Granite State Times

No one in the New Hampshire congressional delegation has decided to comment about the growing concerns, yet often with differing opinions, surrounding the impact of inflation.

The Granite State Times reached out to Sen. Maggie Hassan (D-NH), Sen. Jeanne Shaheen (D-NH), Rep. Ann McLane Kuster (D-Concord) and Rep. Chris Pappas (D-Manchester). None of the aforementioned congressional members responded.

Inflation has steadily increased in the United States with the ongoing COVID-19 pandemic, driven in part by supply and demand, and federal efforts to support an economy reeling from the pandemic's impact beyond public health concerns. The U.S Bureau of Labor Statistics reported that the consumer price index (CPI) had spiked to 5.4% over the course of a year through July. 

Among the inflation noted in the CPI were resources critical to Americans including food (3.4%), energy (23.8%) and used vehicles (41.7%).

Former President Barack Obama's chairman of the Council of Economic Advisors and current Harvard economist Jason Furman helped to author a report for the Peterson Institute for International Economics that found that inflation has put a damper on much of the wage gains that Americans have obtained dating back to the Trump administration.

Kristin Tate said there are two significant forces contributing to current inflation: “Money printing by the Federal Reserve” and “massive government spending.” Tate added that the growing inflation was “Biden’s hidden tax on working Americans.”

Economist Stephen Moore has given his take, saying inflation is “the most regressive tax out there.”

The recent passage of the $1 trillion infrastructure bill had one of its authors, Senate Majority Leader Chuck Schumer and other Senate Democrats, claiming that the bill would be "fully paid for," however, the nonpartisan Congressional Budget Office has gone on record saying that the bill would contribute $256 billion to the federal deficit over 10 years.

Sen. Joe Manchin (D-WV) has expressed his reservations on $3.5 trillion in additional spending. When it came to Manchin's concerns, Schumer said, "Some are worried about inflation. The way you deal with that, according to economists, is to make sure we pay for it. We intend to pay for it."

The Wall Street Journal Editorial Board reported that the only way Congress could cover those funds would be through additional tax hikes that are likely to happen.