Will County Gazette

The Consumer Price Index (CPI) report for September was released on Oct. 13th and it did not bring good news for households. The overall index climbed 8.2% from the previous year, down from 8.3% in August. The percent change was due to gasoline prices falling, a trend that did not last. The New York Times called every other detail of the CPI report ‘worrying.’ These results have reputable news publications to global investment strategists believing the Federal Reserve will be raising interest rates again in November. With midterms approaching, Republican candidates looking to take Democratic seats are elevating this economic issue and promising monetary and fiscal policy change in Springfield.

The New York Times reported that the ‘so-called’ core index increased by 6.6%, a 0.6 increase from August. This percentage change was calculated by removing food and fuel in order to accurately assess underlying trends.

Economists had predicted a 0.2% increase in month-to-month price change. According to the New York Times, the price index picked up by 0.4% from August, which the paper called ‘worrying.’

Starting this year through September, rents for primary residences have seen a 7.2% increase. Historically, housing costs climb around 3% per year. It is important to note that this metric has a significant impact on inflation overall and tends to move slowly.

According to the Bureau of Labor Statistics, the Chicagoland area, where much of the 40th District is located, has a worse unemployment rate and lower average weekly wage than the national average. The Chicagoland area has a 4.9% unemployment rate with Will County's average weekly wage between $1,000-$1,099, compared to 3.8% and $1,374 nationally. These economic figures only compound the negative impacts of inflation.

"Working families in Illinois are getting slammed by the economic failures of Democrats in Springfield and Washington," Philip Nagel, a candidate for State Senate in Illinois' 40th District, said in a statement. "While we struggle with record high prices for everyday necessities like food, gas, electricity, and rent due to out of control inflation, Senator Joyce and his allies in Springfield continue to push for higher taxes on hard working people. When elected to the Illinois State Senate I will push to repeal unnecessary financial burdens like the grocery tax and the Democrats’ recent gas tax hike so that you can keep more of your hard-earned paycheck and ensure your family can make ends meet."

Philip Nagel is a veteran, former EMT/fireman, and currently works as a migration specialist for a worldwide company. He is a lifelong resident of Will County striving to preserve an Illinois where the constitutional rights of citizens are respected and upheld.

NBC reported the Biden Administration has taken action to combat inflation with the Inflation Reduction Act. However, the article pointed out that provisions in the law are set to take effect over the course of 10 years.

According to Penn Wharton’s Budget Model (PWBM) and the Congressional Budget Office (CBO), the Inflation Reduction Act’s impact on inflation is indistinguishable from 0. PWBM projected the law would add $25 billion to the deficit in 2024 and 2025 with no effect in 2023, while CBO projected $20 billion in deficit reduction in 2023 and no ‘significant’ effects in 2024 or 2025. Either way, these projections are too insignificant to affect the Bureau of Economics Report to the first decimal place.