Nevin BrownAll materialsStephen Moore, an economic adviser to former US President Donald Trump, believes that the highest inflation rate in three decades will help to kill US President Joe Biden’s $1.75 trillion Build Back Better (BBB) act. Moore proclaimed that “inflation is resonating with the people” and mused that there is a “50-50 chance” that the bill will be stopped. His optimism centered on West Virginia Senator Joe Manchin voicing concerns over inflation and the effects the spending bill could have on it.
President Joe Biden refuted those concerns, saying in a statement on Wednesday, "17 Nobel Prize winners in economics have said that my plan will "ease inflationary pressures."
Moore has said that “our strategy has been delay, delay, delay,” in trying to combat the passage of the bill, adding that measures such as the BBB’s child tax credit could prompt the loss of anywhere between six and eight million workers.
According to the Bureau of Labor Statistics, inflation, year over year, is at 6.2%, with the most noticeable increase being in the energy sector.
Inflation has largely been driven by a global shortage in energy, the coronavirus pandemic, and supply chain issues. Opponents of the Build Back Better act appear to be linking inflation to the bill. If that idea takes hold, Build Back Better could face a tough road ahead.