Inflation Nation

President Biden has characterized inflation as his “top domestic priority” and outlined proposals to lower costs to American families for energy, prescription drugs, food, housing and health care

He also called on large corporations and the wealthiest individuals to pay their fair share. And he criticized Republicans for proposing to raise taxes on the middle class and subject Medicare, Social Security, Medicaid and the Affordable Care Act to possible cuts every five years – both key elements of Sen. Rick Scott’s (R-FL) 12-point platform that has failed to garner significant support from other Republicans. 

The Bureau of Labor Statistics released a report last week showing the Consumer Price Index rose 0.3% in April and 8.3% from a year earlier – markedly less than that of previous months. That led some economists to conclude that inflation may have peaked in year-over-year measures. The news could give Democrats an opening to resume efforts to pass parts of Biden’s Build Back Better agenda via reconciliation. 

And with the national average gas price hitting a new all-time high, Congressional action aimed at addressing high gas prices is coming soon, with House Democrats teeing up a vote on energy price-gouging legislation.