Inflation Surges as Nearly the Entire Country Hates Trump’s Economy

Source: The New Republic · Bias: Left

Summary

Inflation is surging under President Trump, reaching its highest level in three years thanks to the Iran war, and more Americans than ever don’t trust him on the economy. The Bureau of Labor Statistics released its monthly report Tuesday showing that inflation rose to 3.8 percent in April, a higher rate than wages, which only grew at 3.6 percent. The price of oil is a bigone reason why, as it is up more than 70 percent since January thanks to the Iran war. As of Tuesday morning, the average national price for a gallon of gas is $4.50. The worst is still yet to come, though, as the full effect of high gas prices will not affect everything else for a few more months, according to Citigroup, whichwho told its clients Monday that “Energy costs likely would not start to feed through to core goods prices for at least a few more months.” Meanwhile, a new CNN poll shows that 70 percent of Americans disapprove of Trump’s handling of the economy, with 77 percent of Americans (and a majority of Republicans) saying that the cost of living has gone up in their community. Only a third of Americans approve of how Trump is helping the middle class, 26 percent of Americans approve of his performance on inflation, and just 21 percent do on gas prices.According to the poll, Americans trust Democrats are trusted more on the cost of living, helping the middle class, and inflation. But on the economy overall, almost a third of Americans don’t trust either party. Trump and his fellow Republicans may be in trouble during November’s midterms (barring the effects of redistricting) but Democrats will have to show that they can fight to improve Americans’ economic conditions.

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Inflation Surges as Nearly the Entire Country Hates Trump’s Economy
The New Republic

Inflation Surges as Nearly the Entire Country Hates Trump’s Economy

Left

Inflation is surging under President Trump, reaching its highest level in three years thanks to the Iran war, and more Americans than ever don’t trust him on the economy. The Bureau of Labor Statistics released its monthly report Tuesday showing that inflation rose to 3.8 percent in April, a higher rate than wages, which only grew at 3.6 percent. The price of oil is a bigone reason why, as it is up more than 70 percent since January thanks to the Iran war. As of Tuesday morning, the average national price for a gallon of gas is $4.50. The worst is still yet to come, though, as the full effect of high gas prices will not affect everything else for a few more months, according to Citigroup, whichwho told its clients Monday that “Energy costs likely would not start to feed through to core goods prices for at least a few more months.” Meanwhile, a new CNN poll shows that 70 percent of Americans disapprove of Trump’s handling of the economy, with 77 percent of Americans (and a majority of Republicans) saying that the cost of living has gone up in their community. Only a third of Americans approve of how Trump is helping the middle class, 26 percent of Americans approve of his performance on inflation, and just 21 percent do on gas prices.According to the poll, Americans trust Democrats are trusted more on the cost of living, helping the middle class, and inflation. But on the economy overall, almost a third of Americans don’t trust either party. Trump and his fellow Republicans may be in trouble during November’s midterms (barring the effects of redistricting) but Democrats will have to show that they can fight to improve Americans’ economic conditions.

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