surprise to most americans. the reality has been hitting families across the country hard for a while now. food prices up more than 6% overall over the last year. a carton of eggs 8% higher. a nice juicy steak, that will cost 25% more now. pork 17%. gas prices maybe on their way down, but overall they are up 58% from last year. a new car, that will cost you 11% more now. supply chain constraints have been a major factor. prices go up when thins are harder to get axe seg to 45% of households say steep costs are causing their families some degree of financial hardship. what does president biden say? every other aspect of the economy is racing ahead. it s doing incredibly well. we ve never had this kind of growth in 60 years. but inflation is affecting people s lives. but if you take a look at, if we
from twitter, i believe. if joe manchin is worried about inflation, why did he approve a gazillion spending on defense? mark, i get the point, but manchin was already wavering on build back better. if he was looking for an argument to say, mr. president, i just can t go along with it, then the cbo figures, fake or not, gave him what he was looking for. they can t afford to lose a single vote. here we are mid-december already. unless build back gets done now, if that rings a bill, it s because it s the midterms. one more if i have time. why does everyone miss the point on news? you included. why is meat up 25%, eggs up? because fake price increases driven by your rhetoric. i think that s ridiculous.
having its foot completely on the accelerator along with all the cash people had built up because they couldn t spend during the worst of covid, i thought that was a perfect storm that would lead to very large demand that would be some problems. i didn t know exactly what they d be on the supply side. so we were going to get a very inflationary situation and that s what we have that s what we now have, and it presents a variety of challenges, particularly for the fed. i know that when i have asked you previously how you have advised the president, you refuse that question and you say, i don t share the counsel that i offer the commander in chief. so i have a different approach tonight. what would you say to joe manchin if senator manchin said to you, mr. secretary, how in the world could i support build back better plan in the face of all of this inflation? my view is, on balance, even if you had it as it stands,
will inflation kill the build back better plan plan? reach out to me via social media. i will share some responses during the program. as i told you, my first guest predicted inflation is coming last winter because of what he said were commitments the fed made and difficulties in mobilizing congressional support for tax increases for spending cuts. so republicans are trying to call him one of their own in this regard, but is he really team gop? larry summers was former treasury secretary under president clinton, former director of the economic council under president obama, a foerm world bank chief con nist and president of harvard university. mr. secretary, thank you so much for being back. were you prescient? is this what you saw coming? i did see inflation coming. i thought the combination of the large spending halfway to world war ii levels that we were doing in 2021 along with the fed
$1.9 trillion in that bill and he wants it at more are no more than $1.75 trillion. biden was asked if he could get manchin onboard with build back better plan with inflation this high. i don t know the answer to that. i will be talking to him the beginning of the week and i think if you look at what most people are saying, most of the economists are saying, this build back better plan bill is not been to increase inflation, it will diminish it. this bill isn t just the centerpiece of joe biden s agenda. it s, arguably, the most ambitious and con sequentialle democratic ledgislation since lyndon johnson. if joe manchin isn t onboard, build back better plan is dead. which leaves progressive democrats feeling like they were snookered in passing the infrastructure bill and biden lacking the momentum that he desperately needs to keep the house from a republican takeover next year. that s how i see it. i want to know when you think.