Dow Jones Down 1,200 Points as Biden Celebrates 'Inflation Reduction Act'

Biden fiddles while America gets burned.

Data released Tuesday defied predictions that inflation might take a tumble in August.

Instead, the consumer price index saw an increase of 8.3 percent, down slightly from an 8.5 percent increase in July. Prices rose when experts had been expecting a decline, according to the Washington Examiner.

“Inflation momentum accelerated in all the wrong places,” said Blerina Uruci, an economist at T. Rowe Price, according to The New York Times.

The Times noted that although gasoline and used car prices are falling, other sectors, such as new cars, dental care and vehicle repair, more than made up for those declines.

The bad news provoked a severe Wall Street reaction. The Dow Jones average dropped 1,276.37 points, according to CNBC, with some experts saying a severe recession might be ahead.

Any such pessimism was not felt at the White House.

President Joe Biden said in a statement that the report shows “more progress in bringing global inflation down in the US economy.”

On Tuesday, Biden also held a celebration of the so-called Inflation Reduction Act rammed through Congress by Democrats.

Biden used the event as a chance to attack Republicans, according to The Washington Post.

“Republicans choose not to join us,” Biden said. “In the end, every single Republican voted against this historic law. So it fell to the Democrats to meet this moment and deliver for the American people. And that’s exactly what we did.”

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Comments (23)

yep. i read the similar story.

we all know the bill IS NOT a reduction in any thing inflation related. it's just a huge government expansion bill. can't reduce anything economically negative, when you won't stop spending, regulating, and mandating.

so the markets, country, and people continue downhill.

thanks o'biden. things are sooo much better now that trump is out of office.

where are the sheep that were always bleating about lies and spreading hatred when things were doing good before?
This is how inflation is controlled. It has worked in the past, it will work again. PS: it's in the interest of the consumer - that is, yourself. Did you realise?
Any economist will tell you inflation is too much money chasing too few goods, and that is what is going on right now with Biden's reckless spending.
Exactly! So, what you need to do is to stop 'printing' money (read: injecting liquidity in the market). How do you do that? Raise interest rates since we don't print much money nowadays anymore. If you stop governmental spending, you don't only reduce liquidity but also demand, and that would cause a recession.
Your inflationary problems started in January 2020.
What happened to cause inflation to plunge from a healthy c. 2.35 parcent to a for too low c. 1.20 percent and to settle slightly higher for the year?
This coupled with low interest rates caused higher than normal CONSUMER spending. This was not sustainable.
Admittedly Biden possibly could have acted sooner, I don't know.
In summary y'all were overspending for too long.
Stuff was cheaper then and now it's not. The war is to blame for half of that.
Too much money chasing too few goods = Inflation.

Marxist Anti-MAGAs pass "Inflation Reduction Act" to Throw Money At The Problem.

Anti-MAGAs Par-Tay while stock markets tank.

crazy

cowboy
Items bein' hit hardest by current bout of inflation -
Rent, Food & Transportation.

Anti-MAGAs claim victory for people over special interests.

crazy

cowboy
rolling on the floor laughing rolling on the floor laughing rolling on the floor laughing apparently you have been asleep since Brandon's Inauguration!comfort
Anti-MAGAs promise 1/2 million charging stations for electric vehicles (EVs) -
But make no provision for increased generating/grid capacity to supply power to charging stations.

BTW -
A major household appliance such as a refrigerator uses the electrical equivalent of 1/2 - 1 horsepower (hp) -
An EV requires the equivalent of A HUNDRED up to push it down the highway.

1/2 million charging stations without anywhere near adequate generating/grid capacity = crazy

cowboy
Learn to read. It may benefit you in the future. rolling on the floor laughing
I must say that I too am finding it hard to understand what exactly you'd be laughing about. Is it possible that you are confused?
It's a bit murkier than that because of confidence and the choices we make. We can lose supply because of uncertainty and nerves and sometimes government spending can be the antidote to that. And then there's Japan that seems to experience almost no inflation because of government spending that channels the economy towards infrastructure and away from perming a dog. We don't want to go completely this way like Stalin's Soviet union but from where we are now saturated by dog perming a touch of primary economy wouldn't go amiss.
.eYe l0ve it ...teddybear ..when a new policy expert shows up & tells us what to do-- don't you ?

Covfefe time with agent Orange..
.a.) .this is CStepford Institute for jargon monoxide
.b) .. meaning; we have zero power over INFLATION..
.c. ) or the Fed. Reserve $ystem
.d.) .we only have power to kill our TV...
Echo. ) .and we always recommend this procedure
....to any & all would-be Experts.
Politicks of Time ) . minutemen
Noise made by people. ) Broadcast
TV set. ) .the Cramps.
and who gives a Puck about your Spitzfindikeiten?comfort
apparently the Spending-spree by Brandon with Money the USA doesn't have will bring a stable financial climate with Zero Inflation?rolling on the floor laughing comfort
You Lefties are so full of it,even your eyes are Brown!
The Republicans must be really struggling for credibility if they need your butt-quacking for backup, or maybe they're too polite to tell you to flake off.
As far as I'm concerned your derogatory remarks damage their image.
HOME » TECHNOLOGY NEWS
80% of all US dollars in existence were printed in the last 22 months (from $4 trillion in January 2020 to $20 trillion in October 2021
and who cares what you are concerned about!
So you think that Spending-spree by Biden and that insane Congress will have no repercussions in the Future?
..and what does that mean, you think?
Everyone seems to be lacking manners on here I'm thinking.
the actual intelligent thing to do would be for the o'biden MISadministration to step aside along with those demonrats in congress.

when you take a nations energy independence, open it's borders, close it's economy, and mandate experiments, you get what we have now. it's not enough, so they also add more taxes, regulation, and spending.

then lie to every one that's it's putin's fault as it is the current lack of leadership that has caused all of this and more.

how about that rail chain that's threatens more supply chain problems if they strike?

economics. it's what the demonrats have killed for dinner. always the people that suffer for it though. communism grows stronger in the u.s. now.
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Willy3411

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Retired old guy. Loves sports, music, and karaoke. Not shy about singing.Love to travel. Love to go to beaches and warm weather outdoor events. U.S. Air Force Veteran. I am here for the blogs. I am an amputee. My lower leg is gone.

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