Does Trump Know The Price Of Milk?
“From the day I take the oath of office, we’ll rapidly drive prices down & make America affordable again,” #Trump promised last summer as he ran for president. “Prices will come down. You just watch. They’ll come down fast.”
#Prices have not come down. 10 months after Trump took office, prices are still climbing. #Groceries are MORE expensive. #Electricity bills have spiked. It costs more to buy a new #car.
Nonilex
in reply to Nonilex • • •Trump’s failure was predictable. #Prices almost never fall across the entire #economy. When they do, it tends to be because of a crisis, such as the #GreatDepression. Trump is responsible for misleading people. But he has not merely failed to keep an impossible promise. Trump has pursued policies, starting with #tariffs, that are making the problem worse by making life in the #US less #affordable.
Nonilex
in reply to Nonilex • • •Nonilex
in reply to Nonilex • • •“But the policies they’ve chosen have created extra costs for businesses, & businesses tend to pass on costs,” Sahm added.
The cost of #Trump’s policies is likely to increase in the coming months.
His most inflationary policy is his campaign to build a wall of #tariffs around the US #economy. Tariffs are #taxes on imports, & they are *initially* paid by the businesses that bring goods into the #US.
#FactCheck #TrumpLies #inflation #affordability #CostOfLiving #recession #trumpcession
Nonilex
in reply to Nonilex • • •Nonilex
in reply to Nonilex • • •As the NYT board has noted in previous editorials, the revival of domestic manufacturing is a worthy goal, & if #tariffs were applied judiciously, the benefits might outweigh the #costs. But #Trump’s indiscriminate use of tariffs is doing far more harm than good. The current tariffs will cost the average #US household about $1,800 per year, the Yale Budget Lab estimates.
The admin’s crackdown on #immigration is similarly being conducted in ways that maximize the economic costs.
#economy
Nonilex
in reply to Nonilex • • •Reducing illegal #immigration is a worthy goal, its long-term economic effects are complex. But #Trump’s cruel, chaotic campaign to deport & drive out undocumented immigrants is creating #labor shortages that in turn increase #prices. It is part of the reason #food prices were rising at an annual pace of 3.1% as of September, the last data released *before* the government shutdown.
#economy #inflation #affordability #CostOfLiving #recession #trumpcession #idiocracy #kakistocracy
Nonilex
in reply to Nonilex • • •The pain is acute because price increases are outpacing wage gains for most American households, especially those with lower incomes. The gap between wage growth for the most affluent & least affluent households has been larger this year than at any time in the past decade, according to Bank of America Institute, which uses proprietary data from the bank’s enormous customer base.
#Trump #economy #inflation #affordability #CostOfLiving #recession #trumpcession #WealthGap #idiocracy #kakistocracy