Stagflation is here. Inflation notched a fresh 40-year high of 9.1 percent in June, and the economy shrank in the first and second quarters of the year.
Yet Sen. Joe Manchin, D-W.Va., and Senate Majority Leader Chuck Schumer, D-N.Y., are charging forward with a plan to slap businesses and individuals with more taxes. While there’s no good time to raise taxes, doing so in a down economy would be especially counterproductive.
This is a disappointing flip-flop from Manchin, who only a couple weeks ago shot down the idea of raising taxes on Americans without seeing data that shows inflation on the wane.
