I’ll kick things off here with President Biden’s comments about a recession during his interview with CNN’s Jake Tapper. Biden said a “slight recession” is possible (who wants to tell him?).
JUST IN: Joe Biden says a "slight recession" in the US is possible but downplayed the impact on the American economy https://t.co/weARfEUiPZ
— Bloomberg (@business) October 12, 2022
Based on the traditional definition of “recession” we’re already in one, but even taken at face value keep in mind Biden’s comment comes from the same president and administration that promised us last year that inflation would only be temporary.
That brings me to the “Inflation Reduction Act.” Remember that ironically-titled piece of legislation that is in fact just another huge spending bill under the guise that it will save the world from a fiery demise from climate change (and inflation, of course)? Yeah, “inflation reduction” doesn’t seem to be in the cards:
Producer Price Index for September shows headline inflation upstream from consumers *increasing* 0.4% —up a total of 8.5% in the last 12 months. Inflation still has not peaked for producers and even accelerated after advancing 0.3% in August.
— Spencer Brown (@itsSpencerBrown) October 12, 2022
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Can the next reporter who interviews Biden (or any congressional Democrat for that matter) ask him when we might expect the “inflation reduction” part of the “Inflation Reduction Act” to kick in? Because it’s definitely NOT happening:
The Producer Price Index, which measures inflation upstream from consumers, registered another month of increased prices in September in what is more bad news for the Biden administration’s attempt to get any modicum of positive economic news before November’s midterms.
Headline PPI inflation showed prices increasing 0.4 percent in September, double the 0.2 percent economists predicted for a 12-month increase of 8.5 percent, a rate that also surpassed Wall Street estimates. What’s more, the month-over-month number shows that cost increases are accelerating for producers, with final demand services advancing 0.4 percent in September after increasing 0.3 percent in August.
Remember when Biden said that inflation was “zero”? That was so stupid even the White House has apparently stopped trying to push that line of bulls**t.
https://twitter.com/bonchieredstate/status/1580183315729874944
What would we do without Biden and the Democrats “saving” us in such a manner?
https://twitter.com/TaxReformExpert/status/1580203735573499904
Yes, please do!
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