In economics, inflation is a general increase in the prices of goods and services in an economy. This is usually measured using the consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index.[9] As prices faced by households do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose.

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The Inflation category has related posts on government agencies and departments and  committees and their Chairs.

The Department of the Treasury (USDT) is the national treasury of the federal government of the United States where it serves as an executive department. The department oversees the Bureau of Engraving and Printing, and the U.S. Mint; these two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system.

The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet.

The Federal Reserve Board, also known as the Board of Governors of the Federal Reserve System, is essentially the governing body of the entire Federal Reserve System, the central bank of the United States.

Here’s a breakdown of the Federal Reserve Board:

• Function: Overseeing the Federal Reserve Banks and implementing monetary policy for the country [USAGov Federal Reserve System]. This means they influence things like interest rates and inflation.
• Structure: A board of Governors appointed by the President and confirmed by the Senate, serving 14-year terms. The current Chair is Jerome Powell.
• Location: Washington D.C.

The Congressional Budget Office (CBO) is a nonpartisan agency within the legislative branch of the U.S. government. In simpler terms, it’s Congress’s own independent source of information on budgets and economic matters.

Here’s a breakdown of what the CBO does:

• Provides objective analysis of the federal budget and economic forecasts
• Estimates the costs of proposed legislation
• Offers insights on potential budgetary and economic impacts of policy decisions

The Joint Economic Committee (JEC) was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President’s Council of Economic Advisers (CEA) and the Joint Economic Committee. Their primary tasks are to review economic conditions and to recommend improvements in economic policy.

Chairmanship of the Committee alternates between the Senate and House every Congress.  The JEC is currently chaired by Senator Martin Heinrich of New Mexico.

Democratic Senate Members (Majority):
Martin Heinrich, New Mexico, Chair
Amy Klobuchar, Minnesota
Maggie Hassan, New Hampshire
Mark Kelly, Arizona
John Fetterman, Pennsylvania
Peter Welch, Vermont

Democratic House Members (Minority):
Don Beyer, Virginia
David Trone, Maryland
Gwen Moore, Wisconsin
Katie Porter, California

Republican House Members (Majority):
David Schweikert, Arizona, Vice-Chair
Jodey Arrington, Texas
Ron Estes, Kansas
Drew Ferguson, Georgia
Lloyd Smucker, Pennsylvania
Nicole Malliotakis, New York

Republican Senate Member (Minority):
Mike Lee, Utah,
Tom Cotton, Arkansas
J. D. Vance, Ohio
Eric Schmitt, Missouri

Current Position: US Representative of AZ 1st District since 2011 (formerly 6th)
Affiliation: Republican
Former Positions: State Delegate from 1991 – 1994; Maricopa County Treasurer from 2004 – 2007
Other positions:   Senior House Republican Member, U.S. Congress Joint Economic Committee
District:   northeast Phoenix, Scottsdale, Paradise Valley, Cave Creek, Carefree, and Fountain Hills; is majority-white; and is the wealthiest congressional district in Arizona.
Upcoming Election:

Quotes:
Americans are seeing increased costs every day – from grocery to gas, #Bidenflation is hurting hard-working Americans. Yet Democrats are proposing $3.5 trillion in new spending and tax hikes. @RepDavid

GOP Congressman UNLOADS on Congress over their opposition to nuclear energy

Current Position: US Senator since 2013
Affiliation: Democrat
Former Position: US Representative for NM-01 from 2009 – 2013
Other Positions:   Vice Chair, Joint Economic Committee

After a brief stint doing mechanical drawings, Heinrich worked as an AmeriCorps fellow in New Mexico. From 1996 to 2001 Heinrich served as executive director of the Cottonwood Gulch Foundation, a New Mexico nonprofit organization dedicated to educating young people on natural science and the environment.

In 2002 he founded his own public affairs consulting firm. Martin Heinrich, in 2004 to 2008, served on the Albuquerque City Council, representing the 6th district. In February 2006 Governor Bill Richardson appointed Heinrich to be the state’s Natural Resources Trustee.

Quotes:
Our National Labs are driving the energy transition forward every single day.

