Sen. Hagerty addresses inflation, supply chain issues in West Tennessee
JACKSON, Tenn. — From supply chain issues to inflation, U.S. Senator Bill Hagerty spoke at the Jackson Rotary Club on Wednesday to tackle those issues with the public.
Hagerty says businesses in West Tennessee are feeling the supply shortage, and have started buying in bulk to make up for delays.
“Many companies are trying to build inventory, so they are over purchasing versus normal to try to get to the stage that they want to be to protect themselves and have inventory cushions,” Hagerty said. “That is inflationary in the short term.”
Hagerty says he and other U.S. Senators recently passed legislation that will bring manufacturers to the U.S faster, and hopefully curb the need for microchips and manufactured goods.
“We passed legislation that would make the U.S. much more competitive for semiconductor manufacturing, chip manufacturing right here on American shores,” said Hagerty. “We are going to shorten the timelines, and make America competitive again.”
Hagerty says not only has inflation affected businesses, but each citizen as well.
From gas prices to groceries, households are seeing the price increases. And that issue is affecting wages.
“Look at what happened with inflation with 2021,” Hagerty said. “The rate of inflation far outstriped the rate of wage growth, which means on a real basis, net of inflation, wages went down in America in 2021. This is not where we need to be.”
He says one way to fight inflation is to become an energy independent nation.
“We have got to stop this war on the oil and gas industry in America. That will have an immediate impact on inflation, because it is ripping through the entire economy.”
With the Blue Oval City coming to West Tennessee, Hagerty says this will boost the state’s economy and provide job opportunities.
“It is going to have a massively positive effect on the economy I hope, and I am certain that we will be able to meet the demand for skilled labor. We are going to have to start working with middle school kids, high school kids and really focus on this and get this right.”
Hagerty says that Congress will continue discussing these issues throughout 2022.
For more local news, click here.