The U.S. Department of Labor defines inflation as the “overall general upward price movement of goods and services in an economy.” Inflation is generally measured using the Consumer Price Index, which measures the difference in particular consumer goods between two points of time. There was much speculation that COVID policies were going to bring about serious inflation which could potentially cause a recession. Those projections are wrong thus far. In 2022 the inflation rate reached 8%, the highest it had been since 1981. Currently inflation is down to 3.09%. Despite the inflation rate decrease, many Americans are still feeling discouraged by the economy and say they are negatively impacted by the increased costs of goods.
President Biden and Inflation
President Biden has worked hard to ensure the American public has the most current information on inflation because despite many Americans still feeling less than confident about the economy, the economy is getting better. Biden asserts his work is not done. He plans to continue working to lower prices of energy, prescription drugs, and many other consumer goods Americans rely on every day.
Quotes:
“Today’s report shows that we ended 2023 with inflation down nearly two-thirds from its peak and core inflation at its lowest level since May 2021. We saw prices go down over the course of the year for goods and services that are important for American households like a gallon of gas, a gallon of milk, a dozen eggs, toys, appliances, car rentals, and airline fares. Despite what many forecasters were predicting a year ago, inflation is down while growth and the job market have remained strong.”
“We have more to do, but inflation is now at the lowest point it’s been in two years.”
“When buying snacks for the game, you might have noticed one thing: Sports drink bottles are smaller, a bag of chips has fewer chips, but they’re still charging you just as much… I’m calling on companies to put a top to this.”
Donald Trump and Inflation
Donald Trump has made inflation a major talking point of his campaign. He blames inflation on President Biden’s economic policy. He also cites the war in Ukraine and rising fuel costs as contributory factors. Donald Trump believes that his economic plan will alleviate inflation. His plan includes “lower taxes, bigger paychecks, and more jobs for the American worker.”
Quotes:
“I mean, the inflation, what it’s done to people, it’s devastated people — 35, 40, 50 percent, if you think, for basic staples.”
“His inflation that he [Biden] caused and would’ve been so easy not to. All it was — is energy. Remember this, gasoline, fuel, oil, natural gas went up to a level that it was impossible. … That’s what caused inflation, and we’re going to bring it down because we’re going to go drill, baby, drill. We drill, baby, drill. We’re bringing it way down.”
“We will immediately tackle inflation.”
Nikki Haley and Inflation
Nikki Haley believes that wasteful spending by both parties has led to inflation. Haley believes that the economic position of the United States is also a matter of national security. Haley proposes tax cuts for middle class families and cutting back on government spending. Haley has promised to veto any spending bill that doesn’t bring us back to pre-COVID levels.
Quotes:
“We’re on the verge of spending more on interest than national defense. America will be like a family that’s maxed out its credit cards. We won’t have money for emergencies. Yet the world we live in is getting more dangerous, not less, and America is getting less able to protect itself.”
“I speak hard truths, and here’s a painful one. Republicans and Democrats are both to blame. Barack Obama and Joe Biden both loved to waste the American people’s money, but so did George W. Bush and Donald Trump. Everyone talks about the good economy under Trump — but at what cost? He put us $8 trillion in debt in just four years. Our kids will never forgive us for that.”
“My highest priority as president will be to keep Americans safe. That’s why I’ll veto any bill that doesn’t get us back to pre-pandemic spending levels and end hundreds of billions in corporate bailouts and special-interest handouts. I’ll reform entitlements , the biggest drivers of our national debt, while protecting everyone who depends on Social Security and Medicare.”
Dean Phillips and Inflation
Dean Phillips. Believes that bipartisanship will be necessary to continue to keep the economy on track and inflation at bay. Phillips would support an economic policy that supports businesses and workers. He believes workers need higher wages in order to “raise the foundation for Americans.” Dean Phillips would support making the federal minimum wage increase as inflation goes up, with an immediate increase to $15 an hour. He believes part of the problem is monolopy-esque conglomerates which hurts farmers and consumer and promises to work to end the practice.
Quotes:
“Whether it’s groceries, medicines, or just about everything else, costs have risen since our pre-COVID days”
“Now we must work to further address the high costs of healthcare, child care, and housing—and I intend to work with my colleagues on both sides of the aisle to do just that.”
“That’s why I’m an advocate for policies that grow the economy by reducing red tape, investing in people, rewarding innovation, and sharing in success.”
