Leftists Coming To Their Senses Over Biden's Inflation

Written By BlabberBuzz | Wednesday, 15 December 2021 05:15 AM
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Leftists Coming To Their Senses Over Biden's Inflation

For months, President Joe Biden has endorsed a certain argument about the $2.4 trillion Build Back Better Act — a letter from 17 Nobel laureates in economics saying it will relieve long-term inflationary pressure. But that claim is getting plenty of denunciations as inflation hit a 39-year record-high in November and Republicans laugh at the idea of more government spending.

"Inflation and #BuildBackBetter are twin daggers aimed at the heart of the American economy," South Carolina Sen. Lindsey Graham tweeted last Friday, leaving little doubt about his thoughts on the bill. He added during a Sunday appearance on Fox News, "This bill, Build Back Better, will be gasoline on the inflation problem."

The bill includes subsidized child care, universal preschool, an extended child tax credit, and tax breaks for the purchase of electric vehicles. But despite Biden's claims that the bill would cost "zero dollars" and even that it'll pay for Republican tax cuts, the original Congressional Budget Office score concluded it would add $367 billion to the shortage over the next decade. An alternate score that doesn't assume the social programs would add $3 trillion.

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A more recent pro-BBB letter, signed by 56 economists, claims only that the Build Back Better bill can "alleviate some of the strain caused by inflation" by subsidizing costs without claiming it will relieve inflation directly. Democrats such as House Speaker Nancy Pelosi have cited the request, saying it's even more critical to pass the bill to relieve working families.

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So, will the bill raise inflation or lower it? "It's a bit of a wrong puzzle," argued Center for American Progress Senior Fellow David Madland.

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"Most of the inflation is being caused by the virus and the disruptions to supply chains it has caused," Madland said. "This bill is not directly about that. But inflation is high, and Republicans want to critique the president, so they will say that anything he does will cause inflation."

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"The bill can help keep inflation low in the long term by creating a more productive economy via increased labor force participation and more efficient energy production," he added.

"You can make more goods and services with less inputs," said Madland. Douglas Holtz-Eakin, President of the Conservative American Action Forum, agrees the bill won't immediately impact inflation.

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"If these programs go away, you get no lasting impact whatsoever," he said. "[The proposal] cuts off these programs to save budget money, but that also means you get no economic impact from them. You can't have it both ways. They're either permanent or they're not."

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