When the August inflation rate came out, the 8.3 percent was far worse than anticipated.
The stock market reflected this, dropping more than 1,200 points by the end of the day.
Yet, there was Joe Biden, having an inflation reduction party, with James Taylor kicking it off by singing “Fire and Rain.”
Out of Touch
The scene was truly surreal.
Joe Biden telling Americans to be happy about prices and that his economic plan is working while we are all watching our bank accounts go in the wrong direction.
Here is just one reaction on Twitter, but it nailed it…
Electricity ⬆️ 15.8%
Meat ⬆️ 8.8%
Eggs ⬆️ 39.8%
Baby food ⬆️12.6%
Fuel oil ⬆️68.8%
Gas ⬆️ 25.6%
The President: https://t.co/DvSwAdNv2v pic.twitter.com/CWf8lk3eVX
— Americans for Prosperity (@AFPhq) September 13, 2022
Senator McConnell (R-KY) chimed in, stating, “You can’t make it up: Hours after this terrible inflation report, the White House is hosting an ‘inflation reduction’ celebration.
“Democrats have spent our economy into disaster and now they’re partying while families pay. They could not look more out of touch if they tried.”
While Biden was partying with Taylor, the Bureau of Labor Statistics was literally ringing the panic bell.
It stated, “The food index continued to rise, increasing 0.8 percent over the month as the food at home index [groceries] rose 0.7 percent.
“The energy index fell 5.0 percent over the month as the gasoline index declined, but the electricity and natural gas indexes increased.
“The index for all items less food and energy [core inflation] rose 0.6 percent in August, a larger increase than in July.”
These people are delusional if they think we should be celebrating this.
I just had to redo my electric plan. Wanna guess what my new rate is? How about $0.18 kWh!
My original contract was less than half that!
Virtually every economic expert not paid by the White House agrees the Inflation Reduction Act, if anything, will worsen inflation, including Wharton Business School at the University of Pennsylvania.
I specifically mention that analysis because Joe Biden used to be on its payroll!
This administration is like a vaudeville act!
You can read the full report in the New York Post.