DeKalb Times

Sen. Brian Stewart (R-Freeport) recently expressed his concerns about inflation.

“Check out the plan we presented this spring to help working families keep more of their hard-earned money in their pockets,” Stewart wrote on Facebook.

Patch reported increasing prices could be tied to “shrinkflation,” when manufacturers make packing sizes smaller without changing the price on the shelf. The Associated Press wrote this often happens in times of inflation.

In his Facebook post, Stewart shared a link to a document by Illinois Senate Republicans that laid out a plan to help working families.

It included information on several bills meant to cut the expenses of Illinois residents. For example, Senate Bill 4164 would eliminate the 1% sales tax on food and prescription drugs or medical devices.  Senate Bill 4162 would lower the 6.25% sales tax on gas/gasohol to 5.25% for FY23. and increase the Road Fund disbursement from 32% to 53%. 

Senate Bill 4186 is a child care tax credit that parents could use to help them manage child care costs and get back to work. The credit would be 25% of the federal tax credit. 

There are three other bills related to childcare licensing and facilities as well.

President Joe Biden highlighted the Inflation Reduction Act of 2022 to inform the nation of his plan for tackling inflation; however, it’s garnered mixed reaction as consumers face high prices at supermarkets and fluctuating gas prices.

In his July 25-29 Week in Review, Stewart touched on the economy and claims that the country has entered a recession.

"Despite what definition is used to determine a recession, this news is not good and does not paint a rosy picture of the economy that is being hit with record high inflation and rising interest rates," he said. 

According to the traditional definition of a recession, which is two consecutive quarters of GDP contraction, this new data means that the U.S. has entered a recession. Conservatives say Biden’s administration has tried to redefine what a recession is, claiming that the U.S. has not yet hit a recession, according to the definition from the National Bureau of Economic Research (NBER).

The NBER’s definition states a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months."

The American Psychological Association (APA) noted that during economic recessions, people’s anxiety about securing their finances grew.

“Fear is such a strong emotion that it doesn’t last very long,” Stephen Worchel, a social psychologist at the University of Hawaii at Hilo, said to APA in 2008. “There’s a recognition that we can’t continue to live this way ... and people start to take a more cognitive approach.”

Stewart's week in the review also took note of this.

Meanwhile, in Illinois, the unemployment rate continues to fall behind all surrounding states. Illinois’ economy added 18,800 jobs during the month of June, but its unemployment rate, now at 4.5%, is still the worst in comparison to neighboring states.

Indiana, Missouri, Iowa, and Wisconsin all had jobless rates below 3 percent while Kentucky is at 3.7%. Illinois’ 4.5% rate is the fifth worst in the nation.