In one of the most puzzling and idiotic moves ever made by this slapstick administration, Joe Biden is celebrating the recent inflation report, which was so bad, that the DOW crashed 1000 points. I don’t know who’s making these calls to engage in this incredible nonsensical messaging, but I hope they don’t stop because this is helping our side so much, it’s downright amazing. While Biden is celebrating this disaster, The New York Post reported that US inflation rose by a higher-than-expected 8.3% in August despite falling gasoline prices — adding pressure on the Federal Reserve as it decides whether to impose another super-size interest rate hike.
The August reading of the Labor Department’s Consumer Price Index, a closely watched measure of the costs of goods and services, rose 0.1% compared to July — surprising economists who had expected a slight month-over-month decline.
The higher-than-expected number was driven partly by stubbornly high prices for food and housing that continue to slam American households. Core inflation, which excludes volatile food and gas prices, rose 6.3% year-over-year — up sharply from the rate of 5.9% seen in June and July.
The CPI’s food index, meanwhile, surged 11.4%, its largest year-over-year increase since May 1979. Food prices were up 0.8% in the past month alone. Other household costs that rose included housing, medical care, new cars and home furnishings.
Both Fed Chair Jerome Powell and other top officials at the central bank have made clear that they plan to continue with rate hikes until inflation begins to meaningfully recede. Prices are still well above the 2% range for inflation that policymakers deem acceptable.
Here’s what Joe’s Handlers wrote in a wildly out-of-touch tweet: “Exactly four weeks ago, I signed the Inflation Reduction Act into law. So today, we’re celebrating. Tune in at 3 PM ET as I deliver remarks and welcome the leaders and advocates who made it happen to the People’s House.”
Notice how he doesn’t “explain” what he’s “celebrating,” right? There’s a reason for that.
This admin really thinks the American people are stupid, and that the internet doesn’t exist.
Exactly four weeks ago, I signed the Inflation Reduction Act into law.
So today, we're celebrating.
Tune in at 3 PM ET as I deliver remarks and welcome the leaders and advocates who made it happen to the People's House.
— President Biden (@POTUS) September 13, 2022
Look at this nightmare:
JUST IN – US stocks tumble on bad inflation data, outlook.
Nasdaq last down -4.04%, S&P -3.15%, Dow -2.62% pic.twitter.com/PFd6beCztR
— Disclose.tv (@disclosetv) September 13, 2022
Biden is depleting our strategic oil reserves to bring down gas prices, and that is artificially driving down the Consumer Price Index. I guess that’s what Biden is “celebrating.”
Nonfood and energy core showing strong inflation. This report is an absolute disaster.
But he’s hoping you’re too dumb to notice that, so Joe invited hippy James Taylor to the White House to play his guitar in celebration of this terrible inflation news.
No, I am not joking…
Biden's White House event celebrating the "Inflation Reduction Act" is beginning with a performance by James Taylor of "Fire and Rain" pic.twitter.com/CeVECkldOR
— Greg Price (@greg_price11) September 13, 2022
This is what Joe’s celebrating? Middle-class Americans can’t even buy a house.
🚨JUST IN: The average 30-year fixed mortgage rate jumps to 6.28%.
30 Year Fixed Mortgage Rates:
Jan 2021 — 2.65%
Sep 2022 — 6.28% pic.twitter.com/WeTJiXNSo2
— InteractivePolls (@IAPolls2022) September 13, 2022
Here’s what people are saying online:
“The president is celebrating reducing inflation while inflation is raging out of control. Even from a purely political perspective, this is bizarre.”
“How out of touch do you have to be to hold a celebration of raising taxes on Americans struggling to afford groceries and watching their wages decline so that people richer than them can buy electric vehicles?”
“Don’t check your 401K today. But if you do, blame Joe Biden”
“Let them eat cake” — Joe Biden, basically America is in a recession and Joe Biden is celebrating. Talk about Democrats being out of touch.”
“Biden’s White House celebration of a bill that will make inflation far worse while claiming it reduces inflation is basically the musicians putting the deck chairs out to play as the Titanic takes on water and prepares to sink into the abyss.”
Hold on to your hats, folks. Things are going to get even stupider as we get closer to the midterms.
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