At a White House event on Thursday afternoon, Donald Trump bragged, in response to an unrelated question, that he’d “already taken care of” inflation. For those who keep an eye on the president’s public positions, the lie was jarring but familiar.
With unnerving frequency, Trump ignores economic data to insist — reality be damned — that he’s successfully “defeated,” “cured” and “solved” inflation.
American consumers would likely be delighted if such boasts were true. They are not. One day after the Republican again claimed to have triumphed over inflation, NBC News reported:
The data complicates the short-term future of U.S. monetary policy: The Federal Reserve has indicated that it expects to lower interest rates in response to the weakening economy, especially as job growth weakens to lows unseen since the Great Recession, but Fed Chair Jerome Powell’s inflation target is 2%.
With the latest report showing the Consumer Price Index inching up to 3%, the economy appears to be moving in the wrong direction, creating an uncertain path for the central bank.
As for the politics, the latest national poll from The Associated Press found that only 36% of Americans support Trump’s handling of the economy. Other recent surveys have pointed in the same direction.
The latest inflation data helps explain the public dissatisfaction.
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