Disappointing inflation report catches Biden in party mode

When the Consumer Price Index (CPI) was released Tuesday, showing no decline in the cost of living for Americans, President Joe Biden was throwing an “inflation reduction” bash at the White House.

Despite the demand-driven decline in the cost of gasoline, inflation remained stubbornly high at 8.3% in August, with the cost of food up 13.5%, electricity up 15.8%, rent up 6.8% and health insurance up 24.3%, per figures from the Labor Department.

The CPI report caused the stock market to crash. The Dow Jones Industrial Average fell 1200 points—its worst day since June 2020.

To make matters worse, the median household incomes in the US have remained stagnant for two years in a row, government data released Tuesday shows.

Critics slam celebration
Biden was at the time swaying to the tunes of classic folk rocker James Taylor on the lush South Lawn of the White House, where a party to belatedly celebrate the passage of his ambitious billion-dollar Inflation Reduction Act was underway.

Obviously, he came in for some flak.

“Grocery prices increased in August by the most in 43 years. Joe Biden celebrated by throwing a party at the White House. You paid for his groceries,” Republican Rep. Mary Miller tweeted.

Texas Rep. Roger Williams, another Republican, said on Twitter: “While the White House celebrates their inflation ‘expansion’ act to James Taylor and on a day with another abysmal CPI report, Americans are struggling to afford groceries and pay rent.”