[guest post by Dana]
If I keep saying it over and over and over, eventually people will believe it seems to be the plan when it comes to President Biden and inflation as he celebrated the Inflation Reduction Act yesterday:
President Joe Biden celebrated his climate change and drug pricing law, The Inflation Reduction Act, on Tuesday on the White House lawn, highlighting Democrats’ commitment to progressive priorities even as high consumer prices continue to bite.
Biden signed the $430 billion bill, seen as the biggest climate change package in U.S. history, into law last month in a low-key ceremony…
Biden said the law was one of the most significant in U.S. history. “Today offers proof that the soul of America is vibrant. The future of America is bright and the promise of America is real,” he told the crowd.
Unfortunately for the President, reality marred his special moment in the sun:
But the crowd on the sun-baked South Lawn of the White House cheered the controversially named Inflation Reduction Act only hours after punishing new government data showing food prices soaring. Stocks were meanwhile plummeting in the Dow Jones Industrial Average’s largest one-day reverse since June 2020 in the darkest days of the pandemic.
The slump came on the back of new figures that showed inflation still a corrosive force in August, despite big falls in gasoline prices. All this probably means more aggressive action from the Federal Reserve next week to curb inflation amid fears the central bank’s harsh medicine could throw the economy into recession and cool a strong job market.
I don’t know about you, but where I live, gas prices hover around $5.50 per gallon (down from over $6 per gallon), a dozen eggs about $3.50, and a 1 bd/1 bath apartment typically rents around a minimum of $1,900 per month. And while you may not be taking a direct hit on your wallet, I bet that most people, no matter where they live in the country, can point to higher prices across the board.
With that, I’ll point you to Charles C.W. Cooke’s clever take on the wishful thinking of President Biden:
Mere hours after learning that the inflation rate remained at its highest level since the late 1970s, President Biden put the finishing touches on his plans for a victory rally. The honoree of the rally: his party’s magnificently misnamed Inflation Reduction Act, which, he said, was poised to reduce costs “at the kitchen table.” Chutzpah, thy name is Joseph.
“If you think it,” say the mystics, “it will happen.” Evidently, President Biden cannot be bothered to wait for the happening part.
The scale of Biden’s effrontery is tough to comprehend. It is as if, after receiving the latest dispatch from the Light Brigade, Lord Palmerston had organized a celebration of military charges, or, on the day the country learned of the infamous 18-minute gap in the Watergate tapes, President Nixon had seen fit to stage a televised clambake in honor of Data Integrity. To adapt an overused phrase, one must suspect in this case that the brazenness is the point. This afternoon’s speech was a showing-off, a provocation, a finger-in-the-eye. The president is irked and bored by the persistence of inflation in the economy, and, with the midterms looming, he wants it off his plate. And so, with an unbecoming impatience, he decided to smash the plate.
Heck, not even Big Media media was able to ignore reality. And that’s saying something: