By Fatma Younis
With midterm elections days away, candidates across the country have put forward a range of proposals to address persistent inflation, from ending the Iran war to cutting taxes and easing regulations. Economists who spoke to ABC News say no single measure will dramatically shift prices soon.
Ending the Iran war
The conflict that began in February has driven up oil prices, pushing the national average gasoline price to $4.16 a gallon, $1.18 higher than before the war. Independent Nebraska Senate candidate Dan Osborn and Democratic Senator Jon Ossoff of Georgia have called for ending the war to lower costs. Analysts say a peace deal would eventually reduce oil prices, but damaged infrastructure means relief could be delayed. "Even if we ended the Iran war today, it's going to take a while for those energy prices to come down," said economist Kara Reynolds of American University.
Tax cuts
Republican candidates such as Iowa Senate hopeful Ashley Hinson and Nebraska Senator Pete Ricketts have championed tax cuts, citing the 2025 "One Big Beautiful Bill" as a model. Economists note that while tax relief can offset higher prices for households, it risks stimulating demand and worsening inflation if supply does not keep pace. They also warn that reduced revenue could add to the $40.5 trillion national debt, potentially raising borrowing costs for consumers.
Easing regulations and housing supply
Both parties have backed regulatory reforms to boost housing construction. New York Governor Kathy Hochul has pushed to speed permits, and Congress passed the 21st Century ROAD to Housing Act in July. Experts say increasing supply could lower home prices over years, but federal action is limited because zoning is largely a state and local matter.
Removing tariffs
Democratic candidates including Michigan Senate nominee Abdul El-Sayed and Republican Mike Rogers have criticized Trump-era tariffs, which the Yale Budget Lab estimates cost the typical household $1,077 annually. Analysts agree tariffs add price pressure, but the impact of reductions is uncertain because retailers may not pass savings to consumers. "Once firms have increased prices there's no incentive for them to lower the prices," Reynolds said.
