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IN Focus: Addressing the economic impact of Russia’s invasion

IN Focus: Addressing the economic impact of Russia’s invasion
Written by Publishing Team

INDIANAPOLIS – This week on IN Focuswe’re looking at the human impact of the war in Ukraine and its secondary impact on the US economy amid rising inflation.

It was a busy week on Capitol Hill, as Indiana Governor Eric Holcomb joined officials from across the country to discuss America more competitive. He’s calling on federal lawmakers to pass the Innovation and Competition Act, which would bring over $100 billion in technology investments. During a meeting at the White House, Gov. Holcomb told the Biden administration that the country needs to make this move to step up our game.

“It’s been said that speed kills, and in this sense slow speed kills,” Gov. Holcomb said. “We know a little something about this, we have the Indy 500. We like to go fast.”

Supporters say the bill would bring in more factory jobs and help solve the country’s supply chain issues. Deputy Commerce Secretary Don Graves spokes with IN Focus to discuss how it would affect costs across the US economy, and its impact on the rising prices at the gas pump.

“We have an opportunity to invest in the US, to bring great jobs back to the United States, to own the future… and to bring down costs to the American consumer at the same time,” Deputy Sec. Graves said. “It’s why we need to get this bipartisan legislation.”

Speaking on inflation, Deputy Sec. Graves touted strong job growth in the US as a sign of better things to come. He said the economy is still recovering from pandemic-era problems, on top of dealing with “Putin’s self-made war.” He says the administration expects rising prices to continue.

“The president is very focused on trying to find ways to bring down costs,” Deputy Sec. Graves said. “I expect that we’re going to continue to feel pressure as a result of this war-of-choice.”

We’re also hearing from Indiana Senator Todd Young (R) on the impact inflation is having on Hoosiers. Speaking to reporters on Capitol Hill, Sen. Young described the problems Indiana residents face as costs skyrocket, from higher rents to expensive groceries. Now he’s calling on Congress and the Biden administration to act.

“This is the everyday reality for the rank-and-file Hoosiers who are struggling to make it,” Sen. Young said. “And it doesn’t have to be this way.”

Congress recently passed a $1.5 trillion spending plan to prevent a government shutdown. The package includes billions of dollars in aid for Ukraine. Although Sen. Young voted in favor, his colleague Senator Mike Braun (R) voted against it. Over in the House, Rep. André Carson (D-IN-07) also voted in favor of the spending plan. Although he approves of more aid to Ukraine, Rep. Carson wants to see more money sent from our allies.

“We can’t just rely on the United States,” Rep. Carson said. “I think the global community has a responsibility to do their share.”

Meanwhile, congressional candidate Angela Grabovsky (R) is sharing her thoughts on the conflict. She’s running against Rep. Carson in November for his seat in the 7th district.

Speaking to IN Focusshe described her perspective as a native of Ukraine, and said she wants to see more humanitarian help for civilians.

“The situation is terrifying,” Grabovsky said. “From my perspective, all that the people of Ukraine need right now is humanitarian help.”

Even with the United States increasing spending and support for NATO, Grabovsky wants lawmakers to be aware of the economic impacts that hurt Americans bottom line.

“We need to help people of Ukraine with all of the resources we can possibly spare for them,” Grabovsky said. “But we also need to take a look at what’s happening in the United States. So all of these sanctions and all of our actions are causing a lot of problems with our economy.”

Watch more on the Russian invasion’s economic impact in the video above.

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