Trump Retreats To Delusion As He Makes Inflation Great Again
The first impact of Donald Trump's tariffs hit US consumers in June, as it appears that the president's biggest economic accomplishment to date is to make inflation great again.
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Donald Trump and his administration have been ignoring the warnings of economists for months that his tariff policy was going to be the fuel that inflation needed to come raging back.
In fact, the White House press office has been taking victory laps with each new data drop that showed inflation not rising.
Those victory dances ended on Tuesday morning as June’s numbers revealed that inflation is on the rise.
The Consumer Price Index rose 2.7 percent from a year ago, the swiftest pace since February, data released by the Bureau of Labor Statistics showed on Tuesday. That is slightly higher than expected and is up from an annual pace of 2.4 percent in May.
“Core” inflation, which strips out volatile food and energy prices and is seen as a reliable gauge for underlying price pressures, also shifted higher. Those prices were up 2.9 percent from the same time last year.
Over the course of the month, prices rose 0.3 percent, a notable pickup from a 0.1 percent increase in May. Core prices rose 0.2 percent.
Quietly, it seems that inflation is eating away at the economy, and Trump’s unilateral tariff decision is what is causing the problem.
Trump responded to his tariffs causing rising inflation by recommending a move that would crash the economy.
Trump said, “Very slight, essentially they were exactly as anticipated, very low inflation. So what you should do is lower the rate. The fed should lower the rate immediately.”
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Trump’s demand would make inflation worse. It is the wrong thing to do to curb inflation in lower prices. Since Trump has no interest in lowering prices, and his only goal is self-enrichment, he wants lower interest rates because they would be good for him.
Donald Trump elected with a mandate to lower inflation. Instead, he is delusionally trying to raise inflation while claiming victory.
What do you think about Trump and inflation? Share your thoughts in the comments below.
Just more bullshit nonsense from a 6 time bankrupt man
Once the tariffs really kick in and the TACO stops and drumpf lands on some astronomically high tariffs on everything from our food (Canada and Mexico), to our medicines (Ireland and the EU), to our clothing (Asian Markets), our building materials (Canada & Mexico) and the fact that all the workers are being deported that filled all these industries - our economy is going to start going down into the toilet.
If you take a look at the history of our economy, you will see a zig zag throughout drumpf's first term and then a tank in 2020 when the pandemic hit. Anyone can say that he couldn't have anticipated the pandemic - but a good leader would have had a plan (which Obama did and drumpf threw away), and gotten us through the year 2020 without a nearly 5% drop in the GDP. In 2021 alone, Biden brought our economy out of the red and bumped it up 7% - and also brought inflation down to 2.4% before leaving office. Now inflation is back up to 2.7% and continuing to rise - and the tariffs still haven't really kicked in, so there is more BAD on the rise.
https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=US