On Friday’s broadcast of CNN’s “At This Hour,” Assistant House Speaker Rep. Katherine Clark (D-MA) responded to questions on whether the Inflation Reduction Act will lower prices in the near term by pointing to prescription drug provisions in the bill that don’t kick in for years and saying that “we’re already seeing gas starting to come down. The policies we’ve been working on are working.”
Host Kate Bolduan asked, “You’ve named this bill the Inflation Reduction Act, which is really just asking voters to hold you accountable to do just that. And the CBO says that the bill’s going to have a negligible effect on inflation this year and next. What’s your response to that?”
Clark responded, “We have over 126 economists who have said this is absolutely going to help us tame inflation. And we already have good news to build on. We have a zero rate of inflation in the month of July. What is the –.”
Bolduan then cut in to say, “Well over the long-term, sure, but it’s the question of when you really want to bring relief, a question of how much can you do in one act of Congress. But when you really want to bring relief to people immediately as they’re looking at, currently, at the prices that they’re having to deal with, that’s the big question. You are setting yourselves up for that in this title.”
Clark stated, “But that’s exactly it, Kate. The real problem for folks at home with inflation is high costs, high costs at the gas pump, at the grocery store. And that’s exactly what Democrats and the White House are addressing. We’ve taken on big oil and their price gouging. The GOP has said it’s fine with them. We have said, we see how seniors are struggling, we want them to be able to afford the drugs they need and put food on the table.”
Bolduan responded, “But those price reductions aren’t going to be starting to be seen until 2026.”
Clark said, “But we’re already seeing gas starting to come down. The policies we’ve been working on are working. Is everything going to be fixed from a pandemic-driven economy in a worldwide inflation? No. But it is critical that you take action, that you don’t just come up here and say, we have inflation and there is pain at home, do something. And that’s exactly what we’re doing today with this bill. That’s exactly the work of this Congress, from the infrastructure bill, to the American Rescue Plan, from protecting a woman’s right to choose, these are the fundamental issues facing families at home, and this is what we’re delivering on.”
Follow Ian Hanchett on Twitter @IanHanchett
COMMENTS
Please let us know if you're having issues with commenting.