OPINION: Tie congressional pay to inflation as a way to stop insane overspending
over 25% of the buying power for a poor household of 3, has evaporated and there is no end in sight.
The political math for how we got here is even easier than the economics. Government spending buys votes. The Federal Reserve has not established a formal inflation target, but their view is that an acceptable inflation rate is 2% or a little below it. For the entire year following a recorded inflation rate above 2%, salaries for members of Congress should be adjusted for the following year to mirror the relative impact of inflation on poor and working-class Americans. Members of the House and Senate currently earn $174,000 per year. Our current inflation rate of 9.
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