The Dow was down 1,276 points today, or 4%. Why? The August inflation number came in worse than expected:
The new data showed the consumer-price index rose 8.3% in August from the same month a year ago. That was down from 8.5% in July and 9.1% in June—the highest inflation rate in four decades.
But on a month-to-month basis, the figures showed inflation accelerating in August, dashing investors’ hopes that price pressures would weaken….
The Biden administration ludicrously claimed that there was no inflation in July, since the year-over-year number was down slightly from June. But the salient point is that the people who couldn’t afford to buy groceries or fill up their gas tanks in June, also couldn’t afford those things in July, nor could they in August. This was one of the most pathetic attempts at gaslighting we have seen.
Apparently expecting better numbers, Joe Biden planned a party to celebrate the alleged success of the Inflation Reduction Act. Thus, Politico: “‘The future of America is bright’: Biden celebrates Inflation Reduction Act.”
It was an other-worldly scene, especially in view of the grim August numbers and the stock market’s tanking. James Taylor, who must be about as old as Biden, kicked off the party with a rendition of “Fire and Rain.” This led to considerable hilarity on Twitter.
sure, why tf nothttps://t.co/aRp20zDOQ9
— David Burge (@iowahawkblog) September 13, 2022
If Biden had thought more clearly, he might have realized that “Fire and Rain” is not exactly a party song. On the contrary. As I recall, it is a song about suicide. It is thus apt for a day on which billions of dollars of wealth are wiped out as a result of government fecklessness.
— Flappr (@flapprdotnet) September 13, 2022
This year’s midterm elections can be seen as a test case that will show whether organized gaslighting, supported by the entire news and media establishment, can cause voters to forget reality. The Democrats’ mantra is: Who you gonna believe, me or your lying eyes?