Biden has his 'let them eat cake' moment, celebrating while economy burns

The White House was a place of celebration on Tuesday, with Democrats gloating about the Inflation Reduction Act while the stock market runs blood red

“The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.” - George Orwell 1984

It was a momentous day at the White House, with Joe Biden welcoming many high profile guests to celebrate the formal enactment of the Inflation reduction act on the White House lawn. James Taylor played his legendary hit ‘Fire and Rain’ and ‘America the Beautiful’, Chuck Schumer and Nancy Pelosi took in a nice photo opportunity, and everyone was happy.

Meanwhile, the stock market recorded it’s most brutal day since June 11th, 2020. The Dow Jones industrial average plummeted 1,276.37 points, working out to a decline of 3.9%, ending the day at 31104.97. The S&P 500 had it worse, percentage-wise, losing 177.72 points, or 4.3%, to end off at 3932.69. And last but not least, the Nasdaq Composite contracted 632.84 points, or 5.2%, to finish up the day at 11633.57. And these numbers were pretty much in when the White House began their celebration. Talk about out-of-touch. But again, the party is telling you to reject the evidence of your eyes and ears.

”This law is for you, and for the millions of people just like you; good, decent, hard-working Americans.” Biden states, before touting that they managed to book legendary singer/songwriter and Rock ‘n Roll hall of fame inductee (2000) James Taylor to mark the occasion, whose ticket prices generally average $316 for a single seat according to cheaptickets.com. I’m not saying he charged for the appearance, but if he did, we’re paying for it.

Biden rattled off a distinguished guest list, mentioning Vice President Kamala Harris, Joe Manchin, Chuck Schumer, and Nancy Pelosi by name, before touting that it took a concerted effort by every Democrat in the Senate to make this law possible because, “The other team didn’t want to play,” as Biden said, taking the opportunity to take a shot at Republicans, of whom no one voted for the Inflation Reduction Act in the Senate. He chose to completely ignore the fact that the two Independent Senators also voted yes on the bill, but they don’t count either, since Democrats aren’t exactly friendly with them. What’s my proof of that accusation? Here. I implore you to read that and see how Democrats conspired to keep the Green Party off the ballot here in my home state of North Carolina, even resorting to harassing people who signed the petition at their homes by sending representatives out to coerce them into removing their signatures from the petition that was started to fight this undemocratic measure by the Democrat-controlled state Board of Elections. I implore all Independent voters to remember that, come November. But I digress.

Biden touted also that the Inflation Reduction Act is “…one of the most important bills in American history,” before saying possibly the most disingenuous line of the day — yes even beyond the one I just quoted — “With this law, the American people won, and special interests lost,” end of quote, repeat the line, “…say it again, the American people won, and special interests lost,” Biden really is the gift that keeps on giving, like herpes.

I find myself at odds with the claim that ‘special interests lost’ when the wealthiest 1% eclipsed the entire middle class in our country back in October of 2021 — under Biden’s watch. Remember that the next time the Trump tax cuts are brought up as a talking point by the left as if they’re any better, neither major party cares about the ordinary American more than they do their rich donors and operatives. The consummate ‘champagne socialist’ himself, Bernie Sanders, is still in the party. But let’s entertain this for a second.

If what Biden says about special interests losing was even true for a second, then explain why Senator Kyrsten Sinema (D-AZ) — the Green Party Benedict Arnold herself — fiercely protected the preservation of the carried interest tax loophole that the wealthiest 1% utterly abuse to pay much lower tax rates on earnings that, by all rights, should be taxed as income, but isn’t under the current law. It’s another reform that’s always promised, but never delivered, as Trump also promised to address it, but never did.

Carried interest is paid out to general partners of hedge funds, private equity firms, and venture capital firms, based on their returns. This is wildly unfair as it basically functions exactly like a salary, but it's taxed at the capital gains rate of 15%, much lower than the top income tax rate of 37%. Again, this would've been changed in the version of the Inflation Reduction Act proposed initially, had Kyrsten Sinema not fought to remove the provisions that would impact the carried interest loophole. Howard Gleckman, editor of the TaxVox blog, can explain it way better than I can.

This celebration very much strikes me as a ‘mission accomplished’ moment, as much as it also harkens back to the infamous quote attributed to Marie Antoinette ‘let them eat cake’. This President and his lackeys are out-of-touch, choosing to pay lip service to their repeated half-hearted promises, and continuing to push short-sighted climate initiatives, such as the electric vehicle tax credit, which was entirely canceled out by car companies raising their prices.

Inflation still sits at 8.3%, meaning that every year, at a constant rate, your money loses 8.3% in buying power. People have — as a result of still soaring costs of living primarily laid at the feet of #Bidenflation — turned to credit to alleviate their woes in the short term, adding $46 billion in new credit debt nationally in all as of August of 2022. No doubt this number will continue to ratchet up as people have literally resorted to racking up huge tabs on groceries with buy now, pay later services.

You know a bill really does what it promises when the Congressional Budget Office sends a report to Senator Lindsey Graham describing its effect on inflation as ‘negligible’. Biden out here doing big things. I can’t wait to see how we solve the dissident problem with the ‘Save America Act’ and what we will call the gulags to lighten the impact of their construction/opening.

To conclude, this victory lap is misguided and it smacks of an administration that simply doesn’t care about anything but spewing spurious rhetoric and gaslighting the nation.

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