Republicans STILL Don’t Have A Plan To Combat Inflation
February 10, 2022
Here’s a little Thursday morning reminder: After repeating the same tired talking points, and even cheering for higher costs for families, Republicans *still* don’t have a plan to lower costs. While President Biden and Democrats have laid out clear steps to address inflation and reduce the health care, child care, and prescription drug costs that working families struggle with, Republicans are content to do absolutely nothing.
Republicans have no plan or policy agenda to combat inflation, and they’re rooting against our economic recovery to score cheap political points.
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”
USA Today: “Rather than offer a specific plan, House Republican leader Kevin McCarthy and other GOP candidates say they would tame inflation with traditional Republican economic doctrine, particularly spending reductions, and tax and regulation cuts.”
Insider: “Republicans are ecstatic that Biden is struggling with inflation: ‘This is a gold mine for us’”
And don’t forget, House Republicans unanimously voted against President Biden’s Build Back Better plan, which economists say would address price increases.
New York Times: “The House narrowly passed the centerpiece of President Biden’s domestic agenda on Friday, approving $2.2 trillion in spending over the next decade to battle climate change, expand health care and reweave the nation’s social safety net, over the unanimous opposition of Republicans.”
Axios: “A group of 56 economists says President Biden’s Build Back Better Act would counteract the impact of rising prices on Americans’ wallets.”
Economists predict that inflation will improve as supply chain issues show further 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”
Bloomberg: “L.A. Port Sees Chance to Ease Ship Backlog by Summer Peak”