ASU researchers say Build Back Better's benefits outweigh inflation fears

West Virginia Sen. Joe Manchin couldn't vote to continue with the legislation for fear of the price tag and inflation. The bill would have increased federal and state social safety nets as well as shored up funds for battling climate change, all covered by corporate and wealth taxes.

West Virginia Sen. Joe Manchin couldn't vote to continue with the legislation for fear of the price tag and inflation. The bill would have increased federal and state social safety nets as well as shored up funds for battling climate change, all covered by corporate and wealth taxes.

In this story aired Dec. 20, 2021, on KJZZ Phoenix:

Arizona doesn't need this now per se because we're very strong. But in mid-decade and toward the end of the decade, this money would come in very hand to address some of these needs. I just don't think it's in the cards [for inflation staying high]. Some economists would believe we're going to be at 4, and 5, and 6% over the next two years. I don't see that, but that would be negative for the equity markets. It would put more people under duress. It would put more people under pressure. But, frankly, I don't think that's going to happen.

– Dennis Hoffman, professor of economics and director of the L. William Seidman Research Institute