United Auto Workers (UAW) Legislative Director Josh Nassar joined the America’s Work Force Union Podcast and discussed the effects of runaway inflation and the impact it could have on the midterm elections.
Inflation is 8 percent higher than it was a year ago and is a direct result of the pandemic, Nassar claimed. Necessary lockdowns in 2020 slowed down production, which has impacted goods around the globe, he said. The economy rebounded and escalated demand, which fueled rampant inflation because of the shortage of goods, he added.
He pointed out corporations have used supply shortages and steeped demand as an excuse to raise prices even further, raking in record profits. This only further exacerbates the inflation problem, he said.
President Joe Biden has taken much of the heat for the inflation issue, which poses problems for the midterm elections, Nassar said. He noted that historically, the party of the president tends to do poorly in a midterm election, and the American public is certainly anxious in this economy. Nassar believes the real question is what can be done to control costs, and argues Biden is doing everything he can. He pointed out Biden’s critics have not offered any viable solutions.
Lastly, Nassar provided an update on new electric vehicle tax credits, which stalled in the Build Back Better budget reconciliation bill. He is cautiously optimistic the U.S. Senate will soon revisit the legislation.
Listen to the entire episode to learn more about these topics.