He announced that Americans deserved to understand “the truth” of what fueled a staggering 8.5 percent inflation rate in March from the year before-- a price hike he likened to a new “tax.” “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,” the moderate Democrat announced.
“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.”
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The new data reveal Americans are being hit hardest at the pump, with the price of gasoline increasing by 49 percent. Its part of a global trend of rising fuel costs after Russia’s attack on Ukraine plunged the global energy supply chain into chaos.
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Tuesday’s inflation report is the first to capture Vladimir Putin’s impact on the U.S. economy after he directed his brutal invasion on February 24. President Joe Biden frequently points out the Russian autocrat’s position in Americans’ financial hardship, calling it “Putin's price hike.”
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Manchin seems to allude to the blame-shifting in his announcement, insisting it is “a disservice to the American people to act as if inflation is a new phenomenon.”
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He takes aim at the Federal Reserve, who he blamed along with the White House for not acting decisively enough to fight increasing costs of groceries and housing that have outpaced record increases in wages and job growth.
“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,” Manchin announced. “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.”
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“The American people deserve the truth about why record inflation is happening and what must be done to control it.” He went on, “Here is the truth, we cannot spend our way to a balanced, healthy economy and continue adding to our $30 trillion national debt.”
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And to tackle the so-called “Putin price hike,” Manchin reiterated his calls for a new tax credit for clean energy manufacturing, what he’s called an ‘all-of-the-above’ energy policy.” The southern Democrat, whose family owns a coal business in his home state of West Virginia, claimed that such incentives would help spur the shift from fossil fuels to green energy.
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