The rampant inflation caused US senators to struggle

Democrat senators held a secret meeting to discuss possible measures and executive rules to reduce inflation, IRNA reported Wednesday, according to Reuters. “The American people will see a lot of action in March to address inflation,” said Democratic Sen. Chuck Schumer.

Meanwhile, Republican Sen. Mitch McConnell in the US Senate said after a half-hour meeting with US Federal Reserve Chairman Jerome Powell that the meeting was about the economic situation and inflation.

Schumer has introduced a number of economic packages, some of which have been introduced in Congress and included as part of the Democrats’ drafting legislation.

He said the plans are related to reducing the cost of prescription drugs, food and improving the shortage of semiconductor chips, which has led to rising car prices and a suspension of gasoline taxes.

Democrats say they have called for bipartisan solutions and bills, but it is unclear which of the proposed proposals could have caught the attention of representatives of the rival party.

“Congress can do little to reduce inflation in the short term,” said Yurin Gurudenchenko, a professor of economics at Berkeley University. “Most Americans experience inflation in a wide range of goods, from bread and clothing to cars,” he said. According to the report, while the number of Republicans and Democrats in the Senate is equal, it is necessary and difficult to get the maximum number of votes needed to pass any bill.

The US inflation rate reached 7.5 percent in January after breaking the 40-year record, and seems to be the most important issue in the midterm congressional elections in 2022 (November 8, 2022). Republicans are trying to gain control of the Senate and House of Representatives, which is now in the hands of Democrats.