{"id":1666666,"date":"2022-09-30T12:32:52","date_gmt":"2022-09-30T16:32:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1666666"},"modified":"2022-09-30T12:34:12","modified_gmt":"2022-09-30T16:34:12","slug":"stock-market-tanked-14-percent-since-bidens-inflationary-boondoggle-passed","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stock-market-tanked-14-percent-since-bidens-inflationary-boondoggle-passed\/","title":{"rendered":"Stock Market Tanked 14 Percent Since Biden\u2019s Inflationary Boondoggle Passed"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstock-market-tanked-14-percent-since-bidens-inflationary-boondoggle-passed%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1666666&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The stock market continued its downward spiral on Thursday as the economy struggles to cope with Democrats\u2019 reckless spending adding fuel to runaway inflation. <\/p>\n<p><a href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-news-today-09-29-2022\" target=\"_blank\" rel=\"noreferrer noopener\">All three<\/a> benchmark indexes closed under their opening value with the Dow Jones Industrial Average down more than 450 points. The NASDAQ dropped nearly 3 percent Thursday and the S&#038;P 500 fell by nearly 80 points. <\/p>\n<p>The Dow\u2019s decline marks a continued trend since the signature passage of President Joe Biden\u2019s <a href=\"https:\/\/thefederalist.com\/2022\/07\/28\/the-dems-new-proposal-does-nothing-to-lower-inflation\/\" target=\"_blank\" rel=\"noreferrer noopener\">dubiously named <\/a>\u201cInflation Reduction Act\u201d on Aug. 16. The Dow Jones Industrial Average has now fallen nearly 5,000 points, or more than 14 percent, in the aftermath of Biden\u2019s bill becoming law.  <\/p>\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.google.com\/search?q=dow&amp;rlz=1C1SQJL_enUS929US929&amp;ei=csU1Y6GoMb3B0PEPgvqxsA4&amp;ved=0ahUKEwihqczgs7r6AhW9IDQIHQJ9DOYQ4dUDCA4&amp;uact=5&amp;oq=dow&amp;gs_lcp=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&amp;sclient=gws-wiz\"><\/a><\/figure>\n<p>The U.S. inflation rate, meanwhile, remains at a four-decade high with Labor Department <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/cpi.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">data<\/a> out in early September revealing that prices rose 8.3 percent last month over the year prior. When Biden <a href=\"https:\/\/thefederalist.com\/2022\/09\/13\/joe-biden-parties-while-americas-retirement-accounts-burn\/\" target=\"_blank\" rel=\"noreferrer noopener\">celebrated<\/a> the bill\u2019s passage at the White House in mid-September, markets continued to plunge as James Taylor played \u201cFire and Rain\u201d on the South Lawn. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><\/figure>\n<p>In July, official GDP numbers revealed two consecutive quarters of negative growth, meaning the country is in a recetion. The Biden administration responded by <a href=\"https:\/\/thefederalist.com\/2022\/07\/25\/recession-no-problem-just-pretend-it-doesnt-exist\/\" target=\"_blank\" rel=\"noreferrer noopener\">pretending the recession doesn\u2019t exist<\/a> and sought to redefine the term, and his lapdogs in the corporate media followed the administration\u2019s lead.<\/p>\n<p>\u201cMost economists and most Americans,\u201d Treasury Secretary Janet Yellen <a href=\"https:\/\/www.voanews.com\/a\/biden-administration-rejects-recession-label-for-economy-\/6677730.html\" target=\"_blank\" rel=\"noreferrer noopener\">told<\/a> reporters, \u201chave a similar definition of recession \u2014 substantial job losses and mass layoffs, businesses shutting down, private sector activity slowing considerably, family budgets under immense strain. In sum, a broad-based weakening of our economy. That is not what we\u2019re seeing right now.\u201d<\/p>\n<p>Most Americans are struggling to cope with inflation, however, with prices for gas and groceries increasing far higher than what they were when Biden took office. The <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">nationwide average<\/a> for a gallon of gasoline, for example, is $1.36 higher than in January 2021.<\/p>\n<p>According to a survey published by the University of Michigan the month before Yellen\u2019s comments to reporters, consumer sentiment <a href=\"https:\/\/www.marketwatch.com\/story\/consumer-sentiment-plunges-to-record-low-in-june-umich-survey-11654870023\" target=\"_blank\" rel=\"noreferrer noopener\">plunged<\/a> to its lowest record. Inflation also remains at the top of voters\u2019 minds in <a href=\"https:\/\/news.gallup.com\/poll\/1675\/most-important-problem.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">poll<\/a> after <a href=\"https:\/\/cdn1.sph.harvard.edu\/wp-content\/uploads\/sites\/94\/2022\/08\/Politico-HSPH-Pre-election-2022-report-topline-083022-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">poll<\/a> headed into the November midterms. Yet in an interview with CBS\u2019s \u201c60 Minutes,\u201d Biden claimed the inflation rate was up \u201chardly at all.\u201d<\/p>\n<p><strong>[READ: <a href=\"https:\/\/thefederalist.com\/2022\/09\/23\/grocery-shop-with-me-to-fact-check-bidens-inflation-up-hardly-at-all-claim\/\" target=\"_blank\" rel=\"noreferrer noopener\">Grocery Shop With Me To Fact-Check Biden\u2019s Inflation Up \u2018Hardly At All\u2019 Claim<\/a>]<\/strong><\/p>\n<p>As the nation\u2019s economic health continues to deteriorate, the stock market will keep collapsing. The falling markets have already wiped out more than <a href=\"https:\/\/www.cnbc.com\/2022\/09\/27\/stock-market-losses-wipe-out-9-trillion-from-americans-wealth-.html\" target=\"_blank\" rel=\"noreferrer noopener\">$9 trillion<\/a> in U.S. household wealth.<\/p>\n<hr class=\"wp-block-separator\" \/>\n<p>\n  Tristan Justice is the western correspondent for The Federalist. He has also written for The Washington Examiner and The Daily Signal. His work has also been featured in Real Clear Politics and Fox News. Tristan graduated from George Washington University where he majored in political science and minored in journalism. Follow him on Twitter at @JusticeTristan or contact him at Tristan@thefederalist.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stock market continued its downward spiral on Thursday as the economy struggles to cope with Democrats\u2019 reckless spending adding fuel to runaway inflation. All three benchmark indexes closed<\/p>\n","protected":false},"author":494,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1666666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1666666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1666666"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1666666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1666666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1666666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1666666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}