Warren warns Democrats risk losing power without inflation action

Victoria Cavaliere
Bloomberg News

Democratic Sen. Elizabeth Warren says her party could be “in real trouble” in the 2022 midterm elections if more isn’t done to help American families deal with 40-year-high inflation.

“We’ve got less than 200 days until the election, and American families are hurting,” she said Sunday on CNN’s “State of the Union.” “I think we’re going to be in real trouble if we don’t get up and deliver. Then I believe the Democrats are going to lose.”

Sen. Elizabeth Warren, D-Mass.

Warren, warning that Democrats could lose control over both the House and the Senate, said the party must push through legislation to tamp down soaring prices. She said reminding voters of Democratic accomplishments over the past two years won’t be enough.

Large corporations have been “price gouging” amid the inflationary pressures, and the Federal Trade Commission should be authorized to investigate and prosecute, she said. President Joe Biden should cancel some student debt, and Congress and other senior government officials should be barred from owning or trading individual stocks, she said.

The Massachusetts senator added that she thinks talk of a possible U.S. recession are overblown, with many fundamentals of the economy, including GDP and unemployment, solid.

“We are in an uneasy economic moment, but I think talk of recession is way too early,” she said.

Texas Democratic Congressman Henry Cuellar echoed Warren’s concerns in an appearance on “Fox News Sunday.”

“We do have some headwinds as you know,” he said. “But as a Democrat, I certainly want to keep a Democrat majority.”

Warren, 72, said she would not repeat a run for the presidency in 2024.

“I’m running for Senate,” she said on NBC’s “Meet the Press.” “President Biden is running for reelection in 2024, and I’m supporting him.”