Democrats Face Costs of Rising Inflation With Few Options Left
Rapidly rising prices have spurred politicians to explore for the first time in years how much leverage they have
WASHINGTON—Democrats are trying to use their control of Congress and the White House to curb inflation that has taken off on their watch, but economists say price increases have reached a point beyond what any political party can easily do to tame them quickly.
The consumer-price index rose 7% in December compared with the same month a year earlier, the fastest rate of inflation since 1982 and the latest in a series of high readings. Price increases are driven by supply-chain crunches and strong consumer demand heightened by a series of coronavirus-aid packages, including last year’s $1.9 trillion bill passed by Democrats without GOP support.