disease caused by the CCP virus, for America’s economic woes, adding that the social spending bill would aid recovery.
