“Just out: No Inflation!!!” is what Donald Trump posted on his social media platform, Truth Social, on Wednesday morning, but the latest data on inflation and the job market prove that’s just not true. The president has been going on for a while now, insisting that inflation is a thing of the past and that he’s already taken care of it, even telling a New York Post columnist that “Prices are way down for everything — groceries, everything”.
Unfortunately, the reality is that prices have actually gone up, not down, and the economy seems to be moving in the opposite direction from what the White House wants. The Federal Reserve has a 2% inflation target, and the latest report from CNBC puts the annual inflation rate at 2.9%.
