[Spiking the football...] White House throws 'inflation reduction' party with James Taylor as stocks crash over dismal 8.3% rate

[Leroy N. Soetoro]

https://nypost.com/2022/09/13/gop-slams-biden-for-out-of-touch-inflation-
celebration/

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.”

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.”

Jean-Pierre faced a barrage of skeptical questions from reporters,
including NBC reporter Kelly O’Donnell who asked if there’s “any concern
that there’s a dissonance between the current economic moment and the
celebration you’ll have this afternoon.”

“It’s not about us celebrating. It’s about the win for the histor — the
win for the America,” Jean-Pierre responded.

“When you see costs that are going to come down for our seniors when you
see costs that are going to come down for American families, as I just
listed out — for energy costs, are going to come down and… about the
health care costs are going to come down,” Jean-Pierre said. “That is
great that we have been having for some time in Washington, DC. That is a
huge it’s a huge win for the American people.”

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SEPT13.jpg?quality=75&strip=all>

Biden’s staff had repeatedly touted the South Lawn festivities in tweets
from his account throughout the day.

One presidential social media post said, “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.”

The conservative group Americans for Prosperity quote-tweeted Biden —
adding a GIF from the TV show “Schitt’s Creek” ironically concurring with
the celebration while noting 12-month increases in the cost of eggs (up
39.8%), meat (8.8%) and baby food (12.6%).”

Republicans and independent analysts say that despite its name, the
Inflation Reduction Act will have little — if any — positive near-term
effect on inflation, which this year soared to 41-year highs, peaking at
9.1% in June.

Studies by the Penn Wharton Budget Model and the Tax Foundation say the
bill won’t lower overall consumer prices — at least not in the near
future.

The new federal spending is offset by new taxes on corporations, including
a new 15% corporate minimum tax, increased IRS enforcement and by allowing
Medicare to directly negotiate drug prices.

Although the annual inflation rate in August of 8.3% nudged lower from
8.5% in July and 9.1% in June, the Bureau of Labor Statistics reported
that new monthly data included worrying news as well.

“Increases in the shelter, food, and medical care indexes were the largest
of many contributors to the broad-based monthly all items increase. These
increases were mostly offset by a 10.6-percent decline in the gasoline
index,” the official report said.

“The food index continued to rise, increasing 0.8 percent over the month
as the food at home index [groceries] rose 0.7 percent. The energy index
fell 5.0 percent over the month as the gasoline index declined, but the
electricity and natural gas indexes increased. The index for all items
less food and energy [core inflation] rose 0.6 percent in August, a larger
increase than in July.”

The Republican staff on the House Ways and Means Committee tweeted
Tuesday, “For a majority of low-income households, rising prices have
become a source of ‘major financial stress’ as inflation has wiped out 26
million low-income households’ savings since Biden took office. The so-
called ‘Inflation Reduction Act’ is, ironically, set to make things
worse.”

“Grocery costs have surged 13.5 percent over the last year — a 43-year
high!” wrote Rep. Vern Buchanan (R-Fla.). “It’s no surprise 78 percent of
hourly workers are unsure they’ll be able to afford food in the next two
weeks. #Bidenflation is draining Americans’ wallets and savings accounts.
Plain and simple.”

Republicans and some independent analysts say government spending fueled
inflation. A study released in March by researchers at the Federal Reserve
Bank of San Francisco said that in the final quarter of 2021, about 3
percentage points of US inflation — or roughly half of it at the time —
may have been caused by federal spending during the COVID-19 pandemic,
including Biden’s $1.9 trillion American Rescue Plan Act.

TAGS: DEMOCRATS INFLATION JOE BIDEN MITCH MCCONNELL REPUBLICANS WHITE
HOUSE DOJ FBI EMPTY CLASSIFIED FOLDERS BEV CHARGING FAILURE 9/13/22

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