Two West Virginia U.S. senators expressed their disappointment over another increase in the rate of inflation while one senator is continuing to revive parts of President Joe Biden’s failed Social budget in a manner that will both help pay for Democratic wishes list items and combat inflation.
Manchin and Capito speak out on inflation
Based on the U.S. Bureau of Labor Statistics The Consumer Price Index rose from 8.6 in May to 9.1 In June, it was 9.1 percent – the highest inflation rate in the last year. The 9.1 percent CPI is a result of the rise in the cost of gasoline, rent, and food items. The prices between June and May increased by 1.3 percent compared to a 1% increase during April to May.
When she spoke to reporters on Wednesday afternoon in a virtual briefing in the Capitol Hill office, U.S. Sen. Shelley Moore Capito, R-W.Va. she put the blame at Biden’s feet. Biden and said that the constant increase in inflation was affecting West Virginia families. Capito highlighted her support for the $1.9 trillion American Rescue Plan Act pushed by Biden in the spring of 2021.
The administration has been very naive in attempting to reduce some of the excessive rate of inflation.” Capito said. “The tax analysis that is a joint effort of the inflationary data shows that the plan to rescue the economy that was overwhelmingly approved by one side in March last year has contributed a few points to the factors that cause inflation … The market is flooded with cash.”
Capito claimed that Capito said that the CPI number is above the estimated figure of 8.8 percent that economists had expected for the rate of inflation in June. Capito added that the rate of inflation was higher in rural areas of the country, including Appalachia.
“I lived through the beginning of the 1980s when the numbers of inflation were in the sky and it was miserable,” Capito said. “Your income isn’t that great. It is essential to be attentive to your expenditure to ensure that you’re staying within the boundaries of the money you earn. It’s a lot difficult to accomplish the things that are essential such as heating your home or cooling your home and buying food items.
U.S. Sen. Joe Manchin, D-W.Va., is a frequent criticism of inflation, and has cited this as the reason why he did not agree with the Biden administration’s $1.75 trillion Build Back Better social spending plan in December. In a statement issued on Wednesday, Manchin said the Biden administration should stop any policies that can lead to more inflation.
“Today’s inflation figures illustrate how families across the nation are experiencing as prices continue to increase at a historical rate. 9.1 percent is a reason for concern,” Manchin said. “For longer than one year, the leaders in Washington have not addressed the serious concerns I have raised with others regarding the increasing cost of inflation.
Manchin is currently in talks in talks with Senate Minority Chairman Chuck Schumer, D-N.Y. in exchange for a limited set of social spending programs that include prescription drug pricing reform as well as the prolongation to Affordable Care Act subsidies, funds for investment in energy production and corporate tax rate hikes. Manchin believes that the agreement he’s working on will lower the amount of inflation.
“While Washington seems to now recognize this fact and is now the time to come together to bring excessive spending in check, create more energy at home , and adopt more proactive and decisive actions to tackle this unprecedented inflation that is now an immediate threat for our economic stability,” Manchin said. “No whatever spending goals individuals members of Congress might have, it’s clear to anyone who walks into an upscale grocery store or petrol station, that we can’t contribute any more fuel to this fire of inflation.”
In an interview with Politico later on Wednesday, Manchin said he would clean up the bill being worked on to make sure that each item is covered and doesn’t cause inflation problems. Senate Democratic leadership is hoping to have a bill in place by the end of August using the budget reconciliation process in order to avoid the requirement of 60 votes to prevent a filibuster from Republicans.
I am extremely prudent, and I’m determined to have the fullest input in scrubbing all humanly feasible things that could be considered to be inflamatory,” Manchin said.
Capito was less sceptical about the plan in its current form as now known, as the general details are constantly changing the plan, calling it an “reckless spending and tax-spending expenditure.”
“Now there are in Capitol Hill the Democrats and their leaders again discussing investing another trillion dollars, and also putting more money in once we are aware of the impact that will produce,” Capito said.
“I believe it’s pretty obvious — absolutely clear the flood of cash and the spending spree, particularly the rescue plan, harmed our recovery from the pandemic, and led us to this level of inflation, along with other causes,” Capito continued. “I cannot for my life imagine the way they could come back and say that we’re planning to spend more trillions of dollars … I’m not sure you could talk about increasing taxes on small-sized businesses and that’s what will finance some of these ideas.