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.

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