Rapidly rising prices have spurred politicians to explore for the first time in years how much leverage they have
WASHINGTON—Democrats are trying to use their control of Congress and the White House to curb inflation that has taken off on their watch, but economists say price increases have reached a point beyond what any political party can easily do to tame them quickly.and the latest in a series of high readings. Price increases are driven by supply-chain crunches and strong consumer demand heightened by a series of coronavirus-aid packages, including last year’s $1.
Former Treasury Secretary Lawrence Summers, a Democrat who had argued against passing the 2021 Covid-19 aid package on the grounds that it could fuel inflation, said any new congressional measures—including the Democrats’ $2 trillion effort—would have little impact on prices in the near term. With little control over quickly reducing inflation, Democrats could face voter backlash. Some 56% of American voters inreleased in December said inflation was causing them major or minor financial strain, including 28% who said they felt major pressures.
Lawmakers have proposed bills aimed at reducing the cost of shipping and creating a new office for monitoring the supply chain, among other steps. While some of those measures have advanced in either the House or Senate with bipartisan support, lawmakers are still working to pass many of the measures through the narrowly Democratic-controlled Congress.
House Minority Leader Kevin McCarthy said inflation would be a priority if Republicans take control of the House. “First thing we’ll do is talk about how do we lower the prices for the American public,” he told reporters Thursday.
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