“Does Washington have any ability to prevent inflation from sharply escalating in the short run? My answer to that is no,” said one economist.
Democratic-run Washington already was struggling to find effective ways to fight high inflation — and then Russia invaded Ukraine, helping to drive prices up even further for oil and other commodities.
If the Russia-Ukraine war begins to wind down by April, then the U.S. inflation rate is likely to stay at around 7% to 8% possibly through this year’s second quarter, according to Baumohl. “Putin’s invasion of Russia will result in rising commodity and energy prices and overall inflation in the near term, and there is simply not much of anything that the American political authority can do about it,” Brusuelas said.
“If you’re going to reduce or eliminate the tax on gasoline, you’re depriving Congress from funds that were supposed to be needed for infrastructure PAVE, -1.65%, so I’m not so sure that’s the route that Congress will necessarily go,” said the Economic Outlook Group’s Baumohl, adding that it would “infuriate environmentalists” and only provide short-term help for drivers.Other moves that Washington can make to address inflation include a release from the U.S. Strategic Petroleum Reserve.
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