Manchin warns Democrats after record inflation

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Congressmen from both parties sounded the alarm on Thursday after new data showed inflation hit a 40-year high in January.

Moderate Senator Joe Manchin (D-WV), who cited fears about the impact on inflation when he torpedoed President Biden’s $2 trillion Social spending bill in December, said in a statement that families across America are the ” pay inflation tax.

“Inflationary taxes are depriving every American of hard-earned wages and are causing real and severe economic pain that can no longer be ignored,” Manchin said.

“It is no longer time for the Federal Reserve to address this issue head-on, and Congress and the administration must tread carefully before adding more fuel to an already burning economy.”

Senate Minority Leader Mitch McConnell (R-Ky.) told the Senate Thursday that price spikes were “overwhelming the American people.”

“Inflationary taxes deprive every American of hard-earned wages,” said Senator Joe Manchin.
Michael Reynolds/EPA
Joe Biden.
Sen. Joe Manchin cited fears about the impact on inflation when he torpedoed President Biden’s $2 trillion social spending bill in December.
Leah Millis/REUTERS

“Pundits had forecast another blistering inflation report of around 7 percent. Even that alone would have meant we were still stuck in the worst inflation in 40 years. But the reality turned out to be even worse,” he said. “It turns out inflation wasn’t 7 percent last year. It was 7½ percent.

“In other words,” McConnell added, “if you haven’t personally gotten a pay rise of 8 percent or more in the past year, then Democrat policy has given you a pay cut.”

“This is not about financial inconvenience to wealthy people who can afford to endure it,” the top Senate Republican continued. “This is about massive hikes in the prices of basic necessities, which make up a large part of working families’ budgets… This purely democratic government was warned that its radical agenda would fuel inflation, and it went ahead anyway. And our country is paying the price.”

Mitch McConnell.
Senate Minority Leader Mitch McConnell said price spikes are “overwhelming the American people.”
Michael Reynolds/EPA
grocery shopper.
“This purely Democratic administration was warned that its radical agenda would fuel inflation,” said Senator Mitch McConnell.
Stefani Reynolds/AFP via Getty Images

All Thursday House Republicans tweeted memories of 1982, when inflation was last at least 7.5 percent.

“The last time inflation rose so sharply: – Michael Jackson released ‘Thriller’ – ET was first released in theaters – The Weather Channel first aired on cable TV.” recalled Rep. Buddy Carter (R-Ga.). “What will President Biden need to address this crisis?”

“The last time inflation was this high was in high school in 1982.” Recalled Rep. Jeff Duncan (R-SC), who posted a picture of himself in a football shirt. “#Bidenflation is a tax on all Americans that has increased with each month Biden has been in office and is estimated to cost US homes $3,500 this year. Americans cannot afford a Joe Biden presidency.”

Contrary to Manchin and McConnell’s warnings, House Speaker Nancy Pelosi (D-Calif.) pushed Biden’s Build Back Better plan further in a so-called “Dear Colleague” letter to members of her caucus on Wednesday.

fuel prices.
Inflation last reached at least 7.5 percent in 1985.
Mike Blake/REUTERS

“Our Democratic caucus conceived our House-passed Build Back Better Act as a critical tool in the fight against inflation: reducing the deficit for our country while creating jobs and lowering the cost to our families,” she wrote. “As 17 Nobel Prize-winning economists have stated, ‘As this agenda will invest in long-term economic capacity and improve the ability of more Americans to participate productively in the economy, it will alleviate longer-term inflationary pressures.'”

Biden himself acknowledged in a statement Thursday morning that “while today is a reminder that Americans’ budgets are being stretched in ways that are causing real stress at the kitchen table, there are also signs that we are meeting this challenge.” will master”.

Thursday’s numbers came nearly seven months after Biden said price increases were “likely to be temporary in nature” and linked to “temporary effects” of the COVID-19 pandemic.





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