Will Biden's 'Build Back Better' plan really reduce inflation?

FEE’s Brad Polumbo writes, “Inflation is hitting home for millions of Americans. In large part thanks to runaway money-printing, consumer prices have risen and are costing the average American family $175/month. This has become a large political concern for President Biden, with voters ranking inflation a top priority. In the president’s desperation to make the issue go away, he is now arguing that passing his multi-trillion-dollar spending agenda will actually reduce—not further fuel—inflation.

‘If your number one issue is the cost of living, the number one priority should be seeing Congress pass these bills,’ Biden said. ‘Seventeen Nobel Prize winners in economics have said — spontaneously wrote to me, together, and said this will lower inflationary pressure on the economy when we pass my bills.’

“If your number one issue is the cost of living, the number one priority should be seeing Congress pass these bills,” @POTUS said. But is passing trillion dollar spending bills really an effective way to tackle inflation? Let's see... https://t.co/mFEdk754xS

— Jon Miltimore (@miltimore79) November 10, 2021

The president referenced a letter from some notable economists which referred not to his current legislative proposals, but earlier, broad frameworks he unveiled. In it, a coalition of accomplished, left-leaning economists wrote that ‘because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures.’

So, is Biden right? Will spending trillions more really reduce inflation? Not so fast.”

Read the entire column.