OAN . editorial office
UPDATE 11:08 AM PT – Sunday, December 12, 2021
Amid the country’s worst inflation in nearly four decades, Democrats have continued to push for their trillion-dollar Rebuild Better bill, and some economists have claimed that more spending will not drive inflation more.
In a recent interview, White House Chief Economist Jared Bernstein said the passage of the social spending bill would not affect the current supply chain crisis and said gas prices have been falling since August. However, Americans continued to struggle financially as Bernstein said the bill would help in the long run.
“In the short term, Rebuild Better has no effect on current inflation, for what we’re talking about now, these monthly prints that we’re describing today. What it does is help cut costs for lower-middle and lower-income families, prescription drug costs, childcare costs, education costs, housing costs, etc. to some extent. most challenging in the family budget. Better rebuilding improves those costs. It improves short-term costs and reduces inflationary pressures in the long-term, Bernstein said.
This Pres Biden AM: “Our economic recovery has two key components: getting America back to work, prices & supply chains back to normal. Simply put, it’s about jobs. and price.” For information about our work and how we are doing, PLS read the text and view the…https://t.co/hvsPJmlFID pic.twitter.com/iT2L6bOt3V
– Jared Bernstein (@econjared46) December 9, 2021
Bernstein is confident the legislation will support short-term costs and inflation will stay flat, however, former Treasury Secretary Larry Summers, who actually supported the bill, said otherwise. In an interview on Friday, Summers said if he were a senator, he would vote in favor of the measure, but would downsize certain things in the law, including tax breaks for the rich.
He added that it was wrong to make large and broad payments at the start of the year, which is why moderate Democratic senators like Joe Manchin (W.Va.) and Kyrsten Sinema (Ariz) .) Doubts about the adoption of this measure. Both senators have faced pressure from their parties, particularly Manchin, who is expected to meet Biden to discuss the details of the bill this week.
While most of the pressure is on the West Virginia senator, Sinema’s vote is also crucial for Democrats to be able to pass the measure in an equally split Senate. However, the Arizona senator has previously stated that she will not support the law and will continue her efforts to renegotiate the bill to “vote on what is right.”
Meanwhile, the Biden administration has said it is on track to pass the measure before Christmas, but without Manchin and Sinema’s support, it could be delayed to 2022.
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https://www.oann.com/white-house-economists-support-build-back-better-moderate-democrats-still-not-convinced/?utm_source=rss&utm_medium=rss&utm_campaign=white-house-economists-support-build-back-better-moderate-democrats-still-not-convinced White House economists favor Build Back Better, moderate Democrats remain unconvinced