NASHVILLE, Tenn. (WKRN) — Inflation continues to be a point of conversation around the country.
“I’ve got some real concerns about where inflation is headed right now,” Gov. Bill Lee (R-Tennessee) said.
This comes after Democrats in Washington passed the Inflation Reduction Act this month. The sweeping bill is set to try and tackle a number of things including climate change and affordable health care.
“First, I’ll say this is a massive misnomer, this is not an inflation reduction act, this is an income reduction act,” Sen. Bill Hagerty (R-Tennessee) said. “This is just a repackaging of the Green New Deal with many more taxes.”
The Green New Deal he referenced is a bill Democrats tried to pass in 2019 before it failed in the Senate. Hagerty went a step further in his criticism of the Inflation Reduction Act.
“It’s a disgrace, it’s something that we need to change,” Hagerty said. “As soon as Republicans take office after the November elections, we’re going to use the same tool that they did and reverse all of this.”
Lee took a different approach, referencing the state’s growth over the last year.
“We had the fastest-growing economy of any state in America, as reported by the Wall Street Journal just a few weeks ago,” Lee said. “So, we’re at a very unique spot in our state, and we’re very fortunate for that.”
Tennessee had GDP growth of 8.6% from 2020 to 2021, which was the highest in the country. It should be noted that this year, in the first quarter, the state saw a GDP loss of 1.2%—which is still better than the nation’s average loss of 1.6%.