MILWAUKEE — Tuesday marked the worst day on Wall Street in more than two years. Stocks took a big hit after a new report saw inflation jump more than expected in August, fueling fears of more historic rate hikes ahead of next week's federal reserve meeting.
It was unwelcoming news for President Joe Biden who celebrated the Inflation Reduction Act at the White House on the same day. His event highlighted a big political win for him and congressional Democrats just eight weeks before crucial midterm elections.
Just in:— Charles Benson (@CharlesBenson4) September 13, 2022
Democrats celebrating Inflation Reduction Act at White House ceremony “This is your law”, said Pres. Biden to the 1000’s on South Lawn. Helps families reduce energy cost /cap senior drug costs at 2k.
No R’s in Congress backed the bill calling it wasteful spending. pic.twitter.com/1X05iyoFY5
That is why TMJ4's Chief Political Reporter Charles Benson headed to the White House Tuesday. President Biden sees the new law as a victory for what he called "kitchen table concerns." Republicans see it as wasteful spending.
- TMJ4's Charles Benson reports from White House on new inflation laws
- Milwaukee's cost of living is rising, here's how inflation is affecting the city
- This is how the 'Inflation Reduction Act' will help Wisconsinites
President Biden is hoping his Inflation Reduction Act will be a big win as inflation worries the top of mind of many Wisconsin voters. Inflation worries were the number one issue among Wisconsin voters in the most recent Marquette Law School Poll.
Just in: Democrats celebrating the Inflation Reduction Act IRA at WH on a day when inflation numbers remain historically high despite a drop in gas prices. The plan does reduce healthcare and prescription drug cost for seniors with big incentives for clean energy. pic.twitter.com/UUgxAVG082— Charles Benson (@CharlesBenson4) September 13, 2022
Economic advisors admit the new law does not address some of the core costs driving up inflation like rent and housing but insists it will help with big ticket items - like capping prescription drug costs for seniors on Medicare and negotiating lower drug prices.
Listening to members of President Biden’s economic advisors. They believe the Inflation Reduction Act will help lower prescription drugs for seniors and help reduce energy costs, Jared Bernstein says inflation is still “unacceptably high” despite 90 days of declining gas prices. pic.twitter.com/pIGv9ODVpt— Charles Benson (@CharlesBenson4) September 13, 2022
Despite Democrats' enthusiasm for President Biden's plan, no Republicans in Congress voted for it.
Another big part of the new law is a move to cleaner energy with big rebates for homeowners and small businesses that reduce their energy costs.
Just in: Big day of reporting from the White House. @tmj4 is the only Wisconsin TV station here for several stories and interviews about President Biden’s Inflation Reduction Act and what it all means for Wisconsin. pic.twitter.com/plHXqioiUA— Charles Benson (@CharlesBenson4) September 13, 2022
About Charles Benson
Charles Benson is one of the most reliable, trusted and experienced reporters in southeast Wisconsin. If there's a big story going on, Charles is usually there.
He's not only a familiar face in the community, but a man of faith, dedicated to his family. Charles was inducted into the prestigious Milwaukee Silver Circle in 2013, a lifetime achievement honor given by the National Academy of Television Arts and Sciences.
“In presidential election years, you can find me chasing candidates around Wisconsin, keeping them honest about their campaign promises. My favorite stories are about people right here in Milwaukee and around the state. Whether it's a story about the trials and tribulations of someone's life or the triumphs of the Packers or Brewers, I'm always looking for the story that will make a difference in people’s lives.”
“It's not always about the stories you break; it's about the people you meet. It's about making a difference, showing the struggles people go through, and having an impact in our community.”
“I worked in Peoria, Illinois, Green Bay and Madison. But most of his my talented years happened right here. My wife is from Milwaukee and my son was also born here. They’re the two reasons why I love and will always love this place.”
“It all started with a dream as a young boy. By the 3rd grade, I knew exactly what I wanted to do for a living. In my little league, I was more interested in doing the play-by-play than being an athlete.”
“Part of what helped me develop the skills to be a journalist was my unique upbringing. Growing up, my dad was in sales, and we moved around a lot. I was constantly meeting new people, and making new connections with folks I didn't know. It’s something I still do almost every day!”
“These days, you can always find me training for something. I love biking, running and swimming and occasionally combine all three for a few triathlons each year. I completed the Wisconsin Ironman competition in 2013. It was my first, but hopefully not my last. I'm also a big believer in volunteering for the church and in the community. The best part of my day is when I'm in the grocery store, the gym or a public place and someone stops me to say ‘Thanks for doing that story,’ or ‘I like what you're doing on the news.’”
If you have a story, Charles can be reached at Charles.Benson@tmj4.com