On Tuesday, Joe Biden addressed supporters at the White House during a celebration of the Inflation Reduction Act. Fox News anchor Neil Cavuto broke away on air in the middle of Biden’s celebratory remarks amid “stocks tanking.”
“Alright, I do not want to be a party-crasher, but we interrupt this celebration for a hard, cold dose of reality,” Cavuto announced on live TV.
We interrupt this celebration for a hard, cold dose of reality amid stocks tanking and August’s inflation rising to 8.3% from last year.
“Stocks [are] tanking because inflation is accelerating — the very inflation that the president says ‘he’s made great progress addressing,’ heralding his Inflation Reduction Act as the boom for the economy that we didn’t see in a key number out earlier today,” Neil Cavuto said.
“In percentage terms, roughly 4% hitting the Dow is the worst we’ve seen in two years, ditto the S&P 500, and again, the NASDAQ. All hit and hit hard because inflation remains stuck, and no one can get it under control. An 8.3% annualized inflation rate in the latest month — the core rate, that is, without food and energy also soaring more than 6.3%. This is the 4th 1000th point selloff with the DOW, just this year,” he reported.