President Joe Biden and leading Democrats including House Speaker Nancy Pelosi of California and Senate Majority Leader Chuck Schumer of New York are being ripped for what critics describe as a tone-deaf celebratory display at the White House on Tuesday.
Biden and Democrats gathered to toast the passage of the so-called “Inflation Reduction Act” on the same day the government reported that a key inflation measurement increased in August amid still-high generalized inflation.
The party-like atmosphere, which included a live performance by singer-songwriter James Taylor, also came amid a horrible day on Wall Street, as stocks tanked on the inflationary reports. While all major indices were down, the Dow Jones fell more than 1,200 points while “the S&P 500 dropped 4.32% to 3,932.69, and the Nasdaq Composite sank 5.16% to end the day at 11,633.57,” CNBC reported.
During remarks, Biden said the bill was the “single most important legislation passed in the Congress to combat inflation and one of the most significant laws in our nation’s history,” though several expert analyses have said the legislation will have little to no impact at all on inflation.
“We’re going to fight for environmental justice and create clean energy jobs and apprentices and front-line fence communities that have been smothered by the legacy of pollution,” Biden added.
The Daily Wire notes:
The Consumer Price Index (CPI) rose 8.3% between August 2021 and August 2022, according to a Tuesday report from the Bureau of Labor Statistics. Month-over-month prices for food, shelter, and medical services continued to tick upward, producing a 0.1% overall price increase from July. Economists had expected headline inflation to fall 0.1%. Prices for food at home — a category that includes grocery store or supermarket food purchases — increased 0.7% from the previous month. Meanwhile, prices for natural gas and electricity rose 3.5% and 1.5%, respectively.
After passing the Democrat-controlled House, the bill was rammed through the Senate via budget reconciliation, which requires a simple majority. Not one of the chamber’s 50 Republicans voted for it; all 48 Dems and the Senate’s two Independents who caucus with the party voted in favor, while Vice President Kamala Harris provided the tiebreaking ‘yea’ vote.
“Exactly four weeks ago today, I signed the Inflation Reduction Act into law, the single most important legislation passed in the [this] Congress to combat inflation and one of the most significant laws in our nation’s history, in my view,” Biden also said.
“I said it then and I’ll keep saying it: With this law, the American people won and special interest lost,” he said. “Say it again: The American people won and special interest lost.”
Critics, however, pushed back on the president and Democrats in general for the timing of their event.
“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.”
Axios senior political correspondent Josh Kraushaar added: “Not great timing to celebrate the ‘Inflation Reduction Act’ when inflation still a major problem and Dow down 1,000+.”
Not great timing to celebrate the “Inflation Reduction Act” when inflation still a major problem and Dow down 1,000+.
— Josh Kraushaar (@JoshKraushaar) September 13, 2022
“Joe Biden had a victory party at the White House today to celebrate the worst inflation in forty years and the worst day for the stock market since he became president. Biden’s not just the worst president of our lives, he’s also got the worst staff too,” conservative talk show host and Outkick founder Clay Travis added.
“I mean, just imagine letting this celebration happen on a day when inflation is announced at 8.3% & giving him the mic to talk while the stock market is down over 1200 points. The tone deafness here is next level incompetent. We know Biden has dementia so who decided to do this?” he noted further.
I mean, just imagine letting this celebration happen on a day when inflation is announced at 8.3% & giving him the mic to talk while the stock market is down over 1200 points. The tone deafness here is next level incompetent. We know Biden has dementia so who decided to do this?
— Clay Travis (@ClayTravis) September 13, 2022
“Will never be able to get over the image of Joe Biden speaking about how he singlehandedly beat inflation as the stock market tanks over 1,200 points on live television due to inflation. An all time moment in the history of American presidents,” digital strategist and commentator Greg Price wrote.
Will never be able to get over the image of Joe Biden speaking about how he singlehandedly beat inflation as the stock market tanks over 1,200 points on live television due to inflation.
An all time moment in the history of American presidents. pic.twitter.com/agULMywRSL
— Greg Price (@greg_price11) September 13, 2022
“The Biden White House is actually holding an ‘Inflation Reduction Act’ celebration on the same day that inflation went UP and the stock market crashed! What a clown act!” Buzz Patterson noted.
The Biden White House is actually holding an “Inflation Reduction Act” celebration on the same day that inflation went UP and the stock market crashed! What a clown act!🤣
— Buzz Patterson (@BuzzPatterson) September 13, 2022