Biden parties with Democrats as stock market tanks, supermarket bills skyrocket

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In an astonishingly deaf move, President Joe Biden hosted a party for his fellow Democrats at the White House yesterday to celebrate the passage of the ironically-named Inflation Reduction Act (IRA).

As seven-year-old James Taylor serenaded his fellow Democrats on the South Lawn, Americans watched in horror as their retirement accounts took a nosedive.

I’d say it couldn’t be possible for the Biden administration to have more contact with the real world, but I’m kidding myself.

But I suppose if you keep touting the same general theme of “nothing to see here, everything is fine” day after day to some sort of White House stage story, there’s not much you won’t do to try and get the wool. over the eyes of your voters.

Now I’m not a party pooper; I enjoy a good shindig like the next man. So let’s enjoy a little bubbly (if you can afford it, anyway) and see what the president had to say yesterday.

Write history?

President Biden is all about cementing his place in American presidential history alongside the greats like Abraham Lincoln and FDR. But, as he said yesterday, the IRA is the:

“…the most important legislation passed in Congress to combat inflation and, in my opinion, one of the most important laws in the history of our nation.”

Someone should probably let him know that his economic policies historically align him more with the likes of Jimmy Carter. The president has not turned down the opportunity to push forward the IRA’s real goal of pushing Democrats’ environmental policies and doing nothing about inflation.

He made a point to supplement $400 billion in environmental spending, which includes tax credits of up to $7,500 for Americans to buy electric vehicles and subsidies for home energy efficiency. So as long as you spend too much money on an electric car and solar panels for your home, you can get a tax credit.

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Interesting idea, I have to spend money… to save money? The president proudly declared:

“With this law, the American people won and lost special interests.”

So what have we won? Let’s see.

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Goodbye retirement, hello crippling grocery bill

Yesterday you could almost hear the collective cry of all of us having money in retirement accounts and mutual funds as the stock market crashed. The Dow Jones fell more than 1,200 points and the S&P 500 had its worst day since June 2020.

What caused this drop on the same day as Uncle Joe’s lawn party? Although lower than in June, inflation stood at 8.3% in August.

And while gas usage has fallen over the past month, other daily costs have risen, including:

  • Food has increased by 13.5% overall
  • Electricity bill increases by 15.8%
  • Rent 6.8%
  • Health insurance increases by 24.3%

Thanks for “dealing with inflation”, guys.

I’ve reported extensively on the rise in electricity bills over the past year, so let’s dig deeper into that grocery bill. As a mother of two, the grocery bill is something I go through every week, as most parents do.

What you will see if you analyze your shopping from week to week is the following:

  • Cereals and bakery products up 16.4%
  • Flour up 23.3%
  • Dairy up 16.2%
  • Milk up 17%
  • Meat, poultry, fish up 10.6% in total
  • Eggs up 39.8%
  • Luncheon meat rises by 18.2%
  • Butter up 24.6%
  • Margarine up 38.3%
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The only item that has fallen in the supermarket is coffee, which has fallen by 1%. Thank God, am I right?

So what we’ve “gained” comes down to exhausted retirement accounts and painful grocery bills. The special interests that are “lost” only get hundreds of billions of dollars in taxpayer money.

You could say the president was partying yesterday like it was 1979, as food prices haven’t risen this high since ’79.

RELATED: Electric bills skyrocket, crippling low-income families with no end in sight

Who writes this stuff?

Not a week goes by that I don’t wonder why I’m not a speechwriter or a specialist in political communications. I’m not quite sure what the qualifiers are in DC, but I feel like they shouldn’t be that high.

For example, at yesterday’s party, Speaker Nancy Pelosi said:

“Inflation Reduction Act, so beautifully named for everything it does.”

Whoever wrote that for her either hadn’t read the countless independent analyzes showing the IRA won’t cut inflation, or assumes the rest of us haven’t. But of course, my favorite White House bloviator press secretary Karine Jean-Pierre takes the cake.

From the podium, Mrs. Jean-Pierre said, without flinching:

“In general, prices in our country have been pretty much flat for the past two months.”

I would like to know where she gets her groceries and what her electricity bill looks like.

Pressured by NBC’s Kelly O’Donnel, who asked, “Any idea there’s a dissonance between the current economic moment and the party you’ll be having this afternoon?” Mrs. Jean-Pierre beams with her usual sputter:

“It’s not about celebrating. It’s about the victory for history – the victory for America. If you see that the costs will come down for our seniors, if you see that the costs will come down for American families, as I just mentioned – for energy costs, it will come down and… health care costs are going to come down. That’s great that we’ve been in Washington DC for a while now. That’s huge, it’s a huge victory for the American people.”

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Fire and rain

I’ll be honest, I’ve never been a big James Taylor fan. I’m a Rolling Stones, Tom Petty, KISS type gal myself.

But almost everyone knows the hit “Fire and Rain” by Mr. Taylor, which he sang at the party yesterday. Some say a song is about overcoming obstacles, which I suppose you could stretch to fit that story.

The song is about a friend who committed suicide, his addiction to heroin and a psychiatric hospital. Not quite my kind of party song.

But I suppose we’ve all seen sunny days that we thought would never end. A time when we had money in our retirement accounts and food on supermarket shelves that didn’t get more expensive by the week.

The chairman said yesterday:

“Today offers proof that America’s soul is alive, America’s future is bright, and America’s promise is real.”

I must live in a different America than Joe, because all I see is fire and rain.

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