Joe Biden's inflation problem isn't going away anytyime soon

If Joe Biden wants tons of political problems, he's doing everything right at the moment. Wages are up but inflation is up even higher. Joe Manchin is threatening to dismantle Biden's legislative agenda over inflation and bad policy.

The key points from the October inflation report are:

  • The consumer price index surged 6.2% from a year ago in October, the most since December 1990.
  • Core inflation, stripping out food and energy, increased 4.6%, the fastest gain since August 1991.
  • Energy, shelter and vehicle costs led the gains, which more than wiped out the wage increases that workers received for the month.
On the political wrangling front, Joe Manchin is threatening to blow up the Build Back Better Bill if it ever makes it to the Senate:
Moderate Sen. Joe Manchin slammed President Biden on Wednesday for claiming the recent spike in prices on everyday goods is "transitory," saying Washington can "no longer ignore" the impact inflation is having on Americans.

And the West Virginia Democrat, a key vote for Biden, who needs all 50 of his party’s senators to support his $1.75 trillion social spending bill, argued that the threat is "real" and "getting worse."

"By all accounts, the threat posed by record inflation to the American people is not 'transitory' and is instead getting worse," Manchin tweeted, signaling he may call for additional changes in the bill. "From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day."

Inflation started negatively affecting people the day Biden took office. That's the day Biden's war on fossil fuels started. After that, higher gas prices started affecting other goods, especially groceries. Larry Kudlow's opening riff yesterday is a lesson worth listening to. Here it is:

Killing Biden's Build Back Better Bill is essential. Increasing US oil production is essential, too. If we have to shove this agenda down Biden's throat, so be it.

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