Trump’s self-inflicted pain
Today, the federal reserve raised interest rates for the first time in three years. The reason behind this rate increase was the soaring rate of inflation, which has risen to 3.4%. The fed’s inflation is 2%. Two of the major factors contributing to this soaring inflation are directly related to Mr. Triumph and his failed policies, specifically energy and tariffs.
Trump’s escalating unnecessary trade war with Canada, which is the second largest source of U.S. imports, has significantly increased prices for many goods here. Second, Trump’s unnecessary war of choice with Iran has resulted in skyrocket prices for gasoline, diesel fuel and other petroleum-based products. This week, U.S. crude oil soared to $106 per barrel, and international Brent crude oil reached $109 per barrel. Gasoline prices have risen 45% since February and diesel fuel has reached its highest level ever because of Trump’s ill-advised war with Iran.
When Biden was president, we had high inflation that was due to a pandemic that impacted the entire world. Our current inflation problem is all self-inflicted pain directly resulting from Trump and his complicit allies in Congress who do nothing to control him. And yet we have Republicans like DiLorenzo and Sununu both endorsed by Trump running for the House and Senate. If elected, they will continue Trump’s failed policies which are severely hurting our economy and our security. We need Congressional oversight not more Trump protectors.