As Inflation Soars, Biden Hosts Cringey Concert Celebrating the Inflation Reduction Act
There was a party at the White House on Tuesday.
Folk singer James Taylor was on hand to entertain a crowd of hundreds gathered on the South Lawn. The crowd included union leaders like Randi Weingarten, executive branch officials, and prominent Democratic elected officials that, according to Deadline, the White House had invited from “far and wide”—at least as far away as K Street.
“This achievement is a testament to our unity, our optimism, our persistence, along with the tireless efforts of a devoted staff,” said Speaker of the House Nancy Pelosi (D–Calif.) during her turn at the podium. “Mr. President, thank you for unifying and inspiring a vision of a stronger, fairer, safer future for all,” she added. “Your extraordinary leadership has made this glorious day possible.”
“That’s an applause line,” Pelosi paused awkwardly to remind the assembled crowd, which dutifully complied.
Meanwhile, in the real world, no one was applauding. Tuesday afternoon looked anything but glorious.
An ugly consumer price index report released earlier in the day by the Department of Labor showed that inflation was still untamed, and it sent the markets into a spiral. The Dow Jones Industrial Average fell by 1,200 points, or nearly 4 percent. The S&P 500 tumbled by 4.3 percent, and the tech-heavy Nasdaq Composite took the worst beating of all, falling by 5.2 percent. Overall, it was the worst day for the stock market since June 2020, a painful reminder that Americans are stealing dealing with the twin scourges of rising prices and falling investment returns. We are paying more and getting less.
But at least the politicians had a nice party!
The White House probably couldn’t have picked a worse day to celebrate the passage of the Inflation Reduction Act. Despite its name, the bill is mostly a package of Democratic domestic tax and spending agenda items. The biggest portion involves a series of subsidies for green energy. Whatever merits that might have, it’s not going to reduce inflation.
The only part of the bill that does address the country’s high and r
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