Labor secretary defends Biden's inflation plan spending more money to lower costs
Secretary Marty Walsh argues more government spending to lower child care and drug costs will help American families
Labor secretary admits Biden’s inflation plan might lower costs, ‘you don’t’ lower prices
U.S. Labor Secretary Marty Walsh says unless the president addresses child care and drug costs, inflationary prices will ‘continue to spiral upwards.’
After being pressed on whether more government spending would add to overall inflation, U.S. Labor Secretary Marty Walsh backed the president’s plan that "helps families in America."
"Quite honestly, if the president doesn't address child care and Congress doesn't address child care, those prices are going to continue to spiral upwards," Walsh told FOX Business’ Stuart Varney, "and we're going to have bigger issues with job shortages and more ‘help wanted’ signs and windows in America."
On "Varney & Co." Friday, Walsh was repeatedly asked if spending more money to lower drug costs, and the expansion of the extended Child Tax Credit (CTC), would raise overall inflation.
"Well, it helps families in America when you bring the costs of drugs down and you'd be helping people pay for child care," Walsh said. "I don't know if it'll raise inflation across the board."
JUNE JOBS REPORT LIKELY TO REDUCE RECESSIONS RISK: ECONOMIC EXPERT
U.S. Labor Secretary Marty Walsh weighed in on the June jobs report and said the hospitality industry is still "hurting" on "Varney & Co." Friday, July 8, 2022. (Getty Images)
"This is Marty Walsh speaking," the labor secretary clarified, "I wouldn't make an elected-official decision based on what's going to add to inflation if you're going to help the American worker and help the American family. And that's what the president is, quite honestly, doing."
Walsh touted gains in child care employment for the month of June, which he believed signals that families want to go back to work.
"A lot of people that want to go back to work that still aren't in the job force, 5 million people, roughly, a lot of those families can't afford the child care. So they're making decisions based on what they can afford, they can't afford," Walsh explained. "[Biden’s plan] will save families the ability to have more money in their pockets because they'll be getting assistance on those different costs."
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Biden admin ‘not denying’ there’s ‘work to do’ on inflation: Labor Secretary
U.S. Labor Secretary Marty Walsh breaks down the June jobs report, which exceed economist expectations by adding 372,000 jobs to the economy.
Further reacting to the June jobs report, which beat economist expectations by adding 372,000 jobs to the U.S. economy, Walsh mentioned one sector has yet to fully recover due to child care struggles.
"Retail and restaurant and hospitality… those industries are hurting and you can see it when you go in to eat at restaurants," the labor secretary noted. "Quite honestly, a lot of those folks that are working in those industries have children, and they don't have a place for their kids to go."