HAMPTON ROADS, Va. (WAVY) – A trunk full of groceries looks different for Jessica Mitchell’s family these days.
“We’re buying different brands instead of buying like the name brands we are buying, like the Kroger brands of the Food Lion brands,” she told 10 On Your Side.
With two hungry kids at home, she would welcome something called “The Inflation Reduction Act of 2022.”
However, don’t judge a Senate bill by its title, warns Old Dominion University economics professor, Robert McNab.
“The title might suggest that it’s trying to protect consumers from inflation today… most consumers in Hampton Roads would see almost no benefit this year,” McNab said.
Senator Tim Kaine who supports the bill concurs it’s not a quick fix.
“There’s nothing you can do that will wave a magic wand over the inflation number, but what this bill does that’s good in my view is it goes into some big ticket items in people’s pocketbooks,” he told 10 On Your Side.
Kaine said many Americans would save on one of the biggest expenses for families today, healthcare. Under the plan, prescription costs would go down for older Americans by allowing Medicare to negotiate drug prices. Premiums would also be lower for millions using the Affordable Care Act for insurance.
Senators say closing loopholes on corporations and the wealthiest Americans would pay for it all.
“In other words, if you are a Chesapeake teacher or a Wall Street broker, how you earn the money doesn’t matter anymore. The dollars are treated more equally,” McNab explained.
The bill would also invest approximately $300 billion in deficit reduction and $369 billion in energy security and climate change programs over the next 10 years.
“One of my disappointments about the bill is it doesn’t have anything about childcare costs,” Kaine said.
The senator vows to keep fighting for families as they look to pump more money into their pocketbooks.
“The citizens need help now.. right now… we need resources,” Mitchell said.
The Senate is poised to pass the “Inflation Reduction Act of 2022” in the first week of August.