Heinrich Speaks on Importance of For The People Act with ABC News Live

The Committee on Ways and Means is the chief tax-writing committee of the United States House of Representatives. The Committee has jurisdiction over all taxation, tariffs, and other revenue-raising measures, as well as a number of other programs including Social Security, unemployment benefits, Medicare, the enforcement of child support laws, Temporary Assistance for Needy Families and foster care and adoption programs.

Subcommittees:

• Health
• Oversight
• Select Revenue Measures
• Social Security
• Trade
• Worker and Family Support

Chair: Jason T. Smith, Missouri
Ranking Member: Richard Neal, Massachusetts

Majority Staff Director: Patrick Dumas
Minority Staff Director: Brandon Casey
Meeting Location: 1139 Longworth HOB, Washington D.C. 20515; (202) 225-3625

Featured Video: Oversight Subcommittee Hearing on Expanding Housing Access to All Americans – July 14, 2021
Web Links

Current Position:  US Representative of MO District 8 since 2013
Affiliation: Republican
Positions:  Chair, Joint Committee on Taxation; Chair, Ways and Means Committee
District: 30 counties, covering just under 20,000 square miles of southeastern and southern Missouri.
Upcoming Election:

Jason Smith served four full terms and one partial term in the Missouri House of Representatives, serving as the Majority Whip during the 96th Missouri General Assembly and as Speaker Pro Tem during the 97th Missouri General Assembly.

After passing the Missouri Bar in 2004, Smith practiced law at a local law firm in Cuba, Missouri. He also took over his family’s farm, just outside Salem, which has been in Smith’s family for four generations. At this time, he was a co-owner of a dog breeding business which his mother operated.

Current Position: US Representative of MA House District 1 since 1989
Affiliation: Democrat
Former Position: Mayor Springfield from 1983 – 1989
Other Positions:  Committee on Ways and Means; Joint Committee on Taxation
District:  western and central part of Massachusetts,  includes the cities of Springfield, West Springfield, Pittsfield, Holyoke, Agawam, Chicopee and Westfield.   
Upcoming Election:

Neal chaired the House Ways and Means Committee from 2019 to 2023 and chaired the Subcommittee on Select Revenue Measures. He has also dedicated much of his career to U.S.–Ireland relations and maintaining American involvement in the Northern Ireland peace process,. Early in his career Neal taught history at Cathedral High School.

Featured Quote: 
In the first #200Days, @HouseDemocrats have taken decisive action to crush the coronavirus and defeat the economic crisis – including by passing the life-saving #AmericanRescuePlan, which put shots in arms, workers back in jobs, money in pockets and children back in school!

Congressman Richard Neal chats about his new position as House Ways and Means Committee chairman

The United States House Committee on the Budget, commonly known as the House Budget Committee, is a standing committee of the United States House of Representatives. Its responsibilities include legislative oversight of the federal budget process, reviewing all bills and resolutions on the budget, and monitoring agencies and programs funded outside of the budgetary process. The committee briefly operated as a select committee in 1919 and 1921, during the 66th and 67th United States Congresses, before being made a standing committee in 1974.

Senate counterpart: Budget Committee (Senate)

Chair: Jodey Arrington, Texas
Ranking Member: Brendan Boyle, Pennsylvania

Majority Staff Director: Gary Andres
Minority Staff Director: Gregory Waring
Meeting Location: 204 Cannon House Office Building Washington, D.C. 20515;  (202) 226-7270

Featured Video: Markup of: American Rescue Plan Act of 2021 – 2/22/21
Web Links

Current:US Representative of TX District 19 since 2017
Affiliation: Republican
Leadership: Chair, Committee on the Budget
District: upper midwestern portion of the state of Texas. The district includes portions of the State from Lubbock to Abilene. 
Next Election: 

History: Arrington was a member of George W. Bush’s gubernatorial and presidential administrations. He was named appointments manager for Governor Bush in 1996. In 2000, he was appointed Special Assistant to the President and Associate Director of Presidential Personnel. In December 2001, Donald E. Powell, the 18th chairman of the Federal Deposit Insurance Corporation, hired Arrington as the agency’s chief of staff.

Arrington returned to his alma mater, Texas Tech University, as its system chief of staff and later as vice chancellor for research and commercialization. Until his election to Congress, Arrington was the president of Scott Laboratories in Lubbock.

Featured Quote: 
Biden’s open-border policies have created a surge in COVID-positive illegal immigrants pouring into our country. Now, he’s trying to impose more restrictions on Americans in the name of “public health.” This defies logic. Enforce Title 42 and secure our border.

