On Wednesday morning, Donald Trump used his social media platform to share some good economic news with the public. “Just out: No Inflation!!!” the president wrote.
The claim was false but familiar. In fact, the Republican has spent recent weeks and months insisting that concerns about inflation are a thing of the past. “You know, if you think, inflation, I’ve already taken care of,” the president told New York Post columnist Miranda Devine last month. “Prices are way down for everything — groceries, everything.”
Unfortunately, reality continues to point in the opposite direction. Not only have grocery prices gone up, not down, but inflation obviously hasn’t been “taken care of.” CNBC reported Thursday on the latest data, which found inflation inching higher once again:
These results were worse than forecasters’ expectations. While the White House practically begs the Federal Reserve to cut interest rates, the central bank’s inflation target is 2% — and with the latest report at 2.9%, the economy appears to be moving in the wrong direction.
Or put another way, I have some bad news for those who accepted Trump’s “Just out: No Inflation!!!” declaration at face value.
Making matters worse, this wasn’t the only piece of discouraging economic news. From the CNBC report:
What we’re left with is a broader picture that shows sluggish economic growth, a badly faltering manufacturing sector, the worst job market since the Great Recession and stubborn inflation that appears unlikely...
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