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Skyrocketing inflation and consumer costs are hurting President Joe Biden’s and Congressional Democrats’ hopes to pass another major spending bill through the reconciliation process.
The Department of Labor’s Bureau of Labor Statistics this week reported an 8.6% increase in wholesale prices over the past 12 months, the highest increase in years. The federal agency also said this week that the consumer price index, another key tracker of inflation, is rising at the fastest rate in decades.
These economic woes have serious political implications for Democrats.
West Virginia Democratic Sen. Joe Manchin pointed to the latest inflation data this week, saying, “D.C. can no longer ignore” the problem.
“By all accounts, the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse,” said Manchin. “From the grocery store to the gas pump, Americans know the inflation tax is real and D.C. can no longer ignore the economic pain Americans feel every day.”
Manchin is a key vote in the reconciliation process who has cited inflation as a reason to oppose Biden’s “Build Back Better” plan. Manchin’s agreement is key to the Democrats’ hopes of enacting the spending proposal. Republicans have also repeatedly pointed to inflation as a reason to oppose the plan, which does not have the same political support as the recently passed bipartisan infrastructure bill.
Democrats now have the tough job of selling an even larger federal spending bill to Americans amid rising inflation concerns. So far, they have argued more federal spending will actually help inflation, not hurt it.
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“The best way to address inflation is to pass a bill that creates jobs, reduces bottlenecks, and is totally paid for by making sure the wealthy pay their fair share,” Democratic Leader Sen. Chuck Schumer (D-N.Y.) said. “That’s just what we’re doing with the Build Back Better Act.”
Biden has made a similar point, arguing his legislation could address the problem.”Reversing this trend is a top priority,” Biden said. “My infrastructure bill will bring down costs by reducing bottlenecks and I urge Congress to pass my Build Back Better Act — which will ease inflationary pressures.”Critics, though, have pushed […]
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