Rep. Kevin Brady: Build Back Better may worsen inflation, labor shortages
Rep. Kevin Brady, R-Texas, argued the combination of more government spending amid existing supply chain and labor shortages will prolong sky-high consumer prices.
Rep. Kevin Brady, R-Texas, warned President Biden's Build Back Better bill will worsen inflation and labor shortages if it becomes law as consumer prices soar to a 39-year-high. Rep. Brady joined "Mornings with Maria" on Monday to discuss what impact the legislation could have on the economy if signed into law.
SURGING INFLATION IS ERODING WAGE GAINS FOR MANY AMERICANS
KEVIN BRADY: Yes, so as you know, they've [Biden admin] been very dismissive about the concerns of inflation, denial for months and months, and now look this, this will go away. It really isn't hurting families, and they're dead wrong. This bill does make it worse in a number of ways. Obviously, spending another $5 trillion heaping that fuel onto the inflation fire won't help, but really, it's the policies within it. They make the labor shortage worse in this bill, which will drive inflation. They do that by no longer requiring earnings or work in the child tax credit, and… they really exploded the subsidies in Obamacare, so much so that between the two policies, experts predict two million fewer workers will be available because of these policies. So here you are, shoveling more money into the economy with fewer workers and supply chain problems anyway, so that means inflation's going to go higher. It's obviously going to last longer. That's all bad. Joe Manchin knows this, and he also knows when the president calls him the president is nearly one million jobs short of his promises from the last COVID stimulus. So why would we believe the promises he makes on this bill?
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Rep. Kevin Brady warns Biden breaks with no-tax hike promise in House version of Build Back Better
Rep. Kevin Brady, R-Texas, joined ‘Mornings with Maria’ to discuss the bill, warning taxes could spike on business, tobacco, and others.
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