Biden Unphased By Troubling August Numbers

Joe Biden doesn’t seem worried in the least about the troubling August economic data released Tuesday morning. “I think we’re going to be fine,” he said later that evening.

The president, who was speaking with reporters in Delaware, responded “no, I’m not,” when inquired if he’s troubled by the dark cloud hanging over our economy.

Those are precisely the confident, calculated responses we all hoped for. Ronald Reagan famously said, “trust but verify.” With Joe Biden, we can skip the “trust” stage and move straight to verification.

The numbers conclude that the consumer price index (CPI), which is the measurement for inflation, climbed 8.3% in August. That’s not the direction you’d think the CPI would go in a month when gas prices decreased.

Gas prices went down, but the national average cost per gallon was $3.98. In August of last year, the median national price was $3.16. Don’t tell me to feel good about gas being over 80 cents more expensive than it was 12-months ago.

Rent and food prices, arguably the two most important components of the CPI, increased 0.7% each. Even electricity saw a 1.5% hike.

To further illustrate how delusional Biden’s nonchalance is, the stock market has taken a huge hit since the figures came out yesterday. The Dow plummeted over 1,200 points yesterday and the S&P 5-00 dropped 4%, its worst day of the year for the latter.

We can’t discount how important the stock market is in terms of forecasting our economic future. When Wall Street has a sharp reaction like this, it usually means they believe that high inflation is here to stay.

Fear of the Federal Reserve raising interest rates also plays a part in Wall Street’s skittish behavior. For months there have been rumors of a 1% raise. FedWatch predicted on Monday that there was a 0% chance of that becoming reality. Now, less than 48 hours later, the probability is now 32%.

It seems as if Joe Biden is the only person in the country who’s not concerned about our current economic state. It’s all about all you can expect these days from the guy who can’t think.