by Steven Nelson at New York Post
President Biden threw an “inflation reduction” party Tuesday — even as inflation hit a worse-than-expected 8.3%, the stock market tumbled and stubbornly high prices for food and housing continue to slam American households.
Biden, 79, had classic folk rocker James Taylor kick off the White House South Lawn bash with his 1968 hit “Fire and Rain” — a song reportedly about suicide and heroin addiction — to belatedly celebrate passage of his Inflation Reduction Act spending bill.
But Biden, who hailed the 74-year-old Taylor as “a voice that heals our soul and unites a nation,” failed to mention the market rout sparked by the dismal Labor Department’s Consumer Price Index released earlier Thursday.
The disappointing monthly report showed inflation continued to remain near record-high levels in August – despite a continued demand-driven decline in the cost of gasoline.
Cheaper gas was offset by steep 12-month jumps in the cost of food (up 13.5%), electricity (15.8%), rent (6.8%) and health insurance (24.3%).
The Dow Jones Industrial Average fell 4% Tuesday, or nearly 1,300 points — and CNN cut away from the presidential speech to focus on the dramatic stock stumble…
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