Poor Joe Biden.

Can you think of a worse day for The White House to celebrate his latest half-trillion dollar “Inflation Reduction Act” spending bill than today?

Here’re the latest numbers: CPI up 8.3%. That’s four times the Fed target of 2%. Core inflation is over three times the Fed’s target. Food prices, housing, and rent prices, transportation prices, and utility prices have surged.

The Fed has a LONG way to go in raising rates to get near there.

Stocks got whacked today as investors had previously put the chances of a 100 basis point rise in rates during the next Fed meeting at near 0% probability, but now those odds are up to 20%.

Real earnings continue dropping and are now down an annualized $3,000 for the average American since Biden took office. Time for a ticker-tape parade.

Real Incomes Are Shrinking