Why Won’t Sen. Manchin Wait Just Four Days For The July Inflation Numbers He Said He Needed To See?
Less Than A Month Ago, Sen. Joe Manchin (D-WV) Asked, ‘Can We Just Wait Until The Inflation Figures Come Out In July?’ Yet He’s Poised To Join Every Other Democrat To Rush Ahead With Their Reckless Taxing And Spending Spree Before The July Inflation Report Arrives On August 10th
Sen. Manchin Asked ‘Can We Just Wait Until The Inflation Figures Come Out In July?,’ ‘So We Know That We’re Going Down The Path That Won’t Be Inflammatory To Add More To Inflation,’ ‘I Want To Make Sure That We’re Not Harming Our Economy… And This July Figures Will Tell Us If We’re On Track’
SEN. JOE MANCHIN (D-WV): “I said, Chuck until we see the July inflation figures. Until we see the July, basically, Federal Reserve rates, interest rates, then let’s wait until that comes out so we know that we’re going down the path that won’t be inflammatory to add more to inflation. Inflation is absolutely killing many, many people. They can’t buy gasoline, they have a hard time buying groceries, everything they buy and consume for their daily lives is a hardship to ‘em. And can’t we wait to make sure that we do nothing to add to that? And I can’t make that decision on basically on taxes of any type and also on the energy and climate because it takes the taxes to pay for the investment in the clean technology that I’m in favor of. But I’m not going to do something and overreach that causes more problems.” (MetroNews’ “Talkline with Hoppy Kercheval,” 7/15/2022)
- MANCHIN: “So I’m asking every expert that has the knowledge for that, and I said Chuck, can we just wait until the inflation figures come out in July? Until basically the Fed rate, the Reserve, are they going to raise interest? How much more and how much damaging is that going to be? And then make a decision what we can do and how much we can do.” (MetroNews’ “Talkline with Hoppy Kercheval,” 7/15/2022)
- MANCHIN: “But with that, I want to make sure that we’re not harming our economy with some of those people that they’re going say well to change this tax code and put that minimum even though that we have earned the discounts because of our investments, the money we’re putting back, we’re hiring, we’re building. I want to make sure that we haven’t disrupted that. That’s all. We’re looking at everything Hoppy. I’m not throwing caution to the wind. I want to make sure and this July figures will tell us if we’re on track to do what we need to do or we have to adjust it, that’s all.” (MetroNews’ “Talkline with Hoppy Kercheval,” 7/15/2022)
The Bureau Of Labor Statistics Will Release The July Consumer Price Index Report On Wednesday, August 10th
(Bureau of Labor Statistics, Accessed 8/05/2022)
The Penn Wharton Budget Model, Manchin’s Preferred Economic Experts, Estimated That His Bill Would Increase Inflation While Inflation Is Currently High And ‘Likely Won’t Reduce Inflation At All’
PENN WHARTON BUDGET MODEL: “We estimate that the Inflation Reduction Act will produce a very small increase in inflation for the first few years, up to 0.05 percent points in 2024. We estimate a 0.25 percentage point fall in the PCE price index by the late 2020s. These point estimates, however, are not statistically different than zero, thereby indicating a very low level of confidence that the legislation will have any impact on inflation.” (“Inflation Reduction Act: Preliminary Estimates Of Budgetary And Macroeconomic Effects,” Penn Wharton Budget Model, 7/29/2022)
- “The Inflation Reduction Act of 2022, the breakthrough US legislative deal on key parts of President Joe Biden’s agenda, likely won’t reduce inflation at all, according to a study. And that’s coming from researchers influential with the senator whose vote was crucial to sealing the deal, Joe Manchin of West Virginia. The study, from the Penn Wharton Budget Model, estimates the act would cause inflation to ‘very slightly’ rise until 2024 then slide after that. Overall, the researchers said in the report Friday, there’s ‘low confidence that the legislation will have any impact on inflation.’” (“‘Inflation Reduction Act’ Has Little Inflation Help, UPenn Study Says,” Bloomberg, 7/29/2022)
“The Biden administration’s economic team has a new, wonky enemy: The Penn Wharton Budget Model (PWBM). The model, an initiative of the University of Pennsylvania, has emerged as a surprise complication for the passage of Biden’s $1.75 trillion reconciliation bill. In the process, it has drawn the ire of top White House officials. That’s because while there are many economic analyses of the bill out there, the PWBM has proven influential with one particularly important audience: Sen. JOE MANCHIN (D-W.Va.), who takes its findings seriously, according to people familiar with the matter.” (“The Wharton Wonks Giving The White House Fits,” Politico’s West Wing Playbook, 11/09/2021)
###
SENATE REPUBLICAN COMMUNICATIONS CENTER
Related Issues: Inflation, Economy, Senate Democrats, Democrats' Reckless Taxing And Spending Spree
Next Previous
