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Economics

Biden Policies to Boost Investment, Slow Inflation, Deese Says

  • White House highlights legislative wins amid inflation angst
  • Sees multi-decade public investment as ‘optimal’ fiscal policy
Brian Deese
Brian DeesePhotographer: Michael Reynolds/EPA/Bloomberg

Recent legislation supported by the Biden administration will cool consumer prices over the short term and attract investment over the long term, according to top White House economic adviser Brian Deese.

The Inflation Reduction Act, the Chips and Science Act and the bipartisan infrastructure bill will unlock a multi-year public spending commitment that will also attract private capital in areas with high-return potential, said Deese, director of the National Economic Council. The laws will also reduce the costs of prescription drugs and energy over the next three to 12 months, helping tame inflation, he said in an interview with Bloomberg News in New York on Tuesday.