Old Uncle Joe saw some fairly extreme backlash on Tuesday evening in the wake of celebrating the passing of his so-called “Inflation Reduction Act,” which many experts on the topic claim will have almost zero impact at all on reducing inflation, while the most recent Consumer Price Index (CPI) highlighted that inflation levels climbed once again in August when compared to the same time last year and all while the stock market rapidly dropped once again.
Biden made the claim that the bill was the “single most important legislation passed in the Congress to combat inflation and one of the most significant laws in our nation’s history.”
“We’re going to fight for environmental justice and create clean energy jobs and apprentices and front-line fence communities that have been smothered by the legacy of pollution,” Biden expressed.
The Consumer Price Index (CPI) went up 8.3% between August 2021 and August 2022, as reported this past Tuesday by a release from the Bureau of Labor Statistics. the month-to-month prices for shelter, food, and medical services continued to climb, resulting in a roughly 0.1% overall price increase from levels seen in July. Various economists had expected headline inflation to drop by 0.1%. Prices for food at home — a label that seemingly includes supermarket or grocery store food purchases — went up by 0.7% from the previous month. ALl the while, prices for electricity and natural gas spiked by 1.5% and 3.5% respectively.
“Today’s CPI report confirms that the US has a serious inflation problem,” explained Democratic economist Larry Summers via a social media post. “Median inflation used to be a favorite indicator for team transitory. This month it was at its highest ever reading.”
Stocks dropped rapidly this past Tuesday evening in the wake of the horrendous inflation report, with the Dow Jones Industrial Average plummeting 1,276 points, almost 4%, as stated by CNBC, which went on to state, “The S&P 500 dropped 4.32% to 3,932.69, and the Nasdaq Composite sank 5.16% to end the day at 11,633.57.” It was the worst day in regard to the stock market since the start of the pandemic.
Biden found himself targeted by House Minority Leader Kevin McCarthy (R-CA) by comparing the vast number of economic realities that many people are dealing with to Biden celebrating.
“Your grocery bill has never been higher. Joe Biden is celebrating,” stated McCarthy. “Your paycheck is being reduced by inflation. Joe Biden is celebrating. You can’t afford a home, and your retirement is in the tank. Joe Biden is celebrating. Democrats have no plan to help you and your family.”
Your grocery bill has never been higher. Joe Biden is celebrating.
Your paycheck is being reduced by inflation. Joe Biden is celebrating.
You can’t afford a home, and your retirement is in the tank. Joe Biden is celebrating.
Democrats have no plan to help you and your family. pic.twitter.com/TsQfz4Y1re
— Kevin McCarthy (@SpeakerMcCarthy) September 13, 2022
“Will never be able to get over the image of Joe Biden speaking about how he singlehandedly beat inflation as the stock market tanks over 1,200 points on live television due to inflation,” stated Greg Price via social media. “An all time moment in the history of American presidents.”
Will never be able to get over the image of Joe Biden speaking about how he singlehandedly beat inflation as the stock market tanks over 1,200 points on live television due to inflation.
An all time moment in the history of American presidents. pic.twitter.com/agULMywRSL
— Greg Price (@greg_price11) September 13, 2022