July 1, 2022

Stock market tanks after inflation reaches 40-year high

President Joe Biden has been doing exactly the wrong things one would do to spur an economic recovery. That has now translated to losses on Wall Street.

The stock market tanked on the news that inflation reached 8.6% in May, marking a 40-year high, The Hill reported. It seems experts are now fearing the U.S. Department of Labor’s Consumer Price Index will continue to rise.

The CPI data had shown a slight decrease from 8.5% in March to 8.3% in April. While analysts were hoping to see the downward trend continue, May’s increase sent the stock market into a tailspin.

The S&P 500 index lost 2.91% falling to 3,900, while the Dow Jones Industrial Average dropped to 31,392 for a 2.75% loss. Similarly, the Nasdaq dipped under 11,340, marking the most significant drop at 3.5%, even with its solid technology-based companies.

Although this is a crisis of his own making, Biden expressed sympathy for the plight of ordinary Americans who would suffer because of it. He promised the economy was of utmost importance to his administration during a speech from Port of Los Angeles Friday.

“I understand Americans are anxious, and they’re anxious with a good reason,” Biden said. “I was raised in a household where when the price of gasoline rose precipitously, it was a discussion at the table. It made a difference.”

Whether he understands it or not, Biden has implemented policies that were sure to cause exactly the crisis America is facing now. The rise in energy prices can be directly linked to moves such as canceling leases to drill on public land and nixing the KeystoneXL Pipeline, Fox News reported.

Biden has also artificially pumped trillions of dollars into the economy with his bloated spending bills causing the inflationary cycle that is eating away at ordinary Americans’ spending power. Now the stock market is responding to the crisis compounding the economic turmoil of the nation — and it’s all because of the Democrats.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
0 0 votes
Article Rating
simple-ad

This is a demo advert, you can use simple text, HTML image or any Ad Service JavaScript code. If you're inserting HTML or JS code make sure editor is switched to 'Text' mode.

Subscribe
Notify of
2 Comments
Inline Feedbacks
View all comments

Joni Fletcher (@guest_1288676)
16 days ago

I get paid more than $120 to $130 every hour for working on the web. I found out about this activity 3 months prior and subsequent to joining this I have earned effectively $15k from this without having internet working abilities
Copy underneath site to check itโ€ฆ ๐—ช๐˜„๐˜„.๐—ก๐—ฒ๐˜๐—–๐—ฎ๐˜€๐—ต๐Ÿญ.๐—–๐—ผ๐—บ

Mary Reel (@guest_1288687)
16 days ago

I’ve got my first check total of $15,550, pretty cool. I am so excited, this is the first time i Actually earned something. I am going to work even harder new and i can’t wait for next week payment. Go to home tab for more detail…….I highly recommend to everyone to apply… 
 
Join this right now…………..๐–๐ฐ๐ฐ.๐ฅ๐ข๐ฏ๐ž๐ฃ๐จ๐›๐Ÿ๐Ÿ’๐Ÿ•.๐œ๐จ๐ฆ

OUR TWEETS

PRESIDENT'S TWEETS

Sign Up For The Daily Newsletter

SYNDICATED NEWS

2
0
Would love your thoughts, please comment.x
()
x