Stock Market Takes a Big Tumble, As Biden Gets Done in by His Own Words

Joe Biden has been trying to convince us that prices are coming down, despite the fact that we can see the evidence in our own wallets — that the cost of everything is still higher than when he entered the Oval Office.

Biden's even tried to blame companies for "Shrinkflation" when companies have to deal with the same high prices as all the rest of us have to, under his administration.

Joe Biden Bitches About 'Shrinkflation' Affecting Super Bowl Snacks in Cringe Video - No Stutter Detected

However, as my colleague Mike Miller reported earlier, inflation rose higher than expected in January.

The Consumer Price Index (CPI), a broad measure of the price of everyday goods including gasoline, groceries, and rent, rose higher than expected in January — 0.3 percent — from the previous month. Consumer prices climbed 3.1 percent year-over-year from 2023.

That news was not well-received by the stock market.

All three major indices closed down more than 1% on the heels of the report.
The Dow Jones Industrial Average (^DJI) fell 1.4%, or around 500 points, while the S&P 500 (^GSPC) saw a similar drop, after the benchmark faltered Monday in its bid to keep its historic rally above 5,000 going.
The tech-heavy Nasdaq Composite (^IXIC) led the day's sharp declines, closing down 1.8%.

Tuesday saw the biggest drop since March 2023.

Now that's not great news. Joe Biden had previously tried to ding former president Donald Trump over bragging about the growth of the stock market while he was in office. But on Friday, Biden was saying it was a sign of confidence in America's economy.

2020: We don't care about the stock market

FRIDAY: Yes we do pic.twitter.com/Wyt5uhoKn4
— RNC Research (@RNCResearch) February 13, 2024

FRIDAY: "The stock market going strong is a sign of confidence in America's economy," Biden says.

TODAY: "Dow tumbles 500 points, posts worst day" in 11 months. pic.twitter.com/deUOTguItE
— RNC Research (@RNCResearch) February 13, 2024

So it looks like the stock market just kicked the chocks out from under Joe Biden's defense of his economy. It's like clockwork when it comes to Joe Biden — just like Jim Cramer, he's always wrong. You know that whenever he says something, the opposite is probably true.

Now what does Biden have to say about the "confidence" in the economy? I'm curious to see how he tries to spin this drop. He just told some desperate whoppers about inflation coming down on Monday. So he'll probably try to blame the drop on something else. But it's all on him with his inflation failures; that's why the market nosedived. But Biden won't even admit the reality of the problem caused by his overspending. If he can't admit what causes it and blames everyone and everything else, how can he ever deal with it appropriately?

One final data point: Biden talks about wages going up. But even that isn't quite true.

David Asman: "Listed among the data that we got in these inflation numbers was the average hourly earnings are now down 2.1% from where they were in January '21 when President Biden took over. The average American is getting hit hardest by this hot inflation number." pic.twitter.com/xCaS8Myif4
— MAGA War Room (@MAGAIncWarRoom) February 13, 2024

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