It is going to be hard to forget the spectacle of President Joe Biden “celebrating” the passage of his woefully-named Inflation Reduction Act while the stock market plummeted in real time, dropping nearly 1,300 points Tuesday while Biden crowed about his great achievement.
The cable news clips were surreal. There was old man Biden, shaking his fist and shouting at the sky, while in the corner of the screen the Wall Street tracker kept ticking down, stocks plunging in reaction to persistent and worsening inflation. Even CNN had to interrupt coverage of Biden’s remarks to note that the stock market was tanking.
It takes a special kind of hubris to throw a White House victory party (with boomer icon James Taylor performing “Fire and Rain,” no less) for a bill allegedly meant to curb inflation amid the worst inflation in 40 years and the worst day for the stock market since Biden’s presidency began.