Joe Manchin tells the truth about inflation
Sen. Joe Manchin (D-W.Va.) is a rare breed of politician in today's day and age. Not only does he routinely challenge the Democrat party orthodoxy on a variety of issues, but when push comes to shove, he has proved willing to oppose legislation he deems misguided, such as President Biden's signature Build Back Better bill.
On top of that, Manchin is unafraid to call the president to task when he feels that Biden is being less than forthright with the American people.
On April 12, Manchin displayed his nonconformist side yet again, when he released an eviscerating statement on the out-of-control inflation wreaking havoc upon the American economy.
Manchin began by stating the obvious. "Let me be clear: inflation is a tax, and today's historic inflation data tells another chilling story about how these taxes on Americans are 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."
So it seems that Manchin does not agree with Ron Klain, Biden's chief of staff, who had the audacity to label inflation a "high class problem." On the contrary, Manchin understands that inflation disproportionately harms working-class Americans, something the White House does not grasp or is reluctant to admit.
When it comes to assessing blame for the sky-high inflation that worsens every month, despite the president and many others telling us it was "transitory," Manchin again did not mince words.
According to Manchin, "[i]t 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."
On this, Manchin hit the nail on the head. For many months, the White House has tried to blame the ever-worsening inflation occurring under Biden's watch on everything and everybody except for Biden's policies.
Yet, as Manchin rightly points out, the Biden administration and Federal Reserve bureaucrats ought to take a look in the mirror before casting stones. After all, it was Biden who chose to take a wrecking ball to a thriving American energy industry when he entered the Oval Office, causing gas prices to spike. And it was Biden who signed the $1.9-trillion American Rescue Plan along with the $1.1-trillion "infrastructure" bill, despite having no means to pay for these monstrosities.
Lastly, and perhaps most importantly, Manchin concluded his statement with a blueprint to tackle Biden's runaway inflation.
Per Manchin, "[w]e cannot spend our way to a balanced, healthy economy and continue adding to our $30 trillion national debt. 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."
Manchin's commonsense approach to rid the economy of inflation might not be popular in Washington, D.C., but it is exactly in line with what the American people desire.
As several recent polls show, the overwhelming majority of Americans want President Biden to increase American energy production.
At this point, it is crystal clear that Biden's policies are the main drivers of the worst bout of inflation Americans have experienced in more than 40 years. However, unless and until the Biden administration takes responsibility for its role in the inflation mess, it is highly unlikely the problem will be solved anytime soon.
Chris Talgo (ctalgo@heartland.org) is senior editor at The Heartland Institute.
Image: Ava Lowery.