Lawmakers Must Step Up to Fight Inflation

The US economy is facing rising inflation rates, with the Consumer Price Index (CPI) showing prices increasing by 0.4% over the past month and 3.4% over the last 12 months.

While the Federal Reserve has raised interest rates to combat inflation, lawmakers are being criticized for not doing their part in addressing the issue.

Parker Sheppard, a senior fellow at the Fiscal Lab on Capitol Hill, argues that Congress should commit to a credible deficit target and restore the expectation of keeping future debt sustainable.

The Congressional Budget Office (CBO) should also include debt-service costs when scoring legislation, according to Sheppard, as current practices can mask significant borrowing costs.