Remember how the liberal media and Democrats warned that Donald Trump's economic policies would bring about financial armageddon? How many times have they been proven wrong? I haven’t been keeping track, but they’ve been proven wrong once again.
This shouldn't surprise anyone. When Trump was president from 2017 to 2021, we experienced one of the strongest economies in our nation's history until COVID hit. The liberal media spent four years trying to convince us that Barack Obama deserved credit for Trump's economic success, and then it spent the last three years insisting that Joe Biden and Kamala Harris deserved credit for the post-COVID recovery.
The media's latest effort was to convince the public that Trump’s tariffs were going to cause prices to soar and send us into a recession. Even the liberal media has had to admit that that just ain’t happening.
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“Prices climbed at an unexpectedly slow pace last month, offering a boost to President Donald Trump, whose aggressive trade policies have sparked fears of a resurgence in inflation,” Politico reported on Tuesday. “The Labor Department on Tuesday reported that prices rose at an annual rate of 2.3 percent, the smallest increase since early 2021. While price growth in so-called core sectors of the economy — which exclude volatile food and energy costs — remained elevated at 2.8 percent, April’s Consumer Price Index contained only scant evidence that Trump’s tariffs have meaningfully driven up the cost of living.”
Even though tariff rates have fallen since the administration negotiated a temporary détente with China, Fed Governor Adriana Kugler said Monday that the administration’s new taxes on imports are still “pretty high” and that she expects inflation to rise and growth to slow soon.
So far, that hasn’t happened.
Few economists had expected that overall inflation surged last month. But there was broad anticipation that Trump’s levies on Chinese imports, steel and aluminum and certain Canadian and Mexican products had caused prices for apparel, electronics and other consumer goods to spike. If anything, the opposite occurred: The cost of clothing and new cars — two areas that were highly exposed to Trump’s initial levies — both fell.
Similarly, inflation hit its lowest level since 2021. It certainly pained CNN to report that. And remember that recession experts told us was totally happening this year? JP Morgan is no longer predicting that it will happen.
Of course, Politico was not only disappointed that the bad predictions of the Trump economy didn’t pan out, but it also lamented how this will embolden Trump.
“The CPI report will likely bolster the administration’s claims that grim forecasts for the economy have been overblown,” the paper groaned.
The report will also amplify Trump’s calls for Federal Reserve Chair Jerome Powell to lower interest rates. Powell and other Fed policymakers have warned that the rapid escalation of import costs may soon cause consumer prices to spike and that the central bank needs to keep inflation at bay.
And many economists still expect inflation to rebound in the coming months. Analysts at Citi say they expect the personal consumption expenditures index — the Fed’s preferred inflation gauge — to climb by 3 percent by the end of the year. While that is less than their previous forecast for 3.5 percent inflation, it’s still well above the Fed’s annual target of 2 percent.
The anti-Trump economic narratives haven't just failed; they've completely collapsed.
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