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'When will this end?' As Americans get soaked by skyrocketing inflation, Sen. Manchin says that 'inflation is a tax and ... these taxes on Americans are completely out of control'

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F. Carter Smith/Bloomberg via Getty Images

As Americans continue to get hammered by skyrocketing inflation, Democratic Sen. Joe Manchin of West Virginia noted that the Biden administration, the Federal Reserve, and elected officials have failed to adequately tackle the issue.

"Let me be clear, inflation is a tax and today’s historic inflation data tells another chilling story about how these taxes on Americans are completely out of control," Manchin said in a statement. "Hard earned wages and financial savings are disappearing faster every month as prices continue to climb, while the pain and frustration of spending more on everyday items lingers over us all, especially among those who can afford it the least."

The U.S. Bureau of Labor Statistics released consumer price index data on Tuesday noting that the all-items index had increased by 8.5% during a one-year period.

"When will this end? It is a disservice to the American people to act as if inflation is a new phenomenon. The Federal Reserve and the Administration failed to act fast enough, and today’s data is a snapshot in time of the consequences being felt across the country. Instead of acting boldly, our elected leaders and the Federal Reserve continue to respond with half-measures and rhetorical failures searching for where to lay the blame," Manchin declared in the statement.

The lawmaker noted that unless action is taken, the situation will grow much worse.

"The inflation number today is only the beginning unless we take immediate action to address the pain being felt across our nation. This is one problem facing the American people that one political party alone cannot fix," Manchin said.

"Here is the truth, we cannot spend our way to a balanced, healthy economy and continue adding to our $30 trillion national debt. Getting inflation under control will require more aggressive action by a Federal Reserve that waited too long to act. It demands the Administration and Congress, Democrats and Republicans alike, support an all-the-above energy policy because that is the only way to bring down the high price of gas and energy while attacking climate change," the senator said.

If soaring inflation persists, the issue could prove to be a significant political liability for Democrats heading into the 2022 midterm elections later this year.

But GOP Rep. Chip Roy of Texas noted that Republicans have also contributed to the problem: "The @SenateGOP & @HouseGOP jumping on the 'Biden Inflation' train because they see blood in the electoral waters are a little rich… given dumpster fire of GOP’s massive spending & authorization of big programs for decades now…," Roy tweeted.

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