Congress, the White House Prepare 11 Steps to Combat Inflation

     Inflation is the pressing economic matter of 2022. America's GDP actually contracted slightly last quarter, and inflation was the primary cause of that. Employment is roaring back with the creation of eight million jobs since January 2021, which makes tackling inflation this year's number one economic priority. This work period, Congress and the White House need to, and are on track to, take action on the following 11 items:

1. Capping the cost of insulin at $35 per month. The bill passed on a largely party-line vote in the House a few weeks ago, but the Senate is working to get a bill that can get 60 votes passed.
2. Taking on the greed of big oil and gas companies. The Senate will vote to confirm the fifth and final member to the FTC, which will give the body a Democratic majority once again and allow it to crack down on the greed of oil and gas companies.
3. Passing critical legislation to strengthen supply chains and restore American manufacturing. The Senate and House are in the process of negotiating a roughly $200 billion bill to strengthen supply chains, bolster manufacturing, spur Made-In-America goods, protect the environment, and lower costs for American families in the form of the U.S. Innovation and Competition Act. Congress is also working to pass the Ocean Shipping Reform Act, which would reform shipping practices most responsible for supply chain bottlenecks.
4. Cancelling student debt. The Biden administration is working on executive action to extend the student loan pause through 2023 and cancel $10,000 to $25,000 in student loan debt per borrower for low-income borrowers.
5. Ensuring a strong, functioning Federal Reserve. The Senate will soon get some help from Kamala Harris to cast the tie-breaking votes to ensure not only Democratic majorities on the FTC, but on the Federal Reserve, as well, which is the federal body most suited to tackle inflation directly.
6. Cutting the cost of education and childcare. The proposed 2023 budget would double the maximum Pell Grant, make historic increases in funding for HBCUs and other MSIs, and provide universal Pre-K for Americans. Even though a budget requires 60 votes and will therefore likely not pass with all of this, the 2023 budget is going to include the largest investments in affordable education and childcare since the Great Society, building on the 2022 budget that saw the maximum Pell Grant increase by $400, the largest amount in a decade.
7. Cutting the cost of energy. President Biden has already taken unprecedented action to lower the cost of energy by bolstering renewable energy, and Congress will continue to work toward the passage of a clean energy bill this 117th Congress.
8. Reducing the deficit. After a historic $350 billion decrease in 2021, the U.S. deficit in 2022 is on track to decrease by more than $1.3 trillion, a combined total of nearly 60 percent and the largest single-year decrease in the deficit ever.
9. Getting our veterans the support they need. The Senate will take action on the Honoring Our PACT Act, the largest bill for veterans since the GI Bill, before Memorial Day. This bill will provide benefits to millions of veterans and their family suffering life-altering illnesses from burn pits and will provide these American heroes with an estimated $300 billion in benefits.
10. Opposing Putin's aggression in Ukraine. Congress has passed, and President Biden will sign into law, the Ukraine Democracy Defense Lend-Lease Act, which will replicate the World War II-era policy used to support the UK against Nazi aggression. Meanwhile, Congress is also going to pass historic bills to codify into law the sanctions President Biden has imposed, make it easier to use the seized assets of oligarchs to support Ukraine, provide tens of billions of dollars in financial support to Ukraine through the end of the year, and more. This builds on the 2022 budget that provided $14 billion in aid to Ukraine as well as other historic legislation and executive orders since February.
11. Combating COVID-19. The FDA is preparing to consider authorizing the use of vaccines for children under five, which would bring the United States toward a 90 percent vaccination rate for coronavirus and help relieve the pressure the virus is continuing to have (although far less than it was a year ago) on America's economy. Meanwhile, Congress needs to pass emergency funding to continue providing vaccines and, most importantly, treatments to Americans.

     These bills are on top of the Sunshine Protection Act, the SAFE Banking Act, the EQUAL Act, and the MORE Act, which I also expect Congress to take up this work period, as well as the confirmation of the rest of President Biden's judicial and attorney nominees. Of course, even with all this work, with all these unexpected challenges and opportunities that have been put before us, there remains one overriding goal on the part of at least 49 Democrats in the U.S. Senate: passing some form of the Build Back Better Framework.