Biden's build back better means high inflation, stock market tanking, higher interest rates

Mid-morning yesterday , President Joe Biden huffed and puffed on the White House South Lawn, celebrating (!) the Inflation Reduction Act (sic!):

"Overall, prices have been essentially flat in our country these last two months," Biden said. "That is welcome news for American families, with more work still to do."

However, a few hours earlier, at 8:30 A.M. EDT, the Bureau of Labor Statistics released its 

Consumer Price Index Summary for August 2022, revealing a totally different reality, which definitely was not "welcome news for American families."

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.

Uh, Joe,  an 8.3% price increase, no matter what Democrats say, is not "essentially flat" and certainly not "welcome news for American families."

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 energy index fell 5.0 percent over the month as the gasoline index declined, but the electricity and natural gas indexes increased.

So prices for basic essentials necessary for sustaining life, such as "shelter, food, and medical care," continued their monthly upward hike, which Biden defines as "essentially flat."  And gasoline prices declined because of emergency panicked releases from the Strategic Petroleum Reserves and temporary gas tax reductions by some panicked Democratic governors.

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. There were some indexes that declined in August, including those for airline fares, communication, and used cars and trucks.

Although this is nice news, for most people, airline fares and such are not essentials — not part of their daily spending.

The all items index increased 8.3 percent for the 12 months ending August, a smaller figure than the 8.5-percent increase for the period ending July. The all items less food and energy index rose 6.3 percent over the last 12 months. The energy index increased 23.8 percent for the 12 months ending August, a smaller increase than the 32.9-percent increase for the period ending July.

O-o-h!  So this is what our president means by "essentially flat" — monthly price increases are slightly smaller than the previous month!  Oh.

Meanwhile, the report continues:

The food index increased 11.4 percent over the last year, the largest 12-month increase since the period ending May 1979.

Hmmm, by May 1979, Jimmy Carter (D) had been president for nearly two and a half years.

In reaction to this "essentially flat" (sic) inflation report:

Dow tumbles 1,200 points for worst day since June 2020 after hot inflation report

Let's go Brandon!  Right out of the White House!  And be sure to take Kamala Harris (D) with you!

Image: Gage Skidmore via Flickr, CC BY-SA 2.0.

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