Bill Overview
Title: Inflation Working Group Act
Description: This bill establishes the U.S. Working Group on Inflation in Congress. The group must investigate the recent causes of elevated inflation and the relationships between inflation and gross domestic product growth, the labor market, poverty, crime, and other societal factors. The group must publish a report on their investigation and provide recommendations for actions to mitigate sustained inflation.
Sponsors: Rep. Emmer, Tom [R-MN-6]
Target Audience
Population: People affected by inflation
Estimated Size: 331000000
- Inflation affects all individuals and households as it influences the cost of living, including prices for goods and services.
- High inflation can erode purchasing power, impacting consumer spending and savings.
- Inflation can have broader societal impacts, affecting poverty levels, employment, and economic inequality.
- Governments and policymakers are concerned about inflation because it can destabilize economies.
Reasoning
- The policy impacts everyone because inflation affects the entire economy; however, individual experiences vary greatly.
- High-income individuals may be less sensitive to inflation as they have more disposable income, whereas low-income individuals may face significant hardship.
- The policy does not allocate direct financial support to the population; rather, it aims to provide research and recommendations. Hence, its impact is indirect.
- Given the $5M budget, the policy primarily supports an investigation rather than direct intervention, limiting immediate individual impact.
- The report's findings may influence subsequent policy decisions with broader impacts over time.
- Urban populations might be more affected by inflation due to higher costs of living compared to rural areas.
Simulated Interviews
part-time retail worker (New York, NY)
Age: 45 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 2.0 years
Commonness: 8/20
Statement of Opinion:
- I hope this investigation leads to real changes soon.
- Inflation has really hit my grocery bill and rent hard in the city.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 5 | 4 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
software engineer (San Francisco, CA)
Age: 30 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 1.0 years
Commonness: 4/20
Statement of Opinion:
- I understand the need for such a policy to stabilize the economy.
- I am concerned about the long-term implications of inflation on investments.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
retired (Austin, TX)
Age: 64 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- Inflation has definitely made my retirement planning more challenging.
- I hope the report helps stabilize prices, especially for healthcare.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
graduate student (Chicago, IL)
Age: 22 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 1.5 years
Commonness: 9/20
Statement of Opinion:
- Inflation affects my ability to balance study and work.
- I'm curious if this policy can make education and living costs more predictable.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 8 | 6 |
farmer (Rural Iowa)
Age: 55 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 5/20
Statement of Opinion:
- Inflation has been a mixed bag; some prices help, some hurt.
- I hope this initiative looks out for rural communities too.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
small business owner (Miami, FL)
Age: 38 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 3.0 years
Commonness: 7/20
Statement of Opinion:
- Inflation impacts my margins, making business planning tough.
- I hope this study leads to actionable insights for small business owners.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
freelancer (Los Angeles, CA)
Age: 28 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 8/20
Statement of Opinion:
- Rent keeps going up, it's hard to save.
- It's good that Congress is looking into this, but will it help me?
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
construction worker (Atlanta, GA)
Age: 49 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 4.0 years
Commonness: 8/20
Statement of Opinion:
- Inflation is making everything more expensive, it’s hard on my family.
- I worry that investigations don’t lead to immediate help.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
teacher (Seattle, WA)
Age: 52 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 7/20
Statement of Opinion:
- I barely see my paychecks keeping pace with rising costs.
- Hopefully, this working group proposes real solutions soon.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
nurse (Boston, MA)
Age: 33 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 6/20
Statement of Opinion:
- Gas prices are brutal on my commute.
- I hope this policy considers healthcare workers in its recommendations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $0 (Low: $0, High: $0)
Year 3: $0 (Low: $0, High: $0)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- This bill involves primarily research and reporting activities, limiting immediate fiscal impacts.
- The findings and recommendations from the group may influence future policy-making, with potential long-term fiscal implications.
- Robust data collection and expert engagement are crucial to the credibility and usefulness of the group's report.