Featured Video: Rep. Jodey Arrington | Democrats Want To Control Your Life – July 28, 2021

Current Position: US Representative of PA District 2 since 2015
Affiliation: Democrat
Former Position: State Delegate from 2009 – 2015
District:   includes all of Northeast Philadelphia and parts of North Philadelphia east of Broad Street, as well as portions of Philadelphia’s River Wards. 
Upcoming Election:

After working for several years as a consultant with the United States Department of Defense, including Naval Sea Systems Command, he attended graduate school at Harvard Kennedy School, where he earned a Master of Public Policy.

Featured Quote: 
Dad immigrated to America when he was 19. Spent the next 50 years working in a warehouse and as a custodian. This week he attended the swearing-in ceremonies of both of his sons. Both @RepKevinBoyle
and I know we wouldn’t be where we are without his hard work & sacrifice.

Democratic Weekly Address — Congressman Brendan Boyle

Mission:  The Senate Appropriations Committee has jurisdiction over all discretionary spending legislation in the Senate. Its role is defined by the U.S. Constitution,  which requires “appropriations made by law” prior to the expenditure of any money from the Treasury.

The Senate Appropriations Committee is the largest committee in the U.S. Senate, with 30 members in the 117th Congress.

House Counterpart:  Appropriations Committee

Democratic Members:
Patty Murray, Washington, Vice Chair
Dick Durbin, Illinois
Jack Reed, Rhode Island
Jeanne Shaheen, New Hampshire
Jeff Merkley, Oregon
Chris Coons, Delaware
Brian Schatz, Hawaii
Tammy Baldwin, Wisconsin
Chris Murphy, Connecticut
Chris Van Hollen, Maryland
Martin Heinrich, New Mexico
Gary Peters, Michigan
Jon Ossoff, Georgia
Kirsten Gillibrand, New York

Republican Members:
Susan Collins, Maine, Chair
Mitch McConnell, Kentucky
Lisa Murkowski, Alaska
Lindsey Graham, South Carolina
Jerry Moran, Kansas
John Hoeven, North Dakota
John Boozman, Arkansas
Shelley Moore Capito, West Virginia
John Kennedy, Louisiana
Cindy Hyde-Smith, Mississippi
Mike Rounds, South Dakota
Marco Rubio, Florida
Bill Hagerty, Tennessee
Deb Fischer, Nebraska
Markwayne Mullin, Oklahoma

Featured Video:
Senate Appropriations Committee holds hearing on domestic extremism

Current: US Senator since 1993
Affiliation: Democrat
Leadership: Senate President Pro Tempore and Chair of U.S. Senate Committee on Appropriations
Next Election: 

History:  Murray graduated from Washington State University with a degree in physical education. She worked as a pre-school teacher and, later, as a parenting teacher at Shoreline Community College. A long-time advocate for environmental and education issues, Murray was elected to serve on her local school board in King County.

Murray served in the Washington State Senate from 1989 to 1993. She was Washington’s first female U.S. senator and is the first woman in American history to hold the position of president pro tempore.

Quotes:  So many people who are working 40 hours a week are still living in poverty because our federal minimum wage is too low—and tipped workers, youth workers, and workers with disabilities are being paid even less. That’s unacceptable, and it’s why we need to #RaiseTheWage.

Featured Video:  Washington Sen. Patty Murray on US Capitol siege, Trump impeachment

Current Position: US Senator since 1997
Affiliation: Republican
Other Positions:  Subcommittee on Transportation, Housing and Urban Development, and Related Agencies

Collins worked as a legislative assistant to U.S. Representative and later U.S. Senator William Cohen from 1975 to 1987.[ She was also staff director of the Oversight of Government Management Subcommittee on the United States Senate Committee on Homeland Security and Governmental Affairs from 1981 to 1987. In December 1994, Collins became the founding executive director of the Richard E. Dyke Center for Family Business at Husson College.

Quotes: 
Cyber attacks & intrusions give our adversaries the opportunity to gather intelligence, steal intellectual property, & harm critical infrastructure. I joined @MarkWarner & @SenRubioPress in introducing a bill to help reduce cyber threats.

Republican Sen. Collins on why she voted to convict | Second Trump impeachment trial