Ohio gubernatorial candidate Nan Whaley (D) announced a plan to help fight inflation if she were elected.
According to Whaley’s website, her plan would “help Ohioans struggling with increased costs by sending an inflation rebate of $350 to every middle-class Ohioan.”
Her website noted the state is expected to receive $2.68 billion in the next round of federal funding from the American Rescue Plan.
The rebate would be given to roughly 7.4 million residents.
“Individuals making up to $80,000 a year or couples making $160,000 a year or under would be eligible to receive the rebate, at $350 or $700, respectively,” the website explained.
Whaley argued while “some politicians try to divide and distract us, Ohio families are being gouged by big corporations.”
She added, “While working people are struggling to keep up with rising costs, corporate profits are hitting record highs. CEO pay grew 31% in 2021. It’s not right. We need to make an investment in Ohioans by putting money back in their pockets and this inflation rebate would do just that.”
CNN noted the United States is facing the worst inflation it has seen in decades.
While speaking to a crowd of union supporters Tuesday, President Joe Biden explained, “Jobs are back but prices are still too high. Covid is down but gas prices are up. Our work isn’t done.”
He continued, “But here’s the deal: America still has a choice to make. A choice between a government by the few — for the few — or a government for all of us. Democracy for all of us. An economy where all of us have a fair shot and a chance to earn our place in the economy.”
White House press secretary Karine Jean-Pierre spoke to reporters Tuesday and acknowledged “families are concerned about inflation and the stock market. That’s something that we are aware of. We know that what we’re seeing right now is what we’re facing are global challenges.”
Still, she argued, “The American people are well positioned to face these challenges because of what we’ve done the past year and a half on dealing with the economy…but yes, we are watching this closely.”
On Wednesday, The Washington Post reported the Federal Reserve hiked interest rates by three quarters of a percentage point as an attempt to control inflation.
A statement released by Fed policymakers said the Russian invasion of Ukraine “is causing tremendous human and economic hardship.”
It continues, “The invasion and related events are creating additional upward pressure on inflation and are weighing on global economic activity. In addition, covid-related lockdowns in China are likely to exacerbate supply chain disruptions.”