Saturday, September 17, 2022

White House Throws ‘inflation reduction’ Party with James Taylor as Stocks Crash Over Dismal 8.3% Rate; Pelosi had to beg a White House audience to applaud her gushing praise of Biden at his widely derided “inflation reduction” party

President Biden threw an “inflation reduction” party Tuesday — even as inflation hit a worse-than-expected 8.3%, the stock market tumbled and stubbornly high prices for food and housing continue to slam American households.
Biden, 79, had classic folk rocker James Taylor kick off the White House South Lawn bash with his 1970 hit “Fire and Rain” — a song reportedly about suicide and heroin addiction — to belatedly celebrate passage of his Inflation Reduction Act spending bill.
But Biden, who hailed the 74-year-old Taylor as “a voice that heals our soul and unites a nation,” failed to mention the market rout sparked by the dismal Labor Department’s Consumer Price Index released earlier Thursday.
The disappointing monthly report showed inflation continued to remain near record-high levels in August – despite a continued demand-driven decline in the cost of gasoline.
Cheaper gas was offset by steep 12-month jumps in the cost of food (up 13.5%), electricity (15.8%), rent (6.8%) and health insurance (24.3%).
The Dow Jones Industrial Average fell 4% Tuesday, or nearly 1,300 points — and CNN cut away from the presidential speech to focus on the dramatic stock stumble.
Still, Biden claimed to party guests that his recently passed spending bill would “help reduce inflation at the kitchen table” — plugging its nearly $400 billion in environmental spending, including tax credits of up to $7,500 to buy electric vehicles and subsidies for home energy efficiency, and roughly $64 billion to extend generous COVID-19-era Obamacare subsidies.
Republicans immediately attacked Biden as “out of touch” for hosting a celebration for the environmental and healthcare spending bill — noting that inflation remained at its highest level since the early 1980s.
“You can’t make it up: Hours after this terrible inflation report, the White House is hosting an ‘inflation reduction’ celebration,” Senate Minority Leader Mitch McConnell (R-Ky.) tweeted. “Democrats have spent our economy into disaster and now they’re partying while families pay. They could not look more out of touch if they tried.”
Pelosi BEGS for applause while praising Biden at WH party
Moments before the celebrations kicked off, White House press secretary Karine Jean-Pierre claimed inflation was “essentially flat” – and insisted it was OK for Biden to celebrate his spending bill.
“Overall, prices have been essentially flat in our country these last two months,” Jean-Pierre said at her regular briefing. “That is welcome news for American families with more work still to do.” --->READ MORE HERE
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