Worst Day in Stock Market in Last Two Years…And Joe’s Completely Oblivious
Hey Joe, how’s that Inflation Reduction Act going?
Here’s the real answer…the stock market closed on Tuesday afternoon after its worst day since June of 2020. This came after the morning release of the Consumer Price Index data that indicated that prices continued to rise in August to a 12-month 8.3 percent. And core inflation doubled the increase that was expected last month.
That means by the close of the market, the S&P 500 was down more than 4.3 percent to 3,932.69, and the Dow Jones Industrial Average had shed 1,276.37 points — or 3.94 percent. The Nasdaq Composite was down more than 5 percent to 11,633.57.
This doesn’t sound a whole lot like things are “building back better,” does it?
Tech companies were hard especially hard in the selloff. Facebook lost almost 10 percent of its value, which translates to more than $40 billion. And the market as a whole lost more than $1.5 trillion.
So we’ve got the combination of Wall Street’s worst day since the early months of COVID-19 and continued soaring inflation. You would think that Biden would stay undercover, but instead, he decided to take a victory lap in the afternoon.
Either this was just extremely poor timing, or Biden is disengaged with the pain his policies have created in America.
Listen to this comment that Biden made on the very day that inflation reports sent stocks cascading downward. The president claimed that the Inflation Reduction Act (so misnamed) “helped reduce inflation at the kitchen table.”
This did not go unnoticed by big tech fact-checkers. It is completely false. The Consumer Price Index data on Tuesday indicated that the food index has risen 11.4 percent in the last 12 months — the biggest jump since the spring of 1979.
Joe is not sitting at the same kitchen table as the rest of us.
Take a look at what people are saying:
— CNBC Now (@CNBCnow) September 13, 2022
The U.S. stock market wiped out $1.6 trillion today pic.twitter.com/KzsFvXbMli
— Fintwit (@fintwit_news) September 13, 2022
The stock market is presently down a thousand points after inflation hit 8.3%, much worse than expected. And Joe Biden is having a celebration at the White House to praise his administration’s response to inflation. You can’t even make this up. It’s tone deaf insanity.
— Clay Travis (@ClayTravis) September 13, 2022
BIDEN: The Inflation Reduction Act "helped reduce inflation at the kitchen table."
Today, the Consumer Price Index report noted that the food index jumped 11.4 percent in the last 12 months, the largest jump since May 1979. pic.twitter.com/lGosivmdqm
— Townhall.com (@townhallcom) September 13, 2022