Former President Donald Trump intensified his attack of President Joe Biden’s management of inflation during a rally in Minnesota, claiming that price rises have severely impacted American households since Biden assumed office. Trump asserted that the average family now pays $1,165 more a month for these increases than they did during his administration. He maintained that the American Dream is in jeopardy because Biden’s economic policies aren’t keeping inflation under control, which is weakening household financial security in America.
The current administration’s economic policies have been dubbed “Bidenomics” by former President Donald Trump, who attacked President Joe Biden’s economic policies during his keynote address at the Minnesota Republican Party’s annual Lincoln Reagan Dinner in St. Paul. Noting the impact of inflation on common products, he made the funny comment that he no longer eats bacon because it has gotten too expensive. The average household is spending $1,165 more a month since Biden took office, according to Trump, because of price increases.
The government’s Consumer Price Index (CPI) report contains the most recent inflation data, which shows that prices have increased by 19.9% since President Biden assumed office. The rate of inflation is even higher in certain categories. The cost of groceries has increased by 21.3 percent, rent has increased by 20.8 percent, and auto repairs have increased by 30.2 percent
The Federal Reserve raised interest rates from near zero in March 2022 to over 5 percent in response to soaring inflation. This rapid increase aimed to cool demand and alleviates price pressures. While inflation has decreased from its peak of around 9 percent, it remains above the Fed’s 2 percent target. Concerns persist that inflation could stay elevated or surge again, complicating economic stability efforts
President Biden has ascribed the first spike in inflation to supply chain interruptions brought on by the epidemic and the effect of the Ukraine war on energy costs. He emphasized that the current rate of inflation is far less than the peak of 9% that it reached in June 2022. Furthermore, Biden contended that increased earnings have provided Americans with greater disposable income to handle price increases, indicating that the economy is growing in spite of persistent inflationary pressures.
Prior to the 2024 presidential election, which is most likely to see a rematch between former President Donald Trump and President Joe Biden, voters’ top concerns are the economy and inflation, according to recent polls. Voters regularly regard economic concerns—including inflation—as the most important considerations when choosing a candidate. This emphasis on money matters reflects the general fear among voters regarding living expenses and the state of the economy.