Washington – Today, Rep. Mike Thompson (CA-05) released a new report from the U.S. Congress Joint Economic Committee that shows the impact of Congressional action on our district.
“The pandemic, supply chain crunch and resulting inflation has hit every part of the globe. In Congress, it has been one of my top priorities to find commonsense solutions to lower costs and help ease the burden on our community,” said Thompson. “With the historic Inflation Reduction Act, working people are going to see provisions put in place to help them breathe easier. This legislation lowers drug prices, cuts health insurance premiums, and reduces energy costs. And I am continuing to fight to deliver a larger tax credit that gives relief to working families with children.”
The new data from the Joint Economic Committee shows:
Among the many cost-reducing measures that Rep. Thompson has helped champion are the Inflation Reduction Act, which lowers health care and energy costs for working families; the CHIPS and Science Act, which fixes our supply chains and makes more critical goods in America; the Consumer Fuel Price Gouging Prevention Act, which cracks down on Big Oil companies that are making record profits; the Lower Food and Fuel Costs Act, which will lower farmers’ costs in the field and lower meat and poultry costs by increasing meatpacking competition; and the Child Tax Credit, where Democrats are still fighting to deliver a larger tax credit for working families with children.