The recent price pain felt by many Americans is showing little sign of slowing down, though Republicans in Washington believe that they have a potential answer through a limitation on federal spending.
Several House Republicans introduced a new bill, the Reduce Exacerbated Inflation Negatively Impacting the Nation (R.E.I.N. I.N.) Act. This would require the Biden White House to describe the inflationary effects of executive orders that cost more than $1 billion per year.
The bill was introduced by Rep. Elise Stefanik (R-NY), a rising star in the Republican Party.
The three-page bill offers exceptions to the reporting requirement including for “emergency assistance or relief at the request of any State or local government” and when “necessary for the national security” or treaty obligations.
#Bidenflation is forcing every #NY21 family to pay more for almost everything.
That’s why I introduced the REIN IN Inflation Act to hold this administration accountable for its impact on inflation.
— Rep. Elise Stefanik (@RepStefanik) August 22, 2022
Republicans believe that the cause of inflation follows the simple laws of economics. A lax Federal Reserve policy and high government spending in Washington are the primary drivers of the current wave of inflation.
Conservative critics of the Biden White House point to the situation in 1980 when rampant inflation hobbled the American economy under President Jimmy Carter. A combination of spending cuts and an aggressive increase in interest rates brought the inflation rate in the country down considerably.
However, President Joe Biden and the Democrats in control of the Senate have shown little willingness to engage in such a policy.
In 1980, the annual rate of inflation reached 12.4%. By 1982 it fell to 7.4%, then to 4.0% the following year. The 2022 inflation rate was 6.2%, the highest in 40 years.
Inflation affecting consumers was especially difficult, reaching 9.1% in June 2022.
The Biden White House has given no indication that it will significantly reduce federal spending. Even the Inflation Reduction Act will have no appreciable effect on inflation, according to the Congressional Budget Office.
The election of a Republican House in the November midterms may signal a reduction in spending in a deadlocked Congress. However, any major legislation House Republicans achieve will likely be stonewalled in the Senate or vetoed by President Biden.
