Biden ‘Inflation Reduction Act’ Victory Lap Tarred by … More Inflation

INFLATION HIGH, Rose 8.3% in August, Stock Market TANKS, Falls More Than 600 800 Points

Worst Day in Stock Market in Last Two Years…And Joe’s Completely Oblivious

In a report released Tuesday, the bipartisan Committee for a Responsible Federal Budget said the Biden administration has during its first two years in office committed to borrowing nearly $5 trillion for the Inflation Reduction Act and other executive initiatives — twice what President Trump had spent at the same point in his administration

Wall Street Journal: …..core CPI, which excludes often volatile energy and food prices, increased 6.3% in August from a year earlier, up markedly from the 5.9% rate in both June and July. On a monthly basis, the core CPI rose 0.6% in August—double July’s pace. Investors and policy makers follow core inflation closely as a reflection of broad, underlying inflation and as a predictor of future inflation (Wall Street Journal).

Financial Times: Joe Biden, the US president, and his economic advisers had also been hoping for a reduction in the headline figure, going so far as to schedule a “celebration” of his recently passed Inflation Reduction Act, a package of healthcare and climate policies (Financial Times). Leader McConnell: You can’t make it up: Hours after this terrible inflation report, the White House is hosting an “inflation reduction” celebration. Democrats have spent our economy into disaster and now they’re partying while families pay. They could not look more out of touch if they tried (Twitter).

Fox News: The study by the Federation for American Immigration Reform (FAIR) calculates the illegal immigrants who have entered the U.S. since Jan. 2021 will add an extra $20.4 billion burden a year, in addition to the $140 billion existing illegal immigrants already cost. The analysis is based on an estimated 1.3 million released into the U.S. by immigration officials, as well as approximately one million “gotaways” — or illegal immigrants who have slipped past overwhelmed agents. FAIR calculates that each illegal immigrants costs $9,232 a year to support. The U.S. has been in the midst of a massive border crisis since early 2021 (Fox News). Washington Examiner: For comparison, the added $20.4 billion annual bill is $4 billion more than the $16.4 billion the former Trump administration spent building and restoring hundreds of miles of the border wall (Washington Examiner). Greg Price: Jean-Pierre: “We are doing a lot more [than the Trump administration] to secure the border and could be doing even more if Republicans would stop their obstruction” (Twitter).

Biden ‘Inflation Reduction Act’ Victory Lap Tarred by … More Inflation

Biden welcomed hundreds of guests — politicians, environmental activists, union workers, and Cabinet secretaries among them — to the South Lawn for a celebration of the so-called Inflation Reduction Act.

By Scott Norvell, NY Sun, September 13, 2022

President Biden’s attempted victory lap following recent legislative triumphs was marred Tuesday by reports that inflation is stubbornly high and that runaway federal spending covering everything from climate change to student loan forgiveness to the war in Ukraine is rampant.

Mr. Biden welcomed hundreds of guests — politicians, environmental activists, union workers, and Cabinet secretaries among them — to the South Lawn for a celebration of the so-called Inflation Reduction Act passed by Congress just before the August recess.

Calling the bill “one of the most significant laws in our nation’s history,” the White House offered it up as “further proof that the soul of America is vibrant, the future of America is bright, and the promise of America is real.”

Signed by the president last month, the measure — while aimed at healthcare and energy costs to an extent — has little to do with inflation. It primarily locked in new corporate tax increases and hundreds of billions of dollars in spending for clean energy initiatives to address climate change and additional resources for the Internal Revenue Service.

At Tuesday’s fete — complete with an impromptu concert by musician James Taylor — Mr. Biden took aim at Republicans who refused to get behind the act, which was passed along strict party lines with Vice President Harris casting the tie-breaking vote in the Senate.

“I believe Republicans could’ve and should’ve joined us,” Mr. Biden said.

Only hours before the event, the Bureau of Labor Statistics reported that consumer prices rose at an annual rate of 8.3 percent in August, the 27th straight month of rising inflation. Particularly worrisome for some struggling Americans were reports that grocery prices continue to climb at a dizzying pace. In the past year, they have soared 13.5 percent — the biggest 12-month increase since 1979.

After reading the consumer price index report, one Wall Street economist, Rob Dent of Nomura, echoed the sentiments of many others by saying that “there is no good news across this report.”

In a statement released just before the stock market dropped precipitously because of the inflation report, Mr. Biden attempted to put a positive spin on the data, suggesting that overall prices have been flat for the past two months and gas prices are declining.

“My economic plan is showing that, as we bring prices down, we are creating good paying jobs and bringing manufacturing back to America,” Mr. Biden said.

Economists outside the administration are skeptical that the bill championed by Mr. Biden Tuesday will do much to curb inflation, however. Estimates by the Tax Foundation suggest the act may actually worsen inflation by constraining the country’s economic productivity.

“On balance, the long-run impact on inflation is particularly uncertain but likely close to zero,” the group said.

The Tax Foundation and others initially cheered portions of the Inflation Reduction Act that would have decreased the federal budget deficit by as much as $224 billion over the next decade. Only days after signing the bill, however, Mr. Biden announced his student loan forgiveness plan, which wipes out those gains — and then some — and will cost taxpayers anywhere from $469 billion to $519 billion over the next decade.

In a report released Tuesday, the bipartisan Committee for a Responsible Federal Budget said the Biden administration has during its first two years in office committed to borrowing nearly $5 trillion for the Inflation Reduction Act and other executive initiatives — twice what President Trump had spent at the same point in his administration.

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