Bill Overview
Title: Providing Reports on Inflation Costs and Economic Impact Act
Description: This bill establishes a point of order that prohibits the Senate from considering legislation that provides discretionary appropriations unless a Congressional Budget Office (CBO) report regarding the impact of the legislation on inflation has been submitted for publication in the Congressional Record. The CBO report must include an analysis of the impact the legislation would have on the Consumer Price Index for all Urban Consumers, the Employment Cost Index for private industry workers, and the purchasing power of consumers. The point of order may be waived or suspended by an affirmative vote of three-fifths of the Senate.
Sponsors: Sen. Ernst, Joni [R-IA]
Target Audience
Population: All global consumers, workers, and stakeholders subject to US economic influences
Estimated Size: 332000000
- The bill affects the Senate's legislative process by requiring an inflation impact report before considering discretionary appropriations.
- The Consumer Price Index for All Urban Consumers (CPI-U) has around 93% of the US population in urban areas, indirectly influencing most Americans.
- The Employment Cost Index affects private industry workers, who constitute a significant portion of the US labor force.
- Global inflation trends could be affected by US fiscal policy changes, though to a lesser extent.
- By impacting how US legislation approaches inflation, the bill indirectly influences consumer purchasing power globally.
Reasoning
- The bill mainly impacts legislative processes in the US Senate about discretionary appropriations, which has indirect societal implications.
- 81% of the US population are in private employment, potentially affected by the changes in the Employment Cost Index.
- With 91% of Americans living in urban areas, the CPI-U directly relates to a large section of the population.
- The initiative to require inflation impact reports may indirectly affect consumer perceptions and confidence.
Simulated Interviews
Financial Analyst (New York, NY)
Age: 35 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- This policy is a double-edged sword. While understanding inflation impacts before passing legislation is crucial, it might slow down the legislative process.
- Could lead to better-informed decisions about budgeting and fiscal policy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Private School Teacher (Los Angeles, CA)
Age: 42 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 16/20
Statement of Opinion:
- Concerned about rising costs in education and daily living.
- Hopeful that better management of inflation could lead to lower costs over time.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Tech Worker (San Francisco, CA)
Age: 28 | Gender: other
Wellbeing Before Policy: 8
Duration of Impact: 3.0 years
Commonness: 10/20
Statement of Opinion:
- Inflation affects rent and tech products, but I appreciate policies aiming to manage it.
- The policy seems bureaucratic, but transparency is always good.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
Retired Nurse (Miami, FL)
Age: 65 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 8/20
Statement of Opinion:
- Inflation deeply affects fixed-income retirees like me.
- I hope this policy prevents unexpected spikes in living costs.
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 |
Small Business Owner (Austin, TX)
Age: 50 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 12/20
Statement of Opinion:
- Unclear how this will affect small businesses as opposed to larger economic bodies.
- If managed well, could mean better product pricing over time.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Medical Resident (Chicago, IL)
Age: 30 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 18/20
Statement of Opinion:
- Rising costs in healthcare and education mean I have high hopes for policies to curb inflation.
- Hopeful but skeptical about actual impacts.
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 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 9 | 7 |
Marketing Intern (Seattle, WA)
Age: 23 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 19/20
Statement of Opinion:
- Most of this policy feels distant from my day-to-day life as an intern.
- Hopefully, it improves economic stability long-term.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 8 | 8 |
Oil Industry Worker (Houston, TX)
Age: 41 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 15/20
Statement of Opinion:
- Energy sector is volatile with policy changes, but better inflation control is beneficial.
- If this leads to consistent CPI, it could stabilize market fluctuations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Federal Employee (Denver, CO)
Age: 38 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 13/20
Statement of Opinion:
- The policy could complicate budget processes at work but is aligned with fiscal responsibility.
- Inflation impact analysis is necessary but political hurdles concern me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Freelance Writer (Phoenix, AZ)
Age: 49 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- Medical costs have been rising, so a policy addressing inflation could reform this.
- Predicts slow changes but hopeful for reduced economic pressure.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 6 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $8000000)
Year 2: $5100000 (Low: $3100000, High: $8200000)
Year 3: $5202000 (Low: $3198000, High: $8364000)
Year 5: $5408080 (Low: $3323920, High: $8698720)
Year 10: $5824018 (Low: $3583108, High: $9364028)
Year 100: $594568118 (Low: $366995958, High: $956176188)
Key Considerations
- This policy focuses on requiring inflation reports before Senate considers appropriations, likely leading to additional bureaucratic overhead.
- There may be political implications depending on the perceived impact of reported inflation analyses on legislative decisions.
- Potential improvements in fiscal discipline could alter both short-term and long-term economic outcomes.