During the speech, Fox News anchor Neil Cavuto cut off the White House’s stream. He then came on the screen to point out that the stock market was “tanking” and inflation has skyrocketed to 8.3 percent from 2021.
“Alright, I do not want to be a party-crasher, but we interrupt this celebration for a hard, cold dose of reality,” Cavuto quipped.
“Stocks are tanking because inflation is accelerating – the very inflation that the president says ‘he’s made great progress addressing,’ heralding his Inflation Reduction Act as the boom for the economy that we did not see in a key number out earlier today.”
Before Caputo presented the figures, Biden’s speech and a presentation of the Dow Jones Industrial Average played on a split-screen.
“In percentage terms, roughly four percent hitting the Dow is the worst we’ve seen in two years, ditto the S&P 500, and again, the NASDAQ. All hit and hit hard because inflation remains stuck, and no one can get it under control,” he reported. “This is the fourth 1000th-point selloff with the Dow, just this year.”
Cavuto added: “The president is touting the prospect of eventually drug prices going down, but even if he gets that … it would be but a fraction of the overall costs that continue to soar. Keep this in mind: With inflation running eight percent, most food and related items are running at about double, sometimes triple that. Whatever progress we have seen in gasoline prices has done little to affect prices almost everywhere else.”
While Biden was relishing the passage of the IRA, a graphic in the corner of the screen provided the country a brutal reality check.
Even fake news network CNN acknowledged the irony of Biden’s speech coinciding with the economy’s bearish projection. RNC Research pointed out the remark by the fake news network in a tweet: “There is this unfortunate split screen right now with the Dow taking a total beating … it feels like it is hard to be celebratory for some people,”
As Biden bragged on national TV, the Dow sank over 1,250 points by the end of the day according to the Associated Press.
Propagandist Biden insisted on the “celebration” despite BLS’s CPI report
The Bureau of Labor Statistics’ Consumer Price Index (CPI), released just a few hours before Biden’s speech, said that inflation in August rose one-tenth of a percentage point from July and 8.3 percent from the previous year. (Related: Inflation rises after Joe Biden signs ‘inflation reduction act’ and prepares White House celebration.)
Moreover, Breitbart News reported that based on a Gallup poll, “56 percent of Americans say President Joe Biden’s 40-year-high inflation has caused them hardship, up from 49 percent in January and 45 percent in November.”
Grocery prices rose 0.7 percent from July and 13.5 percent from the previous year while restaurant prices are up 0.9 percent from July.
Health insurance and energy costs are also soaring. Health insurance rose 2.4 percent over the past month and up 24.3 percent from the previous year. Electricity prices rose 1.5 percent from the previous month, and natural gas rose 3.5 percent.
And yet, the president assured his supporters that the country was making progress on inflation.
“The American people should have confidence that we’re on the right track, that we are seeing real progress,” he said at a Boston event prior to his celebratory but interrupted speech.
Watch the below video that blasts House Speaker Nancy Pelosi for a false victory lap on the IRA.
This video is from the NewsClips channel on Brighteon.com.