Donald Trump |
Former President Donald Trump blasted Democrats as inflation in the United States sets a new record. Well, check out the Donald Trump response on this.
Statement by 45th President of the United States of America, Donald J. Trump on Inflation:
Inflation just hit ANOTHER 40-year high of 9.1%, which is terrible for our Country. Fuel prices up 60%, Airfare up 34%, Eggs up 33%—how can people survive this? How can businesses survive this? Our Country is so weak right now because the Radical Left Democrats have no clue what they are doing.
All they want to do is “get Trump,” and they are willing to destroy our Nation to do it. America will not allow this to go on for much longer. Don’t vote for the Radical Left Democrats, vote for America First Republicans—Save America! said Donald Trump on inflation.
Inflation Rises 9.1%, Largest 12-Month Increase In 40 Years
Inflation now reaching the highest rate in 40 years at 9.1%. The latest number just released in the last half hour came out about 8:30. Here to tell us what it means for us at home. These are the hottest numbers, in account in fact, since 1981 inflation up 9.1% year over year. We're expecting 8.8%. This is hotter than many people expected. This is something everybody, every American can relate to, right?
Prices start to skyrocket last year, gas, and food prices, driving higher, housing prices, and airfare expenses surging. The war in Ukraine, the Russian oil embargo, and the supply chain crisis continue to be big factors here. Not the only factors. But even though there is now science that oil and gas prices are coming down, it is not yet filtered into the inflation report.
Let's pause for a moment and think about that. If you've gone to the gas station in the last few weeks, we know prices are starting to come down. You may have noticed wheat, and corn prices are starting to come down. This inflation report was taken in June and may not be calculated in that decline in commodity prices. Nonetheless, the federal reserve remains very focused on raising interest rates to cool inflation.
We expect another three-quarter of a percentage point rate hike this month and now because of the report today, the pressure is on the fed to maybe hike by another 75% in September. And that, as you know, makes new home loans, car loans, and credit cards, even more expensive. So this report suggests we are still dealing with just unrelenting inflation. Just on another note, as you may have seen, the dollar is now parity with the euro. The first time that happened in more than a dozen years. That may be great if you're an American going to Europe because things are cheaper.
It's not good though as it relates to the country's competitiveness. Because now other countries will have a cheaper currency. And, therefore, the exports will be cheaper. They may try to export their way out of the situation. While the currency of the united states is going to be getting more and more expensive.
A Twitter user also compared Trump & Biden's inflation, check out his tweet below:
Trump inflation: less than 2%
— Nick Adams (@NickAdamsinUSA) July 13, 2022
Biden inflation: more than 9%
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