North Cook News

State Rep. Tom Morrison (R-Palatine) talked to North Cook News about how people in his constituency are complaining about the impact of inflation.

Rep. Tom Morrison mentioned that inflation is going to force people to go back to the bare necessities.

"It’s going to have very dramatic negative impact on discretionary spending. It’s going to force people to go back to the bare necessities, which means different industries and occupations will be negatively impacted," said Morrison.

The U.S. Bureau of Labor Statistics issued its latest Consumer Price Index (CPI) summary on July 13, which found that costs have risen 9.1% in the last year, marking a 40-year high. In the last month, the cost of energy increased by 7.5%, gas prices rose 11.2% and the cost of food increased by 1%. In the last year, the cost of gas has risen by 59.9%, while food prices have increased by 10.4%. When Rep. Morrison was asked whether he foresees taxes going up, he replied, "That remains to be seen, either way people are already being forced to pay too much in taxes and that has to do with some of the policy put forth by democrats.”

Business owners, facing increased costs in supplies, shipping, and other expenditures, could be forced to cut jobs, according to the Center Square. Todd Maisch, CEO of the Illinois Chamber of Commerce, said "the question for policy makers in Illinois" is whether they are going to raise taxes because of inflation, "or are we going to weather the storm and show that government can be on sound fiscal footing."

Illinoisans are paying an average of $4,386 more in 2022 than they paid in 2021 for the same goods and services due to price increases, according to Illinois Policy. The average Illinois resident will pay an extra $1,122 for gas this year, while also spending an additional $504 on groceries and $280 for utilities. These extra costs mean many people will dip into their savings and skip some recreational activities. Rep. Morrison was asked about the effect on inflation on his constituents. To this, he replied, “I hear a lot of people complaining about it and it’s unlikely any raises they may be getting at work are keeping up with the increases they now face at the gas pump, in the grocery store and everywhere else.”