‘Inflation tax’ prediction proving true

Sen. Joe Manchin, D-W.Va., has been stalwart in his concerns over inflation and Democrats’ desire to spend trillions to fund new social programs:

“An overheating economy has imposed a costly ‘inflation tax’ on every middle- and working-class American.

At $28.7 trillion and growing, the nation’s debt has reached record levels,” Manchin wrote in a commentary published in the Wall Street Journal. “Over the past 18 months, we’ve spent more than $5 trillion responding to the coronavirus pandemic. Now Democratic congressional leaders propose to pass the largest single spending bill in history with no regard to rising inflation, crippling debt or the inevitability of future crises. Ignoring the fiscal consequences of our policy choices will create a disastrous future for the next generation of Americans.”

He’s absolutely right on all points. We’re seeing the result of higher prices and supply-side pressures right now: gasoline prices are up; store shelves are bare; winter home heating fuels have dramatically increased in price. At the end of September, inflation was up 5.4% from September 2020, according to the U.S. Bureau of Labor Statistics. That’s impacting every American.

And yet lawmakers in Washington continue to push an additional $3.5 trillion in spending?

Continue to hold the line, Sen. Manchin.


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