Joe Biden Enjoys ‘Inflation Reduction Act’ Party As Inflation Goes Up Again And Stock Market Tanks

Joe Biden refused to let the report of another month of 40-year record inflation and a cratering stock market get in the way of his Tuesday White House party celebrating the passage of the so-called “Inflation Reduction Act.”

The Labor Department released its monthly consumer price index (CPI) report on Tuesday, showing that the prices it measures rose by 8.3% over August 2021. Leading economists had projected the number would come in at 8.1%.

The unexpected continuing increase in inflation all but ensures that the Federal Reserve will implement another interest rate hike next week. That is fueling greater concerns that unemployment will increase even as inflation remains hot.

The Dow Jones Industrial average lost almost 4% during Tuesday trading after the inflation report, its worst single day loss since the COVID-19 pandemic ravaged the economy in June 2020. The tech-heavy Nasdaq Composite fell over 5% for the day.

When Biden was asked by a reporter Tuesday evening about the disappointing inflation report, he said, “I think we’re going to be fine.”

Biden searched for any positive news by telling reporters that CPI was just “one-tenth of 1 percent” over the previous month. However, in the last month groceries went up 0.7%, electricity rose 1.5% and natural gas prices shot up 3.5%.

Harvard economist and former Obama economic advisor Jason Furman described the CPI report as “extremely ugly.” Larry Summers, also a former Obama advisor, said that the report confirms that the U.S. has “a serious inflation problem.”

Biden went ahead with the South Lawn party for fellow Democrats to celebrate and do some back-patting after they enacted the “Inflation Reduction Act” without a single Republican vote.

The event included James Taylor, the 74-year-old folk-rock performer, who sang his 1970 hit “Fire and Rain.” Appropriate to the setting, that song has been described over the decades as a ballad about suicide and addition to heroin.

Biden thanked Taylor and described him as a “voice that heals our soul and unites a nation,” but neglected to discuss the dismal CPI report or the tumbling stock market.

Biden boasted that the new spending bill will “reduce inflation at the kitchen table.” The law actually pours new borrowed money into the money supply with almost $400 billion in “Green New Deal” program spending and around $64 billion in expanded Obamacare subsidies.

White House press secretary Karine Jean-Pierre was asked Tuesday about whether the administration had any “concern that there’s a dissonance between the current economic moment and the celebration you’ll have this afternoon.”

She said that the party was not “about us celebrating,” it was all about “the win for America.”