By Jonathan Williams and Lee Schalk
Americans are not buying the White House spin on the state of the economy.
As the markets plummeted nearly 4% on Tuesday — with the Dow down nearly 1300 points — a drop not seen since the 2020 COVID lockdowns, President Joe Biden and his economic advisers partied on the White House lawn, issuing a stunningly tone deaf the statement:
“Today’s data show more progress in bringing global inflation down in the US economy. [This] is welcome news for American families… my economic plan is showing that, as we bring prices down, we are creating good paying jobs…”
President Biden followed that up with a tweet, “Exactly four weeks ago, I signed the Inflation Reduction Act into law. So today, we’re celebrating.”
Moments later, James Taylor serenaded Washington’s elite on the South Lawn, calling it a “hopeful moment.”