Cringe Optics: Biden Takes Victory Lap During Economic Nosedive
Chanel Rion — OAN Chief White House Correspondent
UPDATED 10:27 AM PT – Tuesday, September 13, 2022
An optically difficult day for the White House – as the economy tanks at news of roaring inflation and a higher than expected CPI rate, Biden staffers assembled the President for a photo op taking the bow for his inflation reduction efforts.
The White House found itself stuck in a corner Tuesday. Having slated the day for “thousands of supporters” to stand in “celebration” of Biden’s efforts to fight inflation, the Consumer Price Index delivered a shocking blow.
August inflation rates surged against expectations bringing the average inflation rate – excluding food and energy – to 8.3%. This is double the core CPI forecast. But in spite of the evidence, the White House plowed forward, taking a victory lap:
With the Inflation Reduction Act, the American people won and the special interests lost.
Today, we celebrate its passage at the White House. pic.twitter.com/FQDRLkKK1m
— President Biden (@POTUS) September 13, 2022
Many economists – and in turn the White House – expected the August CPI numbers to actually go down due to the decline in oil and gas prices from the previous month. Gas is down nearly 10%. But Tuesday’s numbers proved not only was this drop in gas prices not enough to stave off economic woes – but the economy is deteriorating at a much faster rate than expected. The average American can’t keep up.
The typical American household now pays $460 MORE per month on the same goods and services they were paying for last year, according to the Wall Street Journal. That’s over $5500 more per year per household.
President Biden, ahead of his Inflation Reduction Act signing event at the White House, was forced to release a statement insisting his policies are taking America in the right direction despite the evidence:
Undergirding Biden’s insistence of “progress” in the US economy are three big narratives; real wages are up, gas is down, and inflation was not cause by Biden’s $1.9 Trillion spending bill.
But wages are not up: Average hourly pay, adjusted for inflation are down -2.8%.
A closer look at individual necessities only make the picture worse; Eggs are up nearly 40% since last year, food and basic costs are gobbling up any small gains being made in US salaries. The US economy has now suffered 17 consecutive months under Biden spending policies where inflation outpaced wage growth.
That basic costs for virtually everything are spiking significantly cancels out any good news on the gas front. While gas prices have gone down 10% in the last month, compared to this time last year, gas prices are still up a whopping 25% year over year. Utilities are up 33% since last year.
Even the head of Obama’s Council of Economic Advisors confronted the bad news bluntly: “CPI report not pretty.”
CPI report not pretty. Headline fine (0.1% CPI for Aug or a 1.4% annual rate in that month, with prices up 8.3% over the last year).
Problem is excluding volatile food and energy and was ugly (0.6% for Aug or a 7.0% annual rate).
Broad-based relief not coming. pic.twitter.com/WVODxYmrYm
— Jason Furman (@jasonfurman) September 13, 2022
And since the passage of Biden’s $1.9 Trillion spending bill, inflation has only been aggravated month after month contradicting the Biden position insisting inflation would only be temporary:
Happy 1 year anniversary of Biden lying about inflation only being “temporary.” pic.twitter.com/p4KZO9eDSx
— Tim Young (@TimRunsHisMouth) July 19, 2022
Just last month, Biden was mocked for claiming there was zero inflation – touting a slight decrease in inflation that has since been cancelled out.
Tuesday, Biden took to social media to encourage Americans to join him in celebrating his Inflation Reduction Act.
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
At the time of Biden’s tweet, the Nasdaq plunged by over 840 points into the red.
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