ICYMI: The U.S. isn’t alone: Over 35 countries hit with inflation
U.S. House passes COMPETES Act to combat inflation, every single Indiana Congressional Republican voted “NO”
Indiana GOP running same playbook as their decade-long effort against the Affordable Care Act
INDIANAPOLIS – The Indiana Democratic Party, the organization that advocates for the future of Indiana and its families, today called on the Indiana Republican Party to announce their plans to address global inflation in the Hoosier State. President Joe Biden and Indiana Democrats have focused on delivering the kitchen-table issues that matter most to voters – including the fight against global inflation – but it appears the Indiana GOP cares more about their culture wars than producing results. It’s time Republicans provide a legitimate plan or admit they are culture warriors who care more about elections than solving problems.
Here are the facts: Republicans like U.S. Senator Rob Portman and more than 56 economists agree that Democrats’ economic agenda – including The Jobs Act and the Build Back Better Act – will ease the burden current inflationary measures have on families. The Biden Administration also announced plans to strengthen the nation’s supply chains and address key bottlenecks by passing legislation like the COMPETES Act. Every single Indiana Republican in the U.S. House voted “NO” on this opportunity.
Not a single Indiana Republican has come up with a legitimate solution to address inflation. The Indiana Republican Party’s strategy is similar to their decade-long attack on the Affordable Care Act, where Republicans voted to repeal the health care law (dozens of times) without producing any alternative plan themselves. So, just like their culture wars at the statehouse – the Indiana GOP are capitalizing on a national partisan strategy for short-term, electoral gain.
Democrats’ Effort to Fight Inflation Praised by Republicans, Economists
Governing: “[U.S. Senator Rob Portman] said the infrastructure bill he supported will provide “long-term spending for capital assets,” which will reduce inflation “because you’re adding to the supply side.”
“By building that bridge, that’s part of the supply side of the economy rather than the demand side of the economy,” said Portman. “This is long–term spending for capital assets…. The infrastructure bill should over time actually have a counter inflationary effect. Most of the money, again, is not going to be spent in the near term. Most will be spent over time, but when it is spent, it’s spent more on the supply side of the economy rather than the demand side of the economy.”
Axios: “A group of 56 economists says President Biden’s Build Back Better Act would counteract the impact of rising prices on Americans’ wallets.”
Indiana Republican Party’s Plans on Combating Inflation – Nothing
Insider: “Republicans are ecstatic that Biden is struggling with inflation: ‘This is a gold mine for us’”
HuffPost: “Earlier this month, for example, a group of Republican senators introduced a bill to address rising inflation, which eats into workers’ earnings. The legislation would prohibit the passage of all future bills “that would be estimated to increase inflation until the year-over-year inflation rate drops below 4.5 percent.” In essence, their answer on inflation is to do nothing and wait it out.”
Axios: “McConnell: No legislative agenda for 2022 midterms”
Economists Predict Inflation Will Improve as Supply Chain Issues Show Signs of Easing
Moody’s Analytics Chief Economist Mark Zandi: “Inflation has peaked. This, despite tomorrow’s blaring headlines on January consumer price inflation. Inflation peaked in October when the Delta wave of the pandemic was doing its maximum damage to global supply chains and keeping millions of sick workers off the job.”
Moody’s Analytics Chief Economist Mark Zandi: “As the pandemic continues to fade – each new wave is less disruptive than the previous one – so too will inflation. Global supply chains are ironing things out – global trade volumes have already picked-up. And wage growth will moderate as workers get healthy again.”
Wall Street Journal: “Shipping Firm Maersk Expects Supply-Chain Snarls to Ease This Year”