White House downplays inflation-fueled stock market losses

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On Wednesday, White House press secretary Karine Jean-Pierre suggested that President Joe Biden and his administration were not concerned by his viral, split-screen moment from the day prior.

On Tuesday, both the Dow Jones and S&P 500 posted their largest losses dating back to January 2020, fueled largely by higher-than-expected yearly inflation posted in August’s consumer price index report.

HIGH PRICES AND BAD STOCK MARKET PERFORMANCE CRASH BIDEN’S INFLATION REDUCTION ACT EVENT

“The stock market is just one measure of how the economy is doing, and we are watching this closely,” Jean-Pierre told reporters traveling with Biden to Detroit Wednesday morning. “It’s also important to look at what’s happening on Main Street. We have one of the strongest job markets on record.”

“More people are looking for work,” she said. “Because of the president’s economic plan, businesses are investing in America at record rates, and we are making even more in America.”

Jean-Pierre closed by reiterating that the administration understands “there’s more progress to be done” and vowed to “continue to do that.”

Biden critics have roundly attacked the White House’s post-summer victory lap on the economy.

“Biden and Democrats throwing themselves a party for raising taxes on families during a recession proves just how out-of-touch they are,” Republican National Committee Chairwoman Ronna McDaniel said in a statement Tuesday. “After ramming through the Bidenflation Scam bill under the guise of reducing inflation it is clear Democrats don’t care about lying to the American people, they only care about power.”

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You can listen to Wednesday’s gaggle in full below.

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