North Cook News

As inflation continues to stay at or near 40-year highs, a challenger for the Illinois State Legislature has voiced his concerns about the havoc soaring prices are causing for everyday Americans.

"Working families and seniors across the northwest suburbs are getting slammed by the economic failures of career politicians like Mark Walker and his out-of-touch, high-tax priorities,” Jack Vrett, who is running to be the representative for the IL-53 District, said. “While we all struggle with record high prices for everyday necessities such as food, gas, electricity, and rent due to out-of-control inflation, Mark Walker and his allies continue pushing for additional higher taxes on hard working people.”

The New York Times reported that the “so-called” core index saw a 6.6% increase, a 0.6 point increase compared to August. This change was calculated by removing food and fuel as a way to assess underlying trends. 

Economists had been forecasting a 0.2 point increase in month-to-month price change. The New York Times says the price index picked up by 0.4 points since August, and the paper called that "worrying." 

Almost everything a person needs to survive is going up, including rent. Through September, rents for primary residences have seen a 7.2% increase this year. That is more than twice the normal 3% per year increase in housing costs. This metric, as expected, has a significant impact on inflation overall. It also tends to move slowly. 

The Biden Administration has taken action in an effort to combat inflation by passing the Inflation Reduction Act. However, NBC News reported that any relief will be a long time in coming as the law’s provisions are set to take effect over the course of 10 years. 

Penn Wharton’s Budget Model (PWBM) and the Congressional Budget Office (CBO) both indicate that the Inflation Reduction Act’s impact on inflation will be negligible, sitting near 0. PWBM’s model expects the law to add $25 billion to the deficit in 2024 and 2025 with no effect in 2023, while CBO is calling for $20 billion in deficit reduction in 2023 and no “significant” effects in 2024 or 2025. Both sets of projections show numbers too insignificant to affect the Bureau of Economics Report to the first decimal place. 

"I believe the best way to combat inflation, improve the economy, and make daily life more affordable, is to put more money back in the pockets of workers, families, and seniors with meaningful and long-term tax relief,” Vrett told North Cook News.

According to the Bureau of Labor Statistics, the Chicago Area — where the 53rd District is located — has a worse unemployment rate than the national average but a higher weekly wage. The Chicago area has a 4.9% unemployment rate and $1,571 average weekly wage, compared to 3.8% and $1,374 nationally.