During an interview with the “Pod Save America” podcast that took place on Monday and was released on Tuesday, White House Council of Economic Advisers member Heather Boushey responded to President Joe Biden acknowledging that the Inflation Reduction Act “has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth” and is misnamed by stating that “it is definitely about green investment. It is also about reducing prices,” and Biden “is very right to focus” on the green provisions in the act, but those will reduce prices.
Boushey said, “As his economist, it is definitely about green investment. It is also about reducing prices, so, let me be very clear. Now, the President is, of course never wrong, but…I think that he is very right to focus on the fact that, with that piece of legislation, we are making historic investments in clean energy. That will reduce prices for families. It will make the transition to clean energy, as we build this new clean energy economy, it’s going to lead to lower prices and prices that are less volatile, super important. And there [are] all of these subsidies for consumers to help people make that transition and for businesses to make those investments. So, he is, of course, right there. But that is about prices. And then, of course, there [are] a lot of things in that legislation that [are] explicitly reducing prices for families in terms of health care.”
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