Dem Senator Joe Manchin is not happy President Joe Biden and others in the Dem party ignored his warnings on inflation. Now, inexplicably the Democrats and Joe Biden want to add more spending to the mix.
Thankfully Joe Manchin is standing in their way and will not allow it. He said: “No matter what spending aspirations some in Congress may have, it is clear to anyone who visits a grocery store or a gas station that we cannot add any more fuel to this inflation fire.”
Manchin (D-WV) said after the Bureau of Labor Statistics published their monthly Consumer Price Index Report indicating consumer inflation has risen to 9.1%, the largest 12-month increase since 1981:
“Today’s inflation data illustrates the pain families across the country are feeling as costs continue to rise at a historic rate.
“9.1% is cause for serious concern. Items like chicken, eggs and lunchmeat have increased to new highs, while energy costs rose more than 40% in June with those that can least afford it suffering the most.
“It is past time we put our country first and end this inflation crisis.
“For more than a year, leaders in Washington have ignored the serious concerns raised by myself and others about the rising cost of inflation.
“While Washington seems to now understand this reality, it is time for us to work together to get unnecessary spending under control, produce more energy at home and take more active and serious steps to address this record inflation that now poses a clear and present danger to our economy.
“No matter what spending aspirations some in Congress may have, it is clear to anyone who visits a grocery store or a gas station that we cannot add any more fuel to this inflation fire,” he said.
The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked the fastest pace for inflation going back to November 1981.
Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared with the 5.7% estimate. Core inflation peaked at 6.5% in March and has been nudging down since.
On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%.
Taken together, the numbers seemed to counter the narrative that inflation may be peaking, as the gains were based across a variety of categories.
“CPI delivered another shock, and as painful as June’s higher number is, equally as bad is the broadening sources of inflation,” said Robert Frick, corporate economist at Navy Federal Credit Union.
“Though CPI’s spike is led by energy and food prices, which are largely global problems, prices continue to mount for domestic goods and services, from shelter to autos to apparel.”
Sen Manchin (D-WV), a key vote in any Senate reconciliation package, says “No matter what spending aspirations some in Congress may have, it is clear to anyone who visits a grocery store or a gas station that we cannot add any more fuel to this inflation fire.” pic.twitter.com/fqu3nsFylA— Jared Halpern (@JaredHalpern) July 13, 2022