With inflation rising to its highest levels in over 30 years, Democrats must make sure they don’t exacerbate the problem. But the Build Back Better bill currently being considered by Congress would pour roughly $200 billion of fuel on the fire in its first year alone. Even worse, the bill threatens to turn potentially transformative policies into something temporary that angers voters and returns Republicans to power. To save President Biden’s progressive legacy, Democrats must focus on a few core priorities that can be delivered in a sustainable way.
Unlike the economies of 2009 or 2020, today’s economy won’t benefit from deficit-financed stimulus. Unemployment is nearing pre-pandemic levels, while inflation has skyrocketed to 6.2%, double or triple what most economists think optimal.