Despite being Biden’s cheerleading media house, even CNN thought Tuesday’s “Inflation Reduction” celebration was a travesty.
President Biden was ridiculed Tuesday for celebrating the “reduction” of inflation, on the very day inflation hit a new high, while the markets crashed. A CNN report also took to mock the poorly timed celebration at a time at which the American economy is crashing.
The White House on Tuesday celebrated the passage of a $740 billion spending bill absurdly named the “Inflation Reduction Act”, even though it does nothing to reduce inflation. Ironically, the party came just hours after a disappointing August inflation report, showing new record-breaking numbers.
In response, A CNN anchor said: “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.”
“Today’s CPI report confirms that the US has a serious inflation problem,” economist Larry Summers, a Democrat, tweeted. “Median inflation used to be a favorite indicator for team transitory. This month it was at its highest ever reading.”
According to the report, inflation in August was 8.3% – up from July. Wages are down 2.8% 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.
The Dow Jones plummeted more than 1,200 points and S&P 500 dropped more than 4%.
Apart from CNN, several other economic experts mocked the celebration and laid down the statistic on Twitter.