Inflation continues to rise under President Joe Biden’s administration, despite his efforts to convince the American people otherwise. Biden has consistently tried to downplay the impact of rising prices, even going so far as to blame companies for “shrinkflation” instead of taking responsibility himself.
However, recent news shows that inflation is only getting worse. According to the Consumer Price Index, a widely accepted measure of the cost of goods and services, prices rose by 0.3% in January – a number higher than expected. In addition, prices have climbed a staggering 3.1% compared to the same time last year.
The news of rising inflation was not well-received by the stock market, which saw its biggest drop since March 2023. The Dow Jones Industrial Average fell by 1.4%, or approximately 500 points, while the S&P 500 and Nasdaq Composite also experienced sharp declines of 1.8% and 1%, respectively.
David Asman: “Listed among the data that we got in these inflation numbers was the average hourly earnings are now down 2.1% from where they were in January ’21 when President Biden took over. The average American is getting hit hardest by this hot inflation number.” pic.twitter.com/xCaS8Myif4
— MAGA War Room (@MAGAIncWarRoom) February 13, 2024
This drop in the market serves as a blow to Biden’s claims of a strong economy. Just last week, he had tried to boast about the confidence investors had in America’s economy, but it seems that the market has now turned against him. This is a stark contrast to the constant criticism Biden had for former President Donald Trump’s habit of touting the stock market’s growth during his presidency.
Now, the focus is once again on Biden and his administration’s handling of the economy. With inflation on the rise and the stock market taking a nosedive, it’s clear that Biden is facing significant challenges. And his track record of making false claims and shifting blame does not instill confidence in his ability to address these issues.
2020: We don’t care about the stock market
FRIDAY: Yes we do pic.twitter.com/Wyt5uhoKn4
— RNC Research (@RNCResearch) February 13, 2024
Even as he faces mounting criticism and questions about his economic policies, Biden continues to deflect and deny any responsibility. On Monday, he made desperate attempts to claim that inflation was coming down, despite the evidence showing otherwise. And as the stock market flounders, it’s likely that he will once again try to shift the blame onto external factors.
But the reality is that Biden’s overspending and failure to address inflation are the primary reasons for the current state of the economy. His constant attempts to downplay and deny the severity of the problem only serve to further erode the trust and confidence of the American people.
FRIDAY: “The stock market going strong is a sign of confidence in America’s economy,” Biden says.
TODAY: “Dow tumbles 500 points, posts worst day” in 11 months. pic.twitter.com/deUOTguItE
— RNC Research (@RNCResearch) February 13, 2024
As the country continues to deal with rising prices and a struggling stock market, it’s clear that something needs to be done. And it’s up to Biden and his administration to take responsibility and come up with a plan to address these issues, instead of continuously deflecting and blaming others. The stock market’s reaction to the news of rising inflation should serve as a wake-up call for Biden and his economic policies.
