On Wednesday, President Joe Biden presided over what appeared to be a celebration of the passing of his “Inflation Reduction Act” – just hours after new economic data showed that his administration had still not address the issue, and as food prices surged to their highest inflationary point since 1979.
And so, as the White House kicked off the party, many American politicians and pundits were quick to bash Biden for the tone-deaf soiree.
Politicians and conservatives criticized President Biden on Tuesday after he announced that he was “celebrating” the signing of the Inflation Reduction Act as August inflation remained uncomfortably high.
“Exactly four weeks ago, I signed the Inflation Reduction Act into law. So today, we’re celebrating,” Biden tweeted on Tuesday, announcing that he would be delivering remarks on the bill at 3PM on Tuesday.
Biden’s tweet garnered a lot of response from politicians and conservatives wondering what he was celebrating. Inflation rose 8.3% in August from last year. While the price of gasoline has declined over the course of the summer, the price of groceries and rent remain very high. Prices increased 0.1% in the one-month period from July and food prices climbed 0.7%.
The reactions were swift and brutal.
Rep. Virginia Foxx, R-N.C., responded to his tweet and said that “families that saw grocery prices skyrocket by 13.5% in August aren’t celebrating.”
“Celebrating what?” asked Rep. Bill Johnson, R-OH. “The fact that costs are still rising due to your administration and Democrats’ tax and spend extravaganza?”
A University of Pennsylvania Penn Wharton analysis found that the Inflation Reduction Act would only reduce annual inflation by 0.1 percentage points.
The small reduction would only happen “once major deficit-reducing provisions of the legislation are fully implemented.”
“The Act would have no measurable impact on inflation after 2028. All these point estimates are not statistically different from zero, indicating a low level of confidence that the legislation would have a measurable impact on inflation,” the analysis said.
Biden’s economic policies have led to some of the highest inflation measurements in 40+ years, and Americans all around the nation are feeling the financial squeeze as his inflation and recession continue to impact our way of life.