Former President Donald Trump is sounding the alarm on soaring inflation under President Joe Biden, warning that rising prices are taking a heavy toll on American families and that the death of the ‘American dream’ is possible.
At a recent rally in Minnesota, Trump declared that since he left office, the typical family in the state has been saddled with an extra $28,000 in costs due to inflation—a staggering $1,165 per month.
“When I left office, we had NO INFLATION,” Trump proclaimed on Truth Social. “Yet in the past 3 years, the Biden Inflation Tax has cost the average Minnesota family a staggering $28,000 dollars—and the Biden Price Hikes are continuing to drain $1,165 dollars from the typical Minnesota family budget every single month!”
The numbers back up Trump’s claims.
According to the American Institute for Economic Research’s cost of living calculator, the extra costs nationwide due to inflation under Biden are on par with the figure Trump cited for Minnesota.
Since Biden took office, consumer prices have surged 19.9%, with even steeper increases of over 20% for essentials like rent and groceries. Car repair costs have skyrocketed by more than 30%.
In a bid to combat inflation, the Federal Reserve has aggressively hiked interest rates from near zero to over 5% in just over a year.
JUST IN: Donald Trump's Minnesota rally was like a comedy show when he tossed aside the teleprompter.
Seriously, he even whipped out props like a Biden Tic Tac dispenser to poke fun at "Bidenflation."
Trump cracked a joke about Biden being "high as a kite" and insisted he… pic.twitter.com/riqwAZZv9A
— 🇺🇸 InterStar Media 🇺🇸 (@InterStarMedia) May 18, 2024
But this medicine may be worse than the disease.
High borrowing costs have pushed home ownership out of reach for many, with prospective buyers needing to earn almost double what they did four years ago to afford a typical home.
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“One of the most vicious effects of the Biden Inflation Tax is how Crooked Joe has made it impossible for millions of Americans, especially YOUNG Americans, to buy a home, a car, or even make rent,” Trump lamented. He pointed out that mortgage rates have tripled from 2.6% when he left office to around 8% today, driving up monthly payments by over $1000 for a typical Minnesota home.
While Biden has tried to deflect blame for inflation onto the pandemic and the war in Ukraine, the American people aren’t buying it.
Recent polls show the economy and inflation are by far voters’ top concerns heading into the 2024 election, where a rematch between Biden and Trump appears likely.
With Biden’s approval ratings mired in the 30s, Trump’s former economic advisor Larry Kudlow argues the former president has a strong case to make on the economy.
Kudlow notes that under Trump, inflation rose a manageable 8% while real disposable income jumped over 12%. In contrast, prices have soared 21% under Biden, far outpacing meager wage gains and leaving real incomes up less than 3%.
“On the economy, Mr. Trump will have significant ammunition,” Kudlow assessed.
As Trump put it bluntly: “The American People CANNOT afford [Biden’s] inflation nightmare—and we DEFINITELY cannot afford four more years of Crooked Joe Biden!”
Unless Biden can turn things around quickly, voters may well conclude that Trump’s policies of low taxes and light regulation are the right prescription for what ails the U.S. economy.
