WASHINGTON, D.C. — U.S. Senator Joe Manchin was fired up Thursday when the latest inflation figures were released. The inflation figure was the hottest in four decades at 7.5 percent. Manchin suggested he shouldn’t be alone in his concern.
“Everyone should be wound up. This is avoidable. This is self-inflicted. Now is not the time to be putting more fuel on the fire, let’s start putting the flames out,” Manchin said in a conversation on MetroNews Talkline.
The latest inflation numbers were released earlier today. @Sen_JoeManchin discusses these numbers and provides his thoughts on the numbers to @HoppyKercheval. WATCH: https://t.co/yCFQ3nDJuy pic.twitter.com/T2FP3Eiyzk
— MetroNews (@WVMetroNews) February 10, 2022
The Senator issued a statement on the matter when the figure was released:
My statement on consumer inflation rising to 7.5%, the largest 12 month increase in four decades: pic.twitter.com/67RizZR20u
— Senator Joe Manchin (@Sen_JoeManchin) February 10, 2022
“For months, I have been ringing the alarm bell about inflation. Once again, we are witnessing that the threat of inflation is real. There is not a corner of this nation where hard-working families are able to escape the noticeable impact of this “inflation tax”. Inflation taxes are draining the hard-earned wages of every American, and it’s causing real and severe economic pain that can no longer be ignored. It’s beyond time for the Federal Reserve to tackle this issue head on, and Congress and the Administration must proceed with caution before adding more fuel to an economy already on fire. As inflation and our $30 trillion in national debt continue a historic climb, only in Washington, DC do people seem to think that spending trillions more of taxpayers’ money will cure our problems, let alone inflation.
“We must get serious about the finances of our country. It’s time we start acting like stewards of our economy and the money the American people entrust their government with. Now, more than ever, we must remember it is not our money, it’s the American people’s money. It is not our economy, it’s their economy. We all have a responsibly to do all that is possible to roll back inflation and manage our debts because the longer we or the Federal Reserve waits to act, the more economic pain will be caused.”
During his Talkline appearance, Manchin expanded on his concern and said the Federal Reserve must act to get the situation under control quickly. He said it won’t be an easy decision, but ultimately it would require raising interest rates.
“It’s the only way they’ve ever been able to control it. If you don’t, it’s just going to continue to run. It’s the highest in 40 years and we’re not doing anything about it. We’re just sitting back and watching it,” Manchin told MetroNews.
Manchin said his concern isn’t new and was part of his concern when he could not support the Biden Administration’s Build Back Better plan. The additional burden the agenda promised to place on the national debt was more than Manchin believed the nation could afford.
“If you get behind the eight ball in debt, you’re going to make cowardly decisions. We’re getting to the point we’re not managing the debt of the nation. Make corrections now before it becomes too painful, which is everything I’ve been saying for the past year,”