Even CNN sees the writing on the wall.
The left-wing network abruptly cut away from President Joe Biden’s Inflation Reduction Act party Tuesday for an impromptu fact-check of sorts.
“OK, you’re listening there to President Biden at the White House. He’s celebrating the passage of the Inflation Reduction Act. He says that he’s been fighting big pharma for decades,” CNN host Alisyn Camerota said.
“But there is this unfortunate split screen right now with the Dow taking a total beating down more than 1,200 and so feels like it’s hard to be celebratory for some people in the crowd,” she added.
Her co-host, Victor Blackwell, then cut in to offer more pushback.
“Yes, this is the day on which the White House celebrates the Inflation Reduction Act when we get a new report that shows that inflation is still especially high,” he said.
“And what we are seeing on Wall Street is reaction to that, anticipating what’s coming from the Fed. The decision that will come on whether to increase — or likely they will increase, but by how much — the interest rates. Another half point or three-quarters of a point. We’ll have to see in just a few days,” Blackwell added.
The stock market crashed after the latest inflation numbers dropped:
Brutal numbers ahead of Biden and Democrats’ “celebration” today:
📈August CPI soars by 8.3%
📈Grocery prices up 13.5%
📈Core consumer prices rose by 6.3%
📉Real average hourly earnings fell 2.8%
1⃣7⃣ Months in a row under Biden in which inflation has outpaced wages
— Emma Vaughn (@em__vaughn) September 13, 2022
“The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.3% in August from a year ago. Prices climbed 0.1% in the one-month period from July,” Fox Business Network reported.
“Those figures were both higher than the 8.1% headline figure and 0.1% monthly decline forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign. Stock futures tanked on the surprisingly hot report.”
Despite the devastating news, the president chose to continue with a scheduled party to celebrate the so-called Inflation Reduction Act.
“Exactly four weeks ago today, I signed the Inflation Reduction Act into law, the single most important legislation passed in the [this] Congress to combat inflation and one of the most significant laws in our nation’s history, in my view,” he said during the party.
“I said it then and I’ll keep saying it: With this law, the American people won and special interest lost. Say it again: The American people won and special interest lost,” the president obliviously added.
It’s not clear what the American people “won” besides more inflation, lower stock prices, and emptier 401k accounts.
The president’s decision to continue with his scheduled party attracted widespread criticism:
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
The stock market is presently down a thousand points after inflation hit 8.3%, much worse than expected. And Joe Biden is having a celebration at the White House to praise his administration’s response to inflation. You can’t even make this up. It’s tone deaf insanity.
— Clay Travis (@ClayTravis) September 13, 2022
Today inflation SKYROCKETED to 8.3%, and Biden is having a CELEBRATION at the White House for the so-called “Inflation Reduction Act.” Americans are being CRUSHED, and this White House is throwing a party. These people don’t care about you. They HATE working Americans!!
— Ronny Jackson (@RonnyJacksonTX) September 13, 2022
Only the Biden administration would celebrate 8.3% inflation as a win.
— Sen. Marsha Blackburn (@MarshaBlackburn) September 13, 2022
Some of the criticism came from Fox News’ “Jesse Watters Primetime,” where eponymous host Jesse Watters tore into the president for effectively punching Americans in the gut.
“Biden just punched you in the stomach. Where is your thank you? The average guy who is about to retire just lost $14,000 in the stock market today. That’s on top of all the other costs he’s getting slaughtered with,” he said.
“America lost and Joe Biden took a victory lap. Is this just poor planning or is this all going according to plan? The sham party is just another cover-up. His entire presidency is a cover-up built on lies.”
This biggest lie is that the Inflation Reduction Act does anything about inflation. If anything, it’s poised to make it significantly worse, according to 230 economists.
In a letter sent to Congress early last month before the bill had passed through the legislative body, the 230 economists said the “inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate,” as reported by Fox Business Network.
In other words, it’ll increase inflation.
“A few of the notable signers include Nobel laureate Vernon Smith, former Chair of the Council of Economic Advisers Kevin Hassett, former Director of the Office of Management and Budget Jim Miller and Robert Heller, former president of the Federal Reserve Board 1986-1989,” FBN noted at the time.
“In addition, professors from the University of Chicago, Princeton University, Duke University, the University of Virginia, Columbia University and the University of Notre Dame, among others, were listed on the letter dated Aug. 3.”
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