President Biden threw a party at the White House to celebrate the absurdly named Inflation Reduction Act on Tuesday. I noted it in “KJP on the IRA.” Asked to explain what the IRA would do to moderate inflation, White House press secretary Karine Jean-Pierre responded in word that, when translated, indicated it would do nothing.
House Speaker Nancy Pelosi attended the party, as did Senate Majority Leader Chuck Schumer. Byron York observed: “Both were in high spirits, smiling, laughing, joking, happy to be there.” Byron quoted Pelosi: “What a thrill it is to be here to celebrate this life-changing legislation, the Inflation Reduction Act,” Pelosi said. “Inflation Reduction Act — so beautifully named.”
On that we can agree. The Inflation Reduction Act is beautifully named. It is beautiful in its absurdity. Pelosi glories in the Democrats’ ability to shove it down our throats. Fans of George Orwell understand.
The White House celebration of the Inflation Reduction Act adds a Wayne-and-Garth vibe to the mix. Party on, Joe. Indeed, it looks like Biden had a cameo with the boys way back when.
The White House party was perfectly timed to coincide with the Bureau of Labor Statistics inflation report that morning. The report was not favorable. Oliver Wiseman quoted former Clinton Treasury Secretary Lawrence Summers commenting on the BLS data. He commented via Twitter that the BLS report “confirms that the US has a serious inflation problem. Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one.” Unlike the Biden administration, Summers is an adherent of the reality principle.
Median inflation used to be a favorite indicator for team transitory. This month it was at its highest ever reading.
— Lawrence H. Summers (@LHSummers) September 13, 2022
Party on, Joe.
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