U.S. Reps. Young Kim (R-CA) and Michael Waltz (R-FL) recently introduced the Combatting Painful Inflation (CPI) Act, which seeks to ensure the federal government is prioritizing addressing inflation.
“Americans continue to see the highest prices in over 40 years due to rising inflation everywhere from the grocery store to the gas pump,” Kim said. “I hear every day from small business owners struggling to stay afloat as they adjust every aspect of their operations due to inflation. The CPI Act will ensure that the federal government is prioritizing the impacts of inflation and identifying solutions to lower inflation and get our economy back on track.”
The legislation would direct the National Science Foundation to conduct a study measuring the impact of inflation on the cost of living; evaluating how inflation impacts wages; considering the impact of inflation on American competitiveness; examining the impact of inflation on rural and underserved communities; and issuing recommendations regarding government spending.
“The Biden Administration refuses to address our inflation crisis, and it’s time we force their hand to understand the hardship inflation is having on hard-working Americans,” Waltz said. “Under this bill, the federal government will be required to commission a study to examine the impacts inflation is having on working-class Americans who are seeing the prices of their goods go up but are still receiving a stagnant wage.”