On Monday’s broadcast of CNN’s “At This Hour,” House Budget Committee Chairman John Yarmuth (D-KY) said he doesn’t know how wasteful government spending would increase gas prices, and that it’s “insane for anybody to believe” that the Build Back Better Act reconciliation bill will do anything to increase inflation.
After playing a clip of Sen. Rick Scott (R-FL) arguing that wasteful government spending is causing inflation, host Kate Bolduan asked, “I’m curious what you say to that, and also do you know how wasteful government spending is forcing gas prices up?”
Yarmuth responded, “I have no idea, Kate, and neither does Rick Scott. With all due respect, he has no idea what he’s talking about. You know, the bill that we’re talking about now, the Build Back Better Act, will increase spending by 0.6% of GDP over the next ten years. It is insane for anybody to believe that 0.6% extra spending is going to do anything to put — to increase inflation. As a matter of fact, fifteen Nobel Prize-winning economists have written a letter saying this bill will actually help ease long-term inflationary pressure.”
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