4% of the dow is the worst we ve seen in two years. all hit hard because inflation remains stuck and no one can get it under control. an 8.3% annualized inflation rate. the core rate, that is without food and energy, also soaring more than 6.3%. this is the fourth 1,000 point sell-off for the dow just this year. again, this was a worse than expected inflation report. now the president is heralding this inflation reduction act that some people said is actually making the situation worse. because across the board, prices are going up. he s touting the prospect of eventually drug prices going down. even if he gets that and it s a herculean leap, it would be but a fraction of the overall costs that continue to soar. keep this in mind that with inflation running north of 8%, most food and related items are running at about double to sometimes triple that. whatever progress we ve seen on gasoline and related prices has done little to affect prices almost everywhere else. and then a
biden and democrats thought it would be appropriate to hold a massive white house event to celebrate the passage of his so-called inflation reduction act, which actually does nothing to solve the problem. biden bringing 2,000 of his closest friends to the south lawn, including a soothing performance by james taylor. and how about james taylor? a voice that heals our soul and unites the nation and a good friend, exactly four weeks ago today, i signed the inflation reduction act into law. the single most important legislation passed in the congress to combat inflation, the soul of america is vibrant, the future of america is bright, and the promise of america is real. this will cut costs for fam families. help reduce inflation at the kitchen table. jeanine: but it didn t. prices of foods spiked to their highest margins in more than four decades. and biden s tone-deaf event wouldn t be complete without the inaccurate ramblings of good old chuck and nancy. whoa! look at thi