the house ways and means committee is joining us now. great to see you, sir. it s been awhile. it has. sandra: interesting observations from senator manchin. this is real, this is harming people and the ultimate tax. he s pleading with the president to do something. democratic senator joe manchin says you have to do something now. especially politically speaking, we re in a mid-term election year and there will be consequences. at this point, joe manchin is doing his share to try to stop inflation. as you know, neil laid out the cost estimates. because of inflation this year and more americans are getting pushed into higher tax brackets because of wages going up. together,er higher prices and higher costs cost an average family almost $5,000 last year. that s a huge amount and that hits senator manchin s folks, families even worse. what worries me is i do think
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shifting the language about fighting inflation to lowering costs for hard working families and kitchen table costs. that s what this is, right? fighting inflation is can go over people s heads. when they look at receipts at the store and see how much more they re paying today versus last month versus last year, that as i keep saying is real tangible stuff for the americans. mid-terms, the big question, lee, where is inflation going to come election day? that s the big question. larry kudlow suggested to me that it s going to there s no end in sight and it will keep going up. 55% of ceos say that it will continues into next year. the american people feel like there s no end in sight either. the people s attitudes right now, they re hunkering down, they re concerned. we re seeing housing prices
d.c. on covid relief and that big infrastructure bill. inflation is costing americans $250 a month and that was before today s hotter than expected report wiping out any pay raises and forcing some shoppers to cut back. i m seeing higher prices in the basic things like bread, milk and yogurt. we have to be careful on what we buy. it s painful. maybe i reduce in some areas but not the wine and the fresh fro deuce. a lot of suppliers are shorting us on 10 to 20% of our orders. we re talking hundreds of cases that we re not getting. staple items. distilled water, cereal. things that are always on the shelf that we can t get lately. this morning at the white house, president biden was sympathetic and he promised
time. sandra: you name it, chances are you re paying more for it. from gasoline and heating fuel to every day items. americans are dealing with run-away inflation with no end in sight. those inflation fears hitting stocks. the dow diving 526 points. i m sandra smith in for neil cavuto. this is your world. claudia cowan is at a supermarket in california where shoppers are not mincing words. hello, claudia. good afternoon as well, sandra. consumers are seeing higher prices. but not only that, lower inventory at markets like this in marin county, san francisco. inflation soared the past year to a new 40-year high. the labor department says consumer prices as you mentioned jumping 7.5% last month compared to january of 2021. the steepest year over year increase since february of 1982. fueled by shortages of supplies and workers, low interest rates and robust consumer spending and more spending out of washington