Senator Joe Manchin stated Tuesday that government leaders should stop looking for “where to blame” inflation as it reaches record levels. Instead, he suggested cutting spending and expanding U.S. energy.
Manchin (D-W.Va.) made the scathing remarks after being the loudest intra-party critic for the Biden administration’s handling the problem for several months. Manchin stated that the Federal Reserve and President Obama have not done enough to combat inflation. The consumer price index rose 8.5% between March 2021 and last month, reaching a new 40 year high.
“When will it end?” It is disservice to the American people that they act as though inflation is a new phenomenon. Manchin stated that the Federal Reserve and the Administration failed to act quickly enough. Today’s data shows the effects being felt throughout the country. “Our elected leaders and Federal Reserve continue to respond with half measures and rhetorical failures, instead of taking bold action,” Manchin said. American citizens deserve to know the truth about record inflation and how it can be controlled.
Manchin said, “Here’s the truth. We cannot spend our money to create a healthy, balanced economy while adding to our $30 trillion national indebtedness.” A Federal Reserve that has waited too long to act will need to take more aggressive steps to bring down inflation. Because of the need to reduce the high cost of gas and energy, it is imperative that both the Congress and the Administration, Democrats and Republicans, support the all-the above energy policy. This will allow us to combat climate change and bring down gas prices.
Inflation was initially dismissed by the White House last year, before it continued to rise into 2021 and 2022. It said that inflation is a sign of a strong economy. Ron Klain, White House chief of staff, retweeted an article that dismissed inflation as “high class problems,” but the White House finally acknowledged its effects on average Americans.
The White House did not release a statement Tuesday morning on inflation and President Biden didn’t answer questions after he left. According to the White House, Biden will speak at 1:45 in Iowa about “his administration’s actions towards lower costs for working families”. Biden is expected to promote a decision to allow more ethanol to be used in gasoline during summer, which could reduce gas prices by a few pennies per gallon.
Manchin scuttled Democrats’ party-line effort late last year to pass a huge reconciliation spending bill, in large part over its expected effect on inflation.
Manchin stated that “the inflation number today is only a beginning unless we immediately take action to alleviate the pain felt across our country.” “This is the problem facing the American people that no one political party can fix. The American people can’t wait any longer.