Local economist weighs in on new inflation bill

ROANOKE, Va. – After hours of debate, senate Democrats narrowly passed a new bill to combat inflation, climate change and extend health care coverage.

Mike Ellerbrock is an economics professor at Virginia Tech and a member of the Virginia Governor’s Advisory Council on Environmental Justice.

He said the bill is a balanced approach to lowering prescription drug prices and investing 400 billion dollars into climate measures.

The nation could cut 40 percent of greenhouse gas emissions, according to Ellerbrock.

Taxes will be raised for big corporations but not families making under $400,000 a year.

“If we can lower and protect income taxes that will help consumers have more confidence in our future,” he said. “And when confidence in our future goes up the demand for loans and borrowing are relaxed and that should help us in the long run counter inflation.”

The bill now heads to the House for a vote.

About the Author:

Alexus joined 10 News in October 2020.