President Biden is being slammed for a White House celebration of the Democrats’ Inflation Reduction Act Tuesday, the same day higher than expected inflation in August was announced.
At the event on the White House lawn, Biden said the Inflation Reduction Act 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,” while the stock market tumbled in real time amid concerns about rising prices, with the Dow Jones Industrial Average having its worst day since June 2020.
People on Twitter instantly reacted to the absurd scene.
Charles C.W. Cook, a senior writer at National Review, poked fun at the festivities before the president’s speech, which included James Taylor singing “Fire and Rain.”
“Team, I just saw the CPI report. Let’s host a rally about inflation, and begin it with James Taylor singing a song about suicide,” he wrote sarcastically, imitating Biden.
Josh Kraushaar, senior political correspondent at Axios, tweeted, “Not great timing to celebrate the ‘Inflation Reduction Act’ when inflation still a major problem and Dow down 1,000+.”
“Biden’s White House celebration of a bill that will make inflation far worse while claiming it reduces inflation is basically the musicians putting the deck chairs out to play as the Titanic takes on water and prepares to sink into the abyss,” tweeted Fox News contributor Katie Pavlich.
Ryan Saavedra, senior reporter at the Daily Wire, posted a screenshot of Fox News’ coverage of the speech, which featured a Dow Watch in the corner.
“Notice the Dow tracker showing American’s 401Ks going down the drain,” Saavedra tweeted.
“With the market crashing and inflation rising, Biden is having a victory party at the White House. He has no clue what’s going on,” tweeted Brent Bozell, founder and president of the Media Research Center.
“Inflation’s cranking. Stocks tanking. And Biden & Co. throwing a garden party at the White House. To celebrate what? Crushing your dreams?” snarked Fox News and Fox Business’ Dagen McDowell.
Greg Price, senior digital strategist at X Strategies, tweeted, “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.”
Even CBS News senior White House and political correspondent Ed O’Keefe noted, “As @POTUS Biden and the Democratic Party celebrate passage of the Inflation Reduction Act on the South Lawn of the White House, major stock indexes are closing down roughly 4% each in response to a hotter-than-anticipated monthly inflation report.”
On Tuesday, the Department of Labor released its latest consumer price index report, which showed inflation rose 8.3% in August from a year ago. This number was higher than expected, and has contributed to market fears that the Federal Reserve will raise interest rates higher and for a longer duration of time than some had hoped, slowing down the economy.