WASHINGTON — Inflation is being felt in all corners of the economy with the price of gas, natural gas, certain types of food, and other items being the highest it’s been in years.
Transportation Secretary and former South Bend, Indiana mayor Pete Buttigieg, says the first step towards cutting inflation back is for lawmakers in Congress to pass both the bipartisan infrastructure bill and the social spending bill.
Democrats appeared to have an agreement amongst themselves on passing both bills in the House last week, but a possible deal fell through. It’s been rumored that Democrats may try to bring the social spending bill up for a vote on Tuesday.
“What I know is we are the closest that we’ve ever been, and it looks like we are teed up for major action soon,” Buttigieg told Fox News Sunday. “This administration is ready to go. The president put forward this framework with this particular shape because he is confident it can get through both the House and the Senate.”
Buttigieg said it’s imperative that the bill be approved by lawmakers saying that it’s “not perfect” but that he believes it will and “must pass.” He also stated that the bill, which along with the bipartisan infrastructure bill would at around $3 trillion in new spending to the economy, will curb inflation.
“This bill will fight inflation,” he said. “We have a drag on our economy in labor supply because a lot of parents are not going back to work because they can’t find child care.”
It’s said by the administration that the bill would address those child care needs by helping reduce the cost of pre-K universal programs for many parents. Buttigieg said that “17 Nobel Prize-winning economists” have given their stamp to the bill saying that it will help stop inflation from getting worse.
However, other experts, like former Clinton treasury secretary and Obama economic advisor Larry Summers, has said that inflation will continue to be a problem. Summers said, “until the Fed & Treasury fully recognize the inflation reality, they are unlikely to deal with it successfully.”
