Sunday, April 28, 2024

Inflation relief in sight: Will our efforts be fast enough?

By Lori Lee
NDG Contributing Writer

Now at 3.5% unemployment, we are back where we were prior to the pandemic. Perhaps, it is a good time for change–change in the way we do businesses, change in materials and resources, and change in how we obtain and transport goods. At last, it is time to rid ourselves of our overreliance on foreign products.

It was a bold step in the right direction. Democrats fought hard to pass the CHIPS and Science Act. Its passage means we’ll rely less on foreign countries for our products. The legislation will strengthen the supply chain and bring new production and technology jobs here at home.

Passing the bill was not easy, given the slim majority that Democrats have in Congress. Somehow, they came together to pass the CHIPS and Science Act in July and the Inflation Reduction Act in August.

 

Legislation recently passed is intended to counter supply chain issues which have led to inflation in recent months. (Photo: Arno Senoner / Unsplash)

Why did a majority of Republicans vote against these two bills? In the midst of inflation, why would any American not support legislation that would increase production, strengthen the supply chain, fight inflation and create new jobs?

By allowing Medicare to negotiate with drug companies, the Inflation Reduction Act will lower drug prices. It will also stimulate new jobs in solar, wind and electric vehicle production, while fighting back against climate change.

Republicans had used the CHIPS Act as a bargaining tool to prevent the passage of the Inflation Reduction Act. Historically, Republicans have fought progress on the environment in favor of corporate profits. Yes, they have even spent taxpayer dollars to fight in the courts regulations that reduce pollution and improve public health. And despite the illegitimate claims of oil industry experts, the majority of scientists agree that climate change is occurring.

Weather experts report an increasing number of weather disasters associated with slightly elevated temperatures. Last year, extreme weather cost American taxpayers $99 billion, reports Center for American Progress. Such disasters, will undoubtedly continue to cost Americans into the future. What is more, the negative effects of pollution on human health are enough to kill 7 million people each year, The World Health Organization reports.

Legislation passed by Democrats over the past few months would fight climate change and fight back inflation. But the progress cannot happen overnight, and it will not happen if we allow government to change hands again so quickly.

Too many times, I have seen it in my lifetime. Americans vote out the party in power in favor of change, perhaps never noticing what either party has actually contributed to the economy. And the biggest looming problem is that many Americans only vote every four years. This results in the controlling party switching back and forth, preventing any real progress.

We must allow our all-too slow political process a little more time to work, while not forgetting the progress we made against the historic economic challenges of the pandemic.
Don’t just vote in November–Take ten people to the polls. Talk to your neighbors and do everything possible. We must!

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