Joe Manchin Hits Biden on Inflation: ‘The Administration Failed to Act Fast Enough’
On Tuesday it was reported that inflation hit 8.5% year-over-year in March, which was the largest such uptick since 1981.
Rising prices on consumer goods such as fuel and food have dogged President Joe Biden for months, prompting many Democrats to fear the worst heading into November’s midterm elections.
Sen. Joe Manchin (D-WV), who is not up for reelection this year, issued a statement in response to the inflation data. The senator faulted Biden for failing to act to curb rising costs, and called inflation a “tax” that is “completely out of control.”
“Hard earned wages and financial savings are disappearing faster every month as prices continue to climb, while the pain and frustration of spending more on everyday items lingers over us all, especially among those who can afford it the least,” Manchin said.
He cited the increasing cost of staples such as gas, beef, and coffee.
“When will this end?” he continued. “It is a disservice to the American people to act as if inflation is a new phenomenon. The Federal Reserve and the Administration failed to act fast enough, and today’s data is a snapshot in time of the consequences being felt across the country. Instead of acting boldly, our elected leaders and the Federal Reserve continue to respond with half-measures and rhetorical failures searching for where to lay the blame. The American people deserve the truth about why record inflation is happening and what must be done to control it.”
The Federal Reserve has come under fire over its dovish monetary policy in recent years, particularly its rock-bottom interest rates and asset purchases, which tend to have a devaluing effect on the dollar.
Conservatives have also decried Biden’s fiscal policies, particularly the American Rescue Act, which pumped $1.9 trillion in the economy beginning last spring.
“Here is the truth, we cannot spend our way to a balanced, healthy economy and continue adding to our $30 trillion national debt,” Manchin went on. “Getting inflation under control will require more aggressive action by a Federal Reserve that waited too long to act. It demands the Administration and Congress, Democrats and Republicans alike, support an all-the-above energy policy because that is the only way to bring down the high price of gas and energy while attacking climate change.”
He concluded, “The inflation number today is only the beginning unless we take immediate action to address the pain being felt across our nation. This is one problem facing the American people that one political party alone cannot fix. The American people cannot wait any longer.”
