(TheLibertyRevolution.com)- Last week, the Labor Department released August’s grim inflation numbers on the same day the White House held a victory party celebrating the passage of the so-called “Inflation Reduction Act.”
Talk about bad timing.
While overall inflation barely slowed, going from 8.5 percent in July to 8.3 percent in August, the decrease was far less than expected. Worse still, core inflation rose in August, climbing from 5.9 percent in July to 6.3 percent last month.
While gas prices declined in August, consumers were paying far more for food, rent, healthcare, electricity, and natural gas.
Food prices surged 11.4 percent over the previous year, the largest 12-month increase since May 1979.
With the grim inflation news last Tuesday, the Dow dropped over 1,200 points.
Meanwhile, at the White House, the Democrats were all taking a victory lap over the “Inflation Reduction Act.”
At one point during CNN’s broadcast of President Biden’s victory speech, the stock tracker on the screen showed the down plunging as the president was boasting.
CNN: "There is this unfortunate split screen right now with the Dow taking a total beating…it feels like it's hard to be celebratory for some people." pic.twitter.com/KOGbacKFhT
— RNC Research (@RNCResearch) September 13, 2022
With inflation showing no signs of stopping, the Fed this week raised interest by another 0.75 percent.
This is the third consecutive three-quarter rate hike.
On Sunday, President Biden gave his first sit-down interview in months with 60 Minutes host Mike Pelley where he once again showed little concern over the economic pain his administration has caused the American people:
60 Min: "What can you do better to lower inflation?"
Biden: "inflation rate month to month was just up an inch."
60 Min:"You're not arguing 8.3% is good news?"
Biden: "You're acting like all of a sudden 'my God it went to 8.2%'"
60 Min: "It's the highest rate in 40 years." pic.twitter.com/DEwugGct4d
— Greg Price (@greg_price11) September 19, 2022