Once again President Biden proved that he is out of touch with reality.
On Tuesday, Biden also displayed his lack of empathy for Americans dealing with the fallout from his destructive economic and cultural policies.
The unpopular, mentally struggling Commander in Chief, could not explain how the administration would deal with the unexpectedly high inflation numbers, as they triggered a sudden plunge in the stock market.
“I think we’re going to be fine,” Biden told reporters Tuesday night when asked about the disappointing data release earlier in the day.
The Dow Jones tumbled more than 1,200 points and the S&P 500 fell more than 4% on Tuesday after the disappointing August inflation report and Joe Biden is at the White House taking a victory lap.
The president spoke briefly to reporters after traveling to Delaware from the White House to vote in his home state’s primary election.
Biden dismissed the month-to-month overall inflation number as “one-tenth of 1 percent” from the previous month, even though grocery prices rose 0.7 percent in August, rent rose 0.7 percent, the cost of electricity rose 1.5 percent, and natural gas prices rose 3.5 percent. Inflation from the previous year is up 8.3 percent.
Main Staples In Americans Lives Were All Up
- The inflation rate in August was 8.3% – up from July.
- Grocery-food prices surged 13.5% from last year – the largest spike since 1979!
- Energy prices surged 15.8% – the most in over 40 years!
Economists, however, do not share Biden’s optimistic appraisal of the situation.
Former President Barack Obama administration economic adviser Jason Furman, now a Harvard professor, described the numbers as “extremely ugly” and Larry Summers, also a former adviser to Obama at Harvard said the United States had “a serious inflation problem.”
The median CPI, which excludes all the large changes in either direction and is better predicted by labor market slack, is out and is extremely ugly. A 9.2% annual rate in August, the single highest monthly print in their dataset which starts in 1983 (second highest was in June). pic.twitter.com/4W6XDLdJXA
— Jason Furman (@jasonfurman) September 13, 2022
Today’s CPI report confirms that the US has a serious inflation problem.
Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one.
— Lawrence H. Summers (@LHSummers) September 13, 2022
CNN Points Out How Ridiculous Joe Biden Looks For Taking a Victory Lap on Inflation While the Stock Market Tanks… Because of Inflation
CNN: "There is this unfortunate split screen right now with the Dow taking a total beating…it feels like it's hard to be celebratory for some people." pic.twitter.com/KOGbacKFhT
— RNC Research (@RNCResearch) September 13, 2022
PureTalk – Save Big Money On Your Cell Phone Bill (Use Promo”FLS” to get 50% off your first month)