Marianne Williamson and Inflation
Marianne Williamson believes the root of our current economic woes is corporate greed and the policies which have enabled it. Williamson recognizes that while economists say that the economy is doing well, many Americans struggle to get by. Williamson has proposed an overhaul on the economy which would include higher taxes for top earners and corporations. In addition, Williamson advocates for an economic bill of rights which includes universal healthcare, free higher education and a right to a living wage job.
Quotes:
“In order to override the tyrannous effects of an authoritarian corporatism that has now infiltrated the highest levels of our government, we must rise up en masse and elect a new wave of officials deeply dedicated to the democratic ideal,”
“When you have millions of Americans who are living in a constant state of economic anxiety, you have a problem which is much bigger than inflation itself. You have a problem due to the fact that the US economy now works in such a way that is predicated on there being a permanent underclass.”
“You shouldn’t have to survive an unjust economy. The average American citizen should not be at the effect of an unjust economy.”
Robert F. Kennedy and Inflation
Robert F. Kennedy cites government spending, namely military spending as a main contributory factor to inflation. This trend coupled with corporate greed has hurt our economy and disproportionately hurts lower income Americans. Kennedy sees a real problem with interest rate hikes, which will prevent many Americans from being able to purchase a home. Kennedy proposes reducing military spending, bringing an end to corruption in Washington, and corporate bailouts. Kennedy’s economic plan also includes a $15 an hour minimum wage, to bring American wages up, expanding free- childcare and cutting energy prices by limiting natural gas exports.
Quotes:
“Inflation has destroyed the American Dream, and the culprit is big business.”
“Inflation is the most pernicious and insidious regressive tax on the poor.”
“We can restore the American middle class by reversing the missteps of the last 50 years. A massive military machine has nearly bankrupted this country. Rampant corruption in Washington has put corporations in charge, enriching the wealthiest as working people have dropped out of the middle class. Official unemployment is low — but most of the new jobs are in the low-pay service sector. Wealth inequality in the country is at a 100-year high. More than 60% of Americans live paycheck-to-paycheck, with no savings for an emergency. Take-home pay after inflation and taxes has fallen 9% since Biden took office.”
Cornel West and Inflation
Although Cornel West has not spoken on inflation officially, he has a thorough economic plan which would address inflation. In order to achieve what he calls “economic justice” West proposes a $27 an hour federal minimum wage, putting together a commission on Universal Basic Income, reforming the tax code so that the highest earners pay more, paid parental leave, a national jobs program to make sure ever American can be employed, and breaking up monopolies.
Quotes:
“The country is in deep trouble. We’ve forgotten that a rich life consists fundamentally of serving others, trying to leave the world a little better than you found it. We need the courage to question the powers that be, the courage to be impatient with evil and patient with people, the courage to fight for social justice. In many instances we will be stepping out on nothing, and just hoping to land on something. But that’s the struggle. To live is to wrestle with despair, yet never allow despair to have the last word.”
“What we’re trying to do is cast a limelight on a spotlight on the plight of poor people, working people, accenting their humanity, their dignity, and their sense of resiliency. There’s been a top-down one-sided class war against poor and working people and we want to accent the fight back”
“True democracy focuses on the public interest; it defends the common good and protects its citizens – especially the weak and the vulnerable. We maintain that no democracy can survive without the powerful notions of compassion and public service. The level of wealth inequality in this country has gotten so far out of hand, the quantity of compassion so diminished, that the very future of democracy is at stake.”
Jill Stein and Inflation
Jill Stein is an advocate for an economic bill of rights which would include, in part, the right to housing, healthcare, education, a living wage job. Stein is an advocate for student loan forgiveness which could alleviate some of the financial pressures felt by many Americans today. She believes that large corporations are profiting while average Americans are facing immense difficulties in the current economy. In line with this belief, she would raise taxes for the most wealthy Americans.
Quotes:
“The whole economy is being extremely mismanaged on behalf of, basically, Wall Street, which is making [off] like bandits while everyday people are taking it on the chin. I think it’s a great time to be revisiting many things about our economy.”
“… There is a very good track record for the improved productivity with better wages…Work gets done because workers are not having to figure out how to keep a roof over their head, or get their family set… Provided an economy is increasingly productive, we don’t get inflation. You get inflation if you’re pouring money in, but you don’t have a more productive economy. So I think those kinds of issues can be answered.”
When speaking on wage increases: “nothing compared to inflation, and the inflation was not coming from workers’ wages.”