Manchin Says Inflation ‘Not Transitory’, Cannot Ignore ‘Pain’ Felt By Americans

Manchin Says Inflation ‘Not Transitory’, Cannot Ignore ‘Pain’ Felt By Americans

Moderate Democratic Senator Joe Manchin of West Virginia said on Wednesday that the inflation we’re seeing right now is not transitory, and “is instead getting worse.”

“By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse,” he tweeted, adding:

“From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.”

By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse. From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.

— Senator Joe Manchin (@Sen_JoeManchin) November 10, 2021

Manchin’s comment comes after US consumer prices soaring 6.2% in October – outpacing the 5.9% expected YoY, which is a sharp acceleration from September’s 5.4% YoY and the highest print since June 1982.

And most importantly, wage increases are NOT keeping pace with the soaring cost of living (real waged growth is negative)…

Of particular note, no matter how much the establishment, the media, and the academics declare this burst of inflation is “transitory”, the real-world impact of unprecedented monetary and fiscal intervention has very real impacts on the ‘average joe’:

As Mohamed El-Erian exclaimed in a tweet this morning…“‘Transitory’-downplaying of inflation is ending up being a real issue, economic and socio-political…”

Again, #inflation is significantly hotter than median forecast
Month-on-month, US CPI rose 0.9%, compared to 0.6% consensus expectation. Takes the annual measure to a stunning 6.2%.
“Transitory” downplaying of inflation is ending up being a real issue,economic and socio-political

— Mohamed A. El-Erian (@elerianm) November 10, 2021

And Biden knows it!!

Tyler Durden
Wed, 11/10/2021 – 10:00

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