Sumary of Joe Manchin’s inflation worries are threatening Biden’s agenda, but we might have just passed the peak hysteria over runaway price hikes:
- People have been worried about runaway inflation all summer, including Sen.
- Summer is almost over, and the latest economic data suggests that the season’s inflation mania is also reaching an end.
- Former Treasury Secretary Larry Summers kicked off the fears among the economic chattering class in March, calling Biden and the Fed’s approach the “least responsible” macroeconomic policy in 40 years – meaning even less responsible than the 2008 housing bubble that nearly brought down the world economy.
- As the US economy began reopening in late spring and early summer, inflation leaped higher.
- On the other side of the debate, beyond Summers, the powerful moderate Sen.
- Joe Manchin cited worries about runaway inflation in a Wall Street Journal op-ed explaining his trepidation around Democrats’ $3.5 trillion social spending proposal.
- Used cars and trucks have been one of the big drivers of inflation this year, with prices skyrocketing in the spring and early summer amid pandemic-caused supply shortages and a wave of new demand.
- Homebuyers have been facing an uphill battle all summer, with prices in many hot markets skyrocketing.