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Last year, our country was still recovering from the twin COVID-19 economic and public health crises. Today, thanks to science, the resiliency of the American people, and the work of President Joe Biden and Congressional Democrats, our economy is rebounding. Kids are in school, millions are vaccinated, and Americans are back at work. However, this growth coupled with lingering pandemic challenges and Putin’s cruel and unprovoked invasion of Ukraine have resulted in global inflation that is hitting Americans hard.
The Biden administration and Congress have taken steps to address inflation by improving our supply chains, releasing millions of barrels of oil from our strategic reserves, and rebuilding our roads, ports, and bridges. But we can’t stop here, and we won’t.
The urgent challenge of inflation requires all hands on deck. While the Federal Reserve acts independently to fight inflation through monetary policy, federal policymakers can take key actions to provide relief to Americans and invest in U.S. economic resilience, competitiveness, and innovation.
New Dems are ready to deliver.
INFLATION PUSHES RETIREE BACK INTO WORKFORCE AFTER 20 YEARS: ‘I NEED COMPENSATION’
The mission of the New Democrat Coalition (NDC) has always been to advance a forward-looking agenda that grows the economy and ensures every American has the opportunity to succeed. Our 98 members share this goal and are committed to breaking through the gridlock in Washington D.C. to deliver results for the American people. As part of this mission, the NDC formed a first-of-its-kind Inflation Working Group that meets with economists, policy experts, as well as public and private sector stakeholders.
The group identifies and advances policy solutions to lower costs for Americans and ease short- and long-term inflationary pressures. After months of work, New Dems have developed a comprehensive Action Plan to Fight Inflation that outlines concrete steps the Biden administration and Congress can take to lower Americans’ living costs.
The challenge is great, but so is the opportunity. We can build on the progress we’ve seen under President Biden and Democrats in Congress and set American families and our economy up for success by executing our multi-pronged approach.
This includes reducing costly trade barriers and rolling back misguided Trump-era tariffs on our allies, growing our workforce by removing bureaucratic hurdles and updating outdated immigration policies, streamlining permitting and addressing prohibitive zoning to increase affordable housing, providing targeted relief on food and energy costs through the extension of the American Rescue Plan enhanced Supplemental Nutrition Assistance Plan (SNAP) benefits and continued release of oil from the Strategic Petroleum Reserve.
In addition to these key actions, Congress must move quickly on other critical pieces of legislation.
We must pass:
- A bipartisan innovation bill that boosts production, lowers prices and secures supply chains;
- A budget reconciliation bill that secures America’s energy independence and makes the transition to clean energy to combat climate change, cuts health care costs, lowers prices, and reduces the deficit;
- And use the rest of our legislative time effectively to pass bills – large and small – that lower prices on everyday necessities including food, gas, housing, and more.
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Despite slim majorities, we have support for all three of these policy priorities and can get this done if we act fast.
Tackling inflation is no small or simple feat. There is a lot of work ahead, but thanks to our members, we have a plan to get it done. As we move forward this year, the New Dem Action Plan to Fight Inflation will serve as an essential guide for federal policymakers to take swift action on this urgent challenge and set up long-term, durable policies to keep prices low and our economy strong in the years to come. We will continue working closely with the Biden administration and our colleagues on both sides of the Capitol to ensure this plan is fully executed.
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In Congress, the New Democrat Coalition is known as the “get stuff done” caucus. We are committed to delivering solutions that respond to the greatest challenges Americans face today. Together, we know we can accomplish multiple things at once to strengthen our economy, create new opportunities and improve America lives for generations to come.