On Tuesday, the Dow Jones Industrial Average tanked more than 1,200 points following yet another disastrous inflation report -- inflation, by the way, that Biden and Democrats say isn't happening.
"The Dow Jones Industrial Average slid 1,244 points, or 3.8%. The S&P 500 dropped about 4.2%, and the Nasdaq Composite sank 5%. It was the worst day of the year for all three averages. More than 490 stocks in the S&P 500 fell, with Facebook-parent Meta dropping 8% and Caesars Entertainment losing 7.3%," CNBC reported around the time the markets closed for the day. "The drop erased nearly all of the recent rally for stocks, pulling the S&P 500 back toward its Sept. 6 close of 3,908 and causing some traders to glance back at mid-June, when the index fell below 3,700."
UBS director of floor operations Art Cashin said of the day's activities during an appearance on CNBC's "Squawk on the Street" in the afternoon: “I think we may even go back and retest the June lows. Certainly the 3900 is just so tempting, and you’re pulling back below the 50-day moving average here. It’s very much about the technicals. It’s not so much that the one number made the economy go topsy-turvy. It meant a lot of guys who were making preliminary favorable bets got caught off base."
The stock market bloodbath comes about a month after Biden lied on national television and claimed that inflation was at "zero percent" -- and no mainstream journalist called him out on it with the exception of Peter Doocy of Fox News.
He issued another brazenly false and stupid remark Tuesday following the release of economic data that showed overall inflation fell .2 of a point but the core price index, which is the measure most watched by government economists, rose dramatically.
"Today’s data show more progress in bringing global inflation down in the US economy," he falsely claimed, adding: "Overall, prices have been essentially flat in our country these last two months."
Tell that to the tens of millions of American households struggling weekly to keep their personal finances from collapsing thanks to record-high food, gasoline and energy prices, not to mention building materials, cars and big-ticket household items. Oh, and because of massive #Bidenflation, the Federal Reserve has been raising interest rates so borrowing money is now vastly more expensive than it was just six months ago.
"...[T]his is the 27th straight month of rising inflation, including a particularly painful 11.4% increase in the food index YoY [year-over-year] - its largest 12-month increase since the period ending May 1979. The 'food at home' index rose 13.5%, its largest 12-month increase since the period ending in March 1979," Zero Hedge reported, citing the day's economic data.
The site also noted that Biden's handlers are cherry-picking data to make their talking points.
As far as inflation and rising costs for consumers are concerned, it's only going to get worse, and soon, per CNBC:
The report is one of the last the Fed will see ahead of their Sept. 20-21 meeting, where the central bank is expected to deliver their third consecutive 0.75 percentage point interest rate hike to tamp down inflation. The unexpectedly high August report could lead the Fed to continue its aggressive hikes longer than some investors anticipated.
“The CPI report was an unequivocal negative for equity markets. The hotter than expected report means we will get continued pressure from Fed policy via rate hikes,” Matt Peron, director of research at Janus Henderson Investors, told CNBC. “It also pushes back any ‘Fed pivot’ that the markets were hopeful for in the near term.”
Americans are suffering under the disastrous economic policies of yet another Democratic president and Congress. They have to be voted out in November.