Donald Trump promised as a candidate that he could easily conquer inflation, but the reality is proving tougher than he expected. Wednesday’s consumer price index report showed that Trump could end up facing the same challenges that dragged down his predecessor, President Joe Biden.
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Consumer sentiment measures suggest the public already sees Trump’s plans to expand tariffs as increasing inflation. On Wednesday, the president called for interest rate cuts, even though rate hikes by the Federal Reserve helped lower inflation that spiked at a four-decade high in 2022.FACT FOCUS: FEMA funding to New York City to assist migrants is misrepresentedfalling unemployment rate
“The Biden administration indeed left us with a mess to deal with,” White House press secretary Karoline Leavitt said at Wednesday’s news briefing. “It’s far worse than I think anybody anticipated.” “If you cut the budget deficit by a trillion between now and next year, there is no inflation,” Musk said. “And if the government is not borrowing as much, it means that interest costs decline. So everyone’s mortgage, their car payment, their credit card bills, anything, their student debt, the monthly payments drop. That’s a fantastic scenario for the average American.
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