were if and when, god willing, get the build back better plan proposal, if they are paying less for childcare, considerably less for health care, considerably less for insulin, and go down the list of taking care all the things that are in the build back better plan plan, the reason why people think it s going economist think it s going to diminish the impact on inflation is because it s reducing costs for ordinary people. he thinks the u.s. is at the inflation peak and touted a drop in oil and gas prices. he argues build back better plan bill will help ease the economic pain. the problem is this bill has no republican support. and republicans are arguing that spending more money, especially after all of the pandemic stimulus payments, is only going to make inflation worse and now they have new cbo data on which to rely. they requested a new congressional budget office
tor about once-monthly cabenuva. how bizarre by omc no annual fee on any discover card. news continues. let s hand it over to michael smerconish. thank you. welcome to cnn tonight. i want to talk about the politics of inflation. hopefully in a way your eyes won t glaze over. this is important stuff. a president with sinking approval numbers who desperately needs a win instead just received a double whammy. and the result might cost him a last chance to pass his massive social spending bill before the end of the year. and if he doesn t get it done now, he will have to fight this
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?
by president trump, that that s not being fixed with higher corporate tax rates in this bill. so, yeah, we do need to control inflation better in this bill, but the right way to do it is to focus the spending on investment and to fully pay in highly progressive ways for the spending we have. well, perhaps the right way to do it, you know, a lot of democrats won t like this and a lot of people in the administration won t like this. our tariffs are raising prices for consumers to no good end. they are screwing producers who have much higher input costs because of those tariffs. we should be working to scale those tariffs back. much more aggressively than we are. we need to look at a lot of our regulations to make sure that we re not regulating in ways that are raising fossil fuel
$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 consequential democratic legislation 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.