U.S. Sens. John Thune (R-S.D.) and Tim Scott (R-S.C.) yesterday introduced the Inflation Prevention Act. This bill would bar Congress from considering legislation that would be estimated to increase inflation so long as the year-over-year inflation rate is greater than 4.5 percent. On January 12, 2022, the Bureau of Labor Statistics reported that annualized inflation in December 2021 was 7 percent, which is the highest rate since 1982.
“Our country is facing the highest level of inflation in 40 years, and South Dakotans are paying more for food, utilities, and gas,” said Thune. “I’m proud to join Sen. Scott in the fight to stop the Democrats’ reckless tax-and-spending spree, which would significantly worsen the already damaging inflation crisis.”
“American families cannot continue to endure the burden of skyrocketing costs of everyday goods brought on by reckless spending in Washington,”said Scott. “A sound financial future requires wise financial action now.”
This Inflation Prevention Act has also garnered support from several organizations including the National Taxpayers Union, Heritage Action, Americans for Tax Reform, FreedomWorks, and the Conservative Political Action Coalition.
The legislation is cosponsored by U.S. Sens. Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), John Hoeven (R-N.D.), James Lankford (R-Okla.), Marco Rubio (R-Fla.), Rick Scott (R-Fla.), and Todd Young (R-Ind.).