Joe Biden has never been accused of being the smartest President ever to occupy the White House.
However, when he ran for the Oval Office in 2020, he was presented as a “man of the people,” who understood the wants and needs of the American people.
But now President Biden’s latest victory lap is demonstrating just how out of touch he truly is.
“Celebrate good times, come on . . .”
Last month, in a purely party-line vote, and needing the tie breaking vote of Vice President Kamala Harris, Democrats passed what they ironically named the “Inflation Reduction Act.”
The ironic part of the name is because most economists believe the policies and massive spending are more likely to increase inflation than to reduce it.
Donald Trump Jr. has more accurately dubbed the plan the “Inflation Corruption Act.”
Many Democrat incumbents are even running on it as part of their re-election strategy.
The Inflation Reduction Act includes the largest investment we’ve ever made in climate.
It requires Medicare to negotiate drug prices to lower costs.
It will make health care more affordable.
I'm incredibly excited about what this bill means for our country. pic.twitter.com/sAQx0hNPJj
— Michael Bennet (@SenatorBennet) August 4, 2022
Notice the one thing Bennet doesn’t claim the bill will do – reduce inflation.
Meanwhile, President Joe Biden has been on a victory tour touting the passage as a huge accomplishment.
A little more than a month after the passage of the bill, President Biden even threw a soiree at the White House celebrating his latest Big Government boondoggle.
But now economic news is raining on Biden’s parade.
Bidenflation continues to rise
As the President celebrates his so-called “Inflation Reduction Act,” the Bureau of Labor Statistics has released the latest inflation numbers, and they’re not good – in fact, they’re worse than expected.
In the month since Biden’s principle piece of legislation passed, inflation actually increased a tenth of a percent.
The 12-month rolling average for inflation is now up 8.3%.
Fifty-six percent of Americans say President Joe Biden’s 40-year-high inflation has caused them hardship, up from 49 percent in January and 45 percent in November, a Gallup poll found this week. https://t.co/5axxAh8o9s
— Breitbart News (@BreitbartNews) September 10, 2022
While Biden parties with his fellow Democrats and hand-selected guests, American workers continue to pay the price for his administration’s failed policies.
The fact is, on the heels of the inflation news, and while President Biden was playing with streamers at the White House, the Dow dropped nearly 1,300 points, Tuesday.
At the same time, the Nasdaq had its worst day in about two and a half years, plummeting 5%.
And the S&P 500 dropped 4%.
The drop came because traders had expected a dip in inflation, not a rise.
However, the price of food, energy, and other goods and services just continues to climb.
According to numbers from the Bureau of Labor Statistics, grocery prices rose 0.7% from July and 13.5% the previous year.
Meanwhile, restaurant prices in August are up almost one full percent from 0.9 percent from the month before.
Health insurance shot up 2.4% in a month and is now up 24.3% over the course of the year.
Since July, electricity prices have increased 1.5% percent and spiked 3.5%.
But Biden is responding to these numbers by celebrating.
“The American people should have confidence that we’re on the right track,” President Biden said. “That we’re seeing real progress.”
American families are seeing real progress, a consistent progression of higher prices under the Biden Administration.
