Inflation is a top issue for many Americans as pricing has continued increasing over the last several years. It’s something that President Donald Trump has addressed at times, but generally remained positive about.
“We have the strongest economy, and we are respected all over the world,” the president said at a recent rally.
But now, across all items, prices are up at 3.7% according to the Bureau of Labor Statistics. Energy prices have risen a staggering 20% since last year.
“The plan is that we have the first 100 hours, the first 100 bills, the first 100 days,” said 22nd Congressional District Rep. John Mannion. “Some of those days and bills and hours are going to be dedicated to things that are going to improve the people’s lives of this country. And the president should sign them after the Senate supports them and reverse some of these standard being things.”
Democrats like Mannion seized on those numbers during their campaigns to earn reelection or flip seats.
But Marist assistant economy professor Jin Lau says there isn’t a magic bullet for inflation, especially amid the Iran war.
“I think we are seeing the prices in different kind of goods and services have different causes and we will need to identify what are the shocks related to that, be it demand or supply shocks,” he said.
The clock has already started on Democrats in Congress, according to Zilvinas Silenas, president of fiscally-conservative think tank Empire Center.
“The first thing that people said going to exit polls was affordability,” Silenas said. “So unless they tackle an affordability agenda in two years, we’re probably going to have a swing of a pendulum.”
In the New York Legislature, Republican Marc Molinaro won a return to the Assembly. He says on a state level, both parties must work together to lower utility costs.
“Utility costs in New York aren’t about 74% above the national average because of Donald Trump,” he said. “It’s because of policies out of this place, out of Albany. But Republicans can’t do the same thing over and over again, expecting a different outcome.”
Lau says it will be important for officials at the county, state and federal levels to legislate with workers in mind.
“We really want to provide policies that focus on productivity,” he said. “Investing in education for the workforce, having a resilient workforce, providing for investment with regards to innovation and to infrastructure.”
