President Joe Biden delivers remarks on the economy from the White House in Washington, D.C., July 19, 2021.
President Biden argued that a massive influx of government spending bill will help fend off inflation, in a speech on the state of the economy at the White House on Monday.
The White House has dubbed the $1.2 trillion bipartisan infrastructure bill that Senate Majority Leader Chuck Schumer plans to bring to the floor this week — and the $3.5 trillion budget resolution that Democrats plan to pass in the coming days without Republican support — the “Build Back Better” package. Biden said Monday that the two bills will help prevent, rather than exacerbate, runaway inflation.
“Whatever different views people have about the current price increases, we should be united in one thing: passage of the bipartisan infrastructure framework, which we shook hands on,” Biden said. “And my Build Back Better Plan will be a force for achieving lower prices for Americans looking ahead.”
“If your primary concern is about inflation, you should be even more enthusiastic about this plan,” Biden said. “We can’t afford not to make these investments.”
During a question and answer session with reporters, Biden dismissed predictions of high inflation.
“There’s nobody suggesting unchecked is on its way,” Biden said. “No serious economist.”
Former treasury secretary Larry Summers warned in March that Biden’s $1.9 trillion coronavirus relief bill was “the least responsible fiscal macroeconomic policy we’ve have had for the last 40 years,” in an interview with Bloomberg TV. However, Summers has backed some investments in infrastructure.
“The investments on which Biden is focused are essential to the future of the country,” Summers told Politico last week. “Inflation fears should shape economic policies but it would be tragic if they stopped us from making urgently needed public investments.”
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