luck in the front of the ukraine war and all the other global challenges, they re going to need a lot of both. they can t turn these negative numbers around on the economy. it has nothing to do with the technicalities of gdp, but it has to do with the fact that prices are too high and people s budgets are squeezed and that s made them super sour on the economy and it s difficult to break through that unless you get inflation down. that s going to take some time, and the fed could get it wrong and go too fast and drive us into a real recession, one that we don t have to litigate with gdp numbers every time they re revised. jonathan, you know if everything the president said was true, if everything that janet yellen said was true, if this bill that looks like it s going to pass does amazing things to ease inflationary pressures, nobody is suggesting it s going to happen tomorrow. in the meantime, people are still paying a lot more for groceries and so on. in 12 months, from june of las
hundreds of dollars, by providing working families tax credits. it gives folks rebates to buy new and efficient appliances, to weatherize their homes, and tax credits for heat pumps and rooftop solar. it also gives consumers a tax credit to buy any electric vehicle or fuel cell vehicle, new or used. and a tax credit for up to $7,500 if those vehicles were made in america. this investment in environmental justice is real. it also provides tax credits that will create thousands of good-paying jobs, manufacturing jobs, clean energy construction projects, solar projects, clean hydrogen projects, and more by giving tax credits for those who build these projects here in america. let me be clear, this bill would be the most significant legislation in history to tackle
competition of the 21st century. you ve heard me say 1,000 times we have to investment in research, development and growth. i hope the house is going to pass this bill today. my plea is, put politics aside, get it done. we need to lower the cost of automobiles, appliances, smartphones, consumer electronics and so much more. and you can t do it, all of these things are powered, most everything in our lives are powered by these semiconductors and tiny computer chips the size of a fingernail tip. we should pass this today and get moving. i know the compromise on the inflation bill doesn t include everything i ve been pushing for since i got to office. for example, i m going to keep fighting in the future to bring down the cost of things for working families and middle class families that matter, by providing for affordable and accessible things like affordable child care, affordable eldercare, preschool,
joe manchin told my colleague, president biden told him, hey, if you don t think it s going to be helpful for me to be involved in these conversations, i will step back and allow you to do that, and they have allowed that to happen. now you have the administration as we go into the midterms with all the things you just outlined, with this big deal that they had promised that was going to be a bill for more than a year now, something that can be a reality right before the midterms, showing people, the white house hopes, that washington, d.c. can work. that s something they re going to continue to lean on and you re going to continue to hear from them. even today you saw president biden with a little bit of pep in his step as he was talking about that bill. and, matthew, he essentially said i m not the only person here, lots of folks like this. larry summers likes it, al gore likes it, elizabeth warren likes it. he used words like transformative, significant. i guess the question is, d
the cost of preschool, housing, keeping students and helping students with the cost of college, closing the health care coverage gap. it s a fancy way of saying health care coverage gap, expanding medicaid in states that refuse to do it and more. look, this bill is far from perfect. it s a compromise. but that s often how progress is made, by compromises. and the fact is that my message to congress is this, this is the strongest bill you can pass, it will lower inflation, cut the deficit, reduce health care costs, tackle the climate crisis and promote energy security. all the time while reducing the burdens facing working class and middle class families. so pass it. pass it for the american people. pass it for america. i ll have more to say on this later. now i want to thank leaders