The pro-Biden yahoos at The Hill are flailing over Americans blaming President Joe Biden for the obliteration of trillions of dollars from the embattled U.S. stock market.
The Hill whipped out the exhausted “Republicans pounce” angle to harangue Biden’s critics in a story headlined: “Republicans pounce on ailing markets to criticize Biden.” The liberal outlet mourned that “[w]hile Biden has so far been able to dodge blame for the recent stock market declines in the wake of interest rate hikes by the Federal Reserve, Republicans are increasingly tying the faltering markets to the White House.” Perhaps the outlet is trying to deflect away from CNBC’s Sept. 27 story that stock market losses wiped out a whopping $9 trillion from Americans’ wealth by the end of the second quarter.
The Hill tried to tie frustrations pertaining to Americans losing their shirts in the stock market to partisan efforts:
Republicans are increasingly tying the faltering markets to the White House, warning Americans not to vote for Democrats in November’s midterm election if they value their portfolios.
Counting $1 every second and stopping at $1 trillion would take approximately 31,688 years. So, it would take 285,192 years to count from $1 to the $9 trillion that hemorrhaged from Americans’ stock portfolios last quarter. No wonder The Hill is engaging in blatant spin.
CNN even released a story in June headlined: “All of Joe Biden’s stock market gains have evaporated.” While the Fed’s interest rate hikes have a negative effect on the stock market, there are other factors that can be directly tied to the economy’s poor performance under Biden. For example, following new third estimate data from the Bureau of Economic Analysis showing that U.S. GDP contracted for the second straight quarter in a row to meet the technical definition of a recession, the Dow Jones Industrial Average plunged 550 points on Thursday; the S&P 500 dropped 2.4 percent and the Nasdaq sank 3 percent.
Also, when the Bureau of Labor Statistics released its August inflation report showing a stubbornly high year-over-year increase of 8.3 percent, stocks plummeted. The report, according to The New York Times, cut “against economists’ expectations and throwing doubt over the belief that inflation had peaked.” Former Obama administration economist Larry Summers sounded the alarm well over a year ago that Biden’s gargantuan $1.9 trillion COVID-19 stimulus would wreak inflation havoc. Summers warned that the stimulus would “set off inflationary pressures of a kind we have not seen in a generation.” He was right.
This is not the first time The Hill tried to paint Biden as a victim. When inflation started snowballing in May 2021 following Biden’s $1.9 trillion stimulus that put economic demand into a sugar high, Republicans “pounced” at that point as well, according to The Hill.
The liberal outlet tweeted May 20, 2021, whining that “Republicans have pounced on unexpectedly high inflation readings and a disappointing jobs report for April.”
Republicans have pounced on unexpectedly high inflation readings and a disappointing jobs report for April, arguing they are the products of an overzealous government response that could kneecap the economy. https://t.co/Gck4lZrvBF— The Hill (@thehill) May 20, 2021
The April 2021 jobs report showed that the economy only added an abysmal 225,000 jobs against expectations of a 734,000- to 1,734,000-job increase. The Hill whined that the GOP had suggested the terrible economic data were “the products of an overzealous government response that could kneecap the economy.” That may be because that assessment was right on target this whole time.
Conservatives are under attack. Contact The Hill editorial department at firstname.lastname@example.org and demand it stop defending Biden’s disastrous agenda.