July 27, 2021
Economy

Inflation worries rise in Congress as economy continues to bounce back

WASHINGTON (NEXSTAR) — While the U.S economy is on track for recovery, some lawmakers say the current rapid growth will bring problems.

“The warning siren for problematic inflation is getting louder,” said Sen. Pat Toomey (R-Pa.)

Toomey says there is cause for concern. U.S inflation continues to accelerate, reaching 5.4% in June, as increased demand for goods drives up prices.

“None of us wants inflation,” Sen. John Kennedy (R-La.) said.

Kennedy says it is not sustainable for Congress to keep pumping money into the economy.

“We’re going to have more inflation and we’re going to start raising prices. You don’t have to be Einstein’s cousin to figure that out,” Kennedy said.

Federal Reserve Chair Jerome Powell says the government is keeping a close eye on inflation but isn’t ready to take corrective action now.

“We will need to get…

Read full article here: www.kxan.com