inflation

Dr. Robert Dauffenbach analyzes the state of the national and Oklahoma economies, and sees warning signs of a possible downturn ahead.

In Oklahoma, it’s easy to be evicted. Moderate- and low-income families face skyrocketing rent, utility and food prices and the ongoing fallout from the COVID-19 pandemic. The resulting economic storm coupled with a lack of affordable housing and weak protection from Oklahoma’s Landlord Tenant Act has pushed thousands from their homes.

Gov. Kevin Stitt stood on the steps of the capitol building in Oklahoma City Tuesday morning and called on the legislature to deliver inflation relief via a grocery sales tax cut during a special session.

Legislators returned to the State Capitol on June 13th for the start of the third special session, called to consider repeal of the grocery sales tax and reduction of the state individual income tax rate. The extraordinary session ended when the House of Representatives adjourned Sine Die with leaders of the two houses disagreeing over the results.

Oklahoma legislators called a special session to approve legislation authorizing expenditures of federal funding for projects under the American Rescue Plan Act. In late May, Governor Kevin Stitt called another special session to consider tax cuts. In the week ahead, the Oklahoma capitol will see a rarity - two special sessions going at the same time.

High prices are squeezing families across the nation and Oklahoma lawmakers get ready to return for a special session to address inflation, University of Oklahoma economist Dr. Robert Dauffenbach explains the economic forces causing the surge.