Joe Manchin’s inflation worries are threatening Biden’s agenda, but we might have just p …

joe manchins inflation worries are threatening bidens agenda but we might have just passed the peak hysteria over runaway price hikes

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.

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