United States President Joe Biden continues to struggle against rising inflation nationwide, calling the issue "worrisome" but claiming that it will be short-lived after the Democrat highlighted the effect of his infrastructure bill on supply chains.
In his statements, Biden acknowledged the growing concern among Americans regarding rising prices in the United States. The announcement was made hours after it was revealed that consumer prices in the nation were surging more than they have in the last 30 years.
Rising inflation in the US
For a long time, the United States federal government has tried to downplay national concern for rising inflation amid slow economic recovery. However, Biden's administration has recently acknowledged that rising consumer prices were "one of the most pressing economic concerns of the American people, and it's real."
During his address, President Biden said that his administration prioritized inflation and tried to get the prices down. The Democratic leader added that he wanted to make sure that stores nationwide were fully stocked and that more citizens were going back to work as the nation continues to recover from the pandemic's economic devastation, CNN reported.
However, West Virginia's Sen. Joe Manchin criticized Biden's administration for its arguments on the rising inflation in the country and saying that it is only temporary. The official's comments have cast doubt over the federal government's passage of the social-spending plan.
The Bureau of Labor Statistics released a news report that revealed inflation worsened last month, mainly due to supply-chain issues that contributed to rising prices overall. However, the bulk of the effects were among fuel oil, gas, and utilities.
Manchin said that, in contrast to Biden's statements, inflation was "getting worse" and argued in a Twitter post that the effects of the issue are not "transitory." The West Virginia senator said that the White House could no longer ignore the economic devastation that Americans are feeling every single day, Business Insider reported.
Opposition to the Social-Spending plan
Since the summer, Manchin had warned about the issue of rising inflation, echoing a GOP perspective against Biden's spending plans. The situation could give the West Virginia senator a stronger hold on his opposition to the $1.75 trillion social-spending plan.
In a statement, Manchin said they had to be very careful with the situation and tackle inflation. During an interview last week, he said that he had already been in contact with West Virginia residents concerned about the rising prices for grocery and fuel.
Due to resistance from the West Virginia senator, Congressional Democrats are struggling to get the spending package to Biden's desk. Officials require near unanimity in both the House and Senate to pass the $1.75 trillion package. The social-spending plan includes a one-year extension of the advanced child tax credit that helps parents pay for necessities. The package also addresses federal drug-price controls and measures to provide families with subsidies to afford childcare.
Additionally, many experts argued that the Democrats' plan spread over ten years would not contribute to inflation significantly in the long term. Democrats are also planning to fully pay for the massive bill using tax hikes on the wealthiest Americans, Yahoo News reported.
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