Asked About Record High Inflation, Biden Economic Adviser Deese Talks About Build Back Better
There is no question that price increases are high right now and our focus is on what we can do to actually provide some relief to the principle costs that the American families are facing. If you look at our Build Back Better plan, what it really is, is about going at the principle costs that a typical household faces in a month. What they’re paying for childcare, what they're paying for healthcare, what their housing costs are. And to do that in a way that doesn’t add to the aggregate demand of the economy but is actually fully offset across time. If you do that you don’t add to inflationary pressure but you actually reduce people’s costs. This bill in a very practical way would say to those of your viewers out there if you have a family with kids you're not going to pay more than 7 percent of your income in childcare. That provides you some peace of mind of one of the big costs you're facing, it also may help many of parents, particularly women get back into the workforce because they can afford the childcare that they need. So we’re going to keep working on trying to get that legislation through Congress while we take some very practical measures to unstick some of the supply chain challenges we’ve seen, working with companies to help unstick the bottlenecks at the ports for example. So we here at the White House recognize these price increases are a challenge. We also recognize that we are uniquely well positioned to face them because the American economy is growing very strongly. We saw the strongest economic growth in -- likely in four decades in 2021. That gives us a strong starting point to attack these price increases going forward."