Manchin pushed back against Biden inflation bomb

 Justin Haskins:

In holding up President Joe Biden’s “Build Back Better” (BBB) plan, West Virginia Democrat Sen. Joe Manchin has cited inflation as one of his foremost concerns about the bill, while Americans have watched November’s inflation numbers jump to the worst in nearly 40 years. Manchin says he worries BBB’s huge spending provisions could cause America’s already serious inflation problem to worsen substantially.

Manchin’s opposition to the act effectively destroys any hope of the bill passing in the near future in the evenly split U.S. Senate. The act is President Biden’s signature policy proposal, and it could prove to be congressional Democrats’ last chance of making good on their promise to impose “bold” reforms. Manchin’s decision to effectively end any hope of the BBB bill passing presents a massive setback for the White House and congressional leadership.

His fears about the bill and its effect on inflation are absolutely warranted.

The United States is now unquestionably facing an immense inflation crisis. In November, the consumer price index (CPI), a widely used measure of inflation that calculates price changes across a basket of goods and services, increased by 6.8 percent on a year over year basis. According to an analysis by CNBC, the CPI hasn’t increased that quickly since June 1982, nearly 40 years ago.

The producer price index, which measures prices charged by suppliers, increased by 9.6 percent in November 2021 compared to the previous year — the largest increase on record.
...

The cost of homes is also escalating and with that, the cost of property taxes will also rise significantly.  So local governments will likely benefit from inflation while homeowners and consumers will be poorer.  Democrats have not been able to persuasively explain how their big-spending programs will not add to inflation.

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