SHOCKING: Biden Takes ‘Victory Lap’ During Economic Nosedive

On Tuesday, the White House discovered that it was in a difficult position. A stunning setback was dealt by the Consumer Price Index on the day that President Biden had scheduled for "thousands of supporters" to gather in "celebration" of his efforts to combat inflation.

The month of August witnessed an unexpected spike in inflation rates, which resulted in an overall inflation rate of 8.3% (excluding the cost of food and energy). This is twice as much as the projection for the core CPI. But in spite of the evidence, the White House continued on as though it had already won and took a victory lap:

As a result of the recent drop in the price of oil and gas, a lot of experts, as well as the White House, anticipated that the Consumer Price Index (CPI) statistics for the month of August would actually show a decrease. Gas prices have decreased by roughly 10%. The data that were released on Tuesday, however, demonstrated not only that the recent decline in petrol prices was insufficient to prevent economic troubles, but also that the economy is worsening at a considerably faster rate than was anticipated. The typical American has trouble keeping up.

According to the Wall Street Journal, the median American household now spends $460 MORE per month on the same goods and services for which they paid the same amount of money the previous year. That's an increase of more than $5,500 per home each and every year.

In the days leading up to the signing of the Inflation Reduction Act at the White House, President Joe Biden was compelled to issue a statement in which he insisted, contrary to the evidence, that the nation is being led in the right way by his policies.

The numbers released today demonstrate that the United States economy is making further headway in its efforts to bring down worldwide inflation. It is encouraging news for American households that, on average, prices have remained relatively unchanged in our country over the course of the past two months; yet, there is still much work to be done. Since the beginning of the summer, there has been a decline of almost $1.30 in the price of a gallon of gasoline.

Real wages are up, gas prices are down, and Joe Biden's $1.9 trillion spending plan did not cause inflation. These are the three major storylines that underpin Vice President Joe Biden's claim that "progress" has been made in the US economy.

However, salaries have not increased; when adjusted for inflation, the average hourly income has decreased by 2.8%.

A closer look at specific necessities only makes the situation even more dire; the price of eggs has increased by about 40% over the past year, and the cost of food and basic necessities is eating away any little increases that are being made in US earnings. The spending policies of Joe Biden have now caused harm to the economy of the United States for 17 straight months, during which inflation has surpassed wage growth.

The fact that prices for practically everything else are going up greatly cancels out any positive developments regarding gas prices. Despite the fact that the price of gasoline has dropped by 10% in the past month in comparison to the same time last year, prices have increased by an astounding 25% year over year. Since this time last year, utility costs had increased by 33%.

Even the director of Obama's Council of Economic Advisors was not afraid to face the unfavorable information head-on, saying, "CPI report not pretty."

CPI report not pretty. The headline number is satisfactory (0.1% CPI for August or a 1.4% annual rate for that month, with prices having increased 8.3% over the course of the previous year).

And ever since the passing of Biden's $1.9 Trillion spending package, inflation has only been increased month after month, which contradicts the viewpoint that Biden has been insisting on, which is that inflation will only be temporary.

Just one month ago, Biden was made fun of for declaring that there was no inflation at all, boasting about a tiny decrease in inflation that has since been cancelled out. This caused the internet to scorn him. On Tuesday, Biden resorted to various social media platforms to invite fellow citizens of the United States to join him in praising the Inflation Reduction Act.

The Nasdaq had already fallen into the negative territory by more than 840 points when Biden sent out his tweet.

– As reported by OANN

Written by Staff Reports

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