Former President Donald Trump is criticizing President Joe Biden for the inflation that has plagued the United States during his tenure. Speaking at the Minnesota Republican Party’s annual Lincoln Reagan Dinner on Friday, Trump attacked the president and his Bidenomics agenda, according to Breitbart News.
“Groceries are up 22 percent, eggs are up 50 percent, electricity’s up 40, 50, 60 percent, gasoline is up 56 percent, car insurance — you can’t even get it,” he said. “It’s up 52 percent if it’s available, and then if you need it, they don’t give it to you. They fight you like hell. And, meanwhile, real wages are down by almost five percent. This is what we have. This is Bidenomics.”
Trump called inflation a “country buster,” asserting that the inflation during Biden’s presidency has left “millions of Americans” unable to afford rent, buy homes, or purchase groceries. “His inflation catastrophe is, in effect, a colossal tax on American families. We will call it the ‘Biden Inflation Tax,’” he said. “It’s the biggest tax in history. It’s called an inflation tax. It’s about 50 percent. This is like going to Congress and raising your hand for a 50 percent tax — that’s what it is. When I left office, and we had virtually no inflation we had nothing, only success.”
“Biden price hikes are continuing to drain $1,165 dollars from the typical Minnesota family budget every single month,” the former president said. “These numbers are staggering, and you know, somebody got a little bit of a wage increase; it doesn’t matter because the prices have gone up so much. It’s a sad thing.”
“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 their rent. Young Americans are getting out of high school and getting out of college and it’s a disaster for them,” he said.
The Bureau of Economic Analysis reported on Tuesday that inflation, measured by the producer price index, increased to 2.2% for the year ending in April. This marks the third consecutive rise in the headline inflation rate, contrary to the trend desired by the Federal Reserve and serving as a cautionary indicator for Biden.
The majority of economists had predicted that annual inflation would rise by this margin, aligning with expectations. However, on a month-to-month basis, the price index surged by 0.5%, surpassing initial forecasts — news that will not bode well for Biden’s reelection, as ‘the economy’ has become the number one issue of concern for a majority of voters.
“Net, net, inflation at the producer level is back on the front burner this month and consumers are sure to feel the heat as higher production costs will feed into the inflation they see in the goods and services they buy,” said Chris Rupkey, chief economist at FWDBONDS, the Washington Examiner stated.
The core Producer Price Index (PPI) inflation, which excludes volatile food and energy prices, increased to 2.4%, in line with expectations. The Federal Reserve has raised its interest rate target to a range of 5.25% to 5.50%, the highest level since the dot-com bubble at the turn of the century.