The U.S. Bureau of Labor Statistics (BLS) reports that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in January on a seasonally adjusted basis. Over the last 12 months, the all items index increased 7.5 percent. That’s a 40-year high.
I’ll take the BLS’ word over my impressions. However, I feel like the prices I’m paying have risen more than 7.5 percent in just six months. I suppose that’s a function of what’s happening with food and energy prices.
Most importantly, I bet if you asked Americans how much the cost of living increased over the last 12 months, the vast majority would give an answer in double digits.
But even the 7.5 percent is too much. Wages increases aren’t matching it.
Accordingly, Sen. Joe Manchin issued a statement decrying the rate of inflation. He said:
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.
Manchin also included this pointed comment:
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.
“Build Back Better” in any incarnation might well be on life support by now.