House Democrats on Wednesday are aiming to reduce inflation by spending more money via the Bipartisan Innovation Act.
The bill promises to spend $52 billion in government subsidies to improve U.S. semiconductor production, improve STEM education, and establish a Supply Chain Office at the Department of Commerce. The bill also spends money on funding the Manufacturing USA Institutes and the Manufacturing Extension Partnership.
It is unknown how pumping more money into the economy would reduce President Joe Biden’s 40-year-high inflation. The bill has not yet been scored by the Congressional Budget Office (CBO).
Nevertheless, House Speaker Nancy Pelosi’s lieutenant, Rep. Steny Hoyer (D-MD), told Democrat House members on Monday to expect a vote on the bill this work period, Punchbowl News reported. Hoyer claimed the passage of the bill is the “most important step Congress can take right now” to reduce Biden’s inflation. The bill is still in committee.
Feeling the pressure from the midterm elections right around the corner in November, Democrat House members are searching for a solution to reduce inflation fueled by massive spending packages passed in 2021 by the establishment.
Reps. Katie Porter (D-CA), Dina Titus (D-NV), Tom O’Halleran (D-AZ), Cindy Axne (D-IA), Kim Schrier (D-WA), Abigail Spanberger (D-VA), and Susie Lee (D-NV) penned a letter on Monday to Democrat leadership, pleading with them to address inflation.
“Hardworking families in our districts and across the country are facing rising costs across the board. While the reasons for these rising costs are many and varied, the fact remains that these inflationary pressures are harming our constituents, small businesses and working families,” the leader read as reported by Punchbowl News. “We continue to hear from folks who are wondering what Washington is doing to address these problems.”
Eighty percent of Americans say inflation is an “extremely/very important” factor in how they will vote in the midterm elections, a recent ABC News/Ipsos poll revealed.
According to Bloomberg, inflation will cost American households on average an extra $5,200 in 2022, or $433 per month. Inflation will also delay 25 percent of Americans from retiring, a BMO Real Financial Progress Index survey revealed.
Follow Wendell Husebø on Twitter and Gettr @WendellHusebø. He is the author of Politics of Slave Morality.
