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Progress Report
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News, events, and must-read analysis from the Progressive Policy Institute.
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** Congressional Democrats Just Offered Their Best Inflation Plan Yet
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By Ben Ritz, Director of PPI's Center for Funding America's Future
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Democrats have been struggling to respond to the highest inflation America has seen in 40 years. Many on the left are pushing a bogus “greedflation” narrative ([link removed]) that blames rising prices on corporations’ desire to maximize profits, as if that were some new phenomenon. Others have proposed to compensate consumers for higher prices with cash handouts that will likely only make the problem worse ([link removed]) . And Republicans, who sharply criticize Democrats’ approach to inflation, have offered no constructive ideas of their own ([link removed]) for tackling the problem. Thankfully, the moderate New Democrat Coalition (NDC) came forward today with a pragmatic 24-page Action Plan to
Fight Inflation ([link removed]) — and it’s the best inflation-fighting blueprint to come out of Congress yet.

Fighting inflation requires an understanding of what drives the problem. First, supply chain disruptions caused by the COVID pandemic reduced the availability of goods and services. Then demand for those goods and services, bolstered by excessive government stimulus, reached unprecedented levels as the world began returning to normal. The result: too many dollars chasing too few goods and services, thus driving up prices. The problem was only made worse when Russia’s unjustifiable invasion of Ukraine cut off food and fuel exports ([link removed]) .

The Action Plan would strengthen global supply chains and increase price competition by reducing tariffs and other barriers to trade. Tariffs not only raise prices for consumers by adding a surcharge on goods produced in whole or in part from overseas, they also enable domestic firms to raise their prices without increasing supply because competition is reduced. Industries that are entirely domestic are also more vulnerable to sudden contractions in supply that create shortages, as the United States recently experienced with the catastrophic baby formula shortage ([link removed]) . Strengthening global supply chains will help prevent similar crises from arising again in the future.
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[link removed]: https%3A%2F%2Fwww.forbes.com%2Fsites%2Fbenritz%2F2022%2F06%2F08%2Fcongressional-democrats-just-offered-their-best-inflation-plan-yet%2F%3Fsh%3D48557c753100 Tweet ([link removed]: https%3A%2F%2Fwww.forbes.com%2Fsites%2Fbenritz%2F2022%2F06%2F08%2Fcongressional-democrats-just-offered-their-best-inflation-plan-yet%2F%3Fsh%3D48557c753100)
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** PPI in the News
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Paul Bledsoe, PPI's Strategic Advisor: Do Democrats have an EV messaging Problem?
⮕ E&E News ([link removed])

Ed Gresser, PPI's Vice President and Director for Trade and Global Markets: Tariffs Are Adding to Inflation, Biden's Commerce Secretary Says Repealing Some 'May Make Sense'
⮕ Reason ([link removed])

Ed Gresser, PPI's Vice President and Director for Trade and Global Markets: The U.S. Trade Deficit Rose About 50% From 2016 - 2021
⮕ Trade Fact of the Week ([link removed])

Is This the End of the George Floyd Moment? by Ronald Brownstein feat. PPI's President Will Marshall
⮕ The Atlantic ([link removed])
New Democrat Coalition: New Dems Release Comprehensive Action Plan to Fight Inflation and Cut Costs for Americans
⮕ New Democrat Coalition ([link removed])

Dr. Robert Popovian, PPI Senior Fellow: Global Healthy Living Foundation Study Reports that Nearly Half of Formulary Exclusions Have Questionable Health and Financial Benefits for Patients
⮕ Yahoo! Finance ([link removed])

Ben Ritz, PPI's Director of the Center for Funding America's Future: Congressional Democrats Just Offered Their Best Inflation Plan Yet
⮕ Forbes ([link removed])

Murphy Introduces Bill Requiring Federal Government to Assess Impact of U.S. Tariffs on Inflation
⮕ Press Release from Rep. Stephanie Murphy ([link removed])
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** Democrats' unpopular anti-tech crusade
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By Will Marshall, President of the Progressive Policy Institute
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President Biden’s policies have helped to subdue the COVID pandemic and put people back to work. But he’s getting little credit because Americans are transfixed by soaring prices for fuel, food and other necessities.

Inflation hovers like an alien spaceship over the Democrats’ midterm election prospects. U.S. voters say they trust Republicans ([link removed]) over Democrats to handle it, by a whopping 19 points. They also give Republicans a 14-point lead on managing the economy.

To make matters worse, some congressional Democrats ([link removed]) are pressing for a vote this summer on ill-conceived “antitrust” legislation aimed at dismantling America’s most innovative and competitive tech companies.

With inflation eating away at working families’ purchasing power, it’s hard to imagine a more effective way for Democrats to show they are out of touch with voters’ everyday economic struggles.

Yet again, party leaders again are letting the progressive left’s ideological zeal dictate their economic agenda. That’s triggered private grumbling ([link removed]) by some Senate Democrats facing competitive re-election campaigns this fall. California Democrats who represent lots of tech workers understandably are balking, too. In general, however, the party’s pragmatic, pro-growth wing, which should be a forceful champion for U.S. high-tech innovation, has yet to find its voice.
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[link removed]'%20unpopular%20anti-tech%20crusade: https%3A%2F%2Fwww.nydailynews.com%2Fopinion%2Fny-oped-democrats-anti-tech-crusade-20220613-m3zjpwv2nzgqvjyyycotdu2xqi-story.html Tweet ([link removed]'%20unpopular%20anti-tech%20crusade: https%3A%2F%2Fwww.nydailynews.com%2Fopinion%2Fny-oped-democrats-anti-tech-crusade-20220613-m3zjpwv2nzgqvjyyycotdu2xqi-story.html)
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PPI's Trade Fact of the Week
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** FACT: The U.S. trade deficit rose about 50% from 2016 to 2021.
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THE NUMBERS:

Q1/2022 -4.9%
2021 -4.0%
2016 -2.7%
2005 -5.7%*

* Highest on record; GDP stats begin in 1929. Deficits for 1815-1816 may have been higher, but GDP for those days is guess-work. In dollar terms, the 2016 deficit (goods/services) has grown by about 80%, from $481 billion; to a 2021 deficit of $861 billion.

WHAT THEY MEAN:

The Trump administration’s first “President’s Trade Agenda” report, released in March of 2017, cited U.S. manufacturing trade balance data as an index of the failures of previous administrations:

“In 2000, the U.S. trade deficit in manufactured goods was $317 billion. Last year it was $648 billion — an increase of 100%.”
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Listen Up
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THE NEOLIBERAL PODCAST:

Preventing Gun Violence ft. Congressman Brad Schneider

With the recent wave of shootings across America, what can be done to address the violence? Congressman Brad Schneider joins the podcast to talk about several ways to reduce gun violence and hate crimes. We talk first about his Domestic Terrorism Prevention Act, which aims to prevent white-supremacist violence like the recent shooting in Buffalo, NY. Why is this bill needed, what will it do, and how does Rep. Schneider respond to comparisons to the Patriot Act?

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