US President Joe Biden was slammed by critics after he was spotted partying while the United States’ economy continues to collapse amid the increasing prices for food and gas and record-high inflation.
On Tuesday, President Biden reportedly hosted a party at the White House to strengthen his image as an American hero while the American stock market crashed.
While the Wall Street panic sank the stock market, James Taylor sang “Fire and Rain” on the White House grounds to “praise” the Democrats’ massive $740 billion “Inflation Reduction Act” before the package accelerated inflation.
According to business reports on Tuesday, the stock market reportedly crashed following the release of the data from the Labor Department which shows how inflation was still near its highest level in over four decades.
Biden’s White House event celebrating the “Inflation Reduction Act” is beginning with a performance by James Taylor of “Fire and Rain” pic.twitter.com/CeVECkldOR— Greg Price (@greg_price11) September 13, 2022
“In August, consumer prices were up 8.3 percent over August 2017. The Dow Jones sank roughly 1,300 points, or 4 percent, by Tuesday afternoon, whereas the S&P 500 fell 4.3% and the Nasdaq fell 5.2%,” Bureau of Labor and Statistics reported.
“Increases in the shelter, food, and medical care indexes were the largest of many contributors to the broad-based monthly all items increase. These increases were mostly offset by a 10.6-percent decline in the gasoline index. The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent,” the data added.
“The index for all items less food and energy rose 0.6 percent in August, a larger increase than in July. The indexes for shelter, medical care, household furnishings and operations, new vehicles, motor vehicle insurance, and education were among those that increased over the month,” it continued.
Following the release of the recent record inflation data, the relentless inflation has continued to anger American consumers.
On Friday, the Federal Reserve released data, showing how American families have lost $6 trillion during the past three months after the hyperinflation which was fueled by government expenditure causes stress on home budgets.
However, despite the obvious failure, Democrats continue to focus on attacking the GOP.
“While MAGA Republicans are concentrated on their extremist agenda like a nationwide abortion ban, Democrats are focused on creating jobs, decreasing costs, and bringing the country together,” Senate Majority Leader Chuck Schumer, declared.
