Former President Donald Trump recently reiterated his criticism of soaring inflation during a rally in Minnesota, accusing the incumbent President Joe Biden of causing significant financial strain on families. Trump claimed that since Biden assumed office, price hikes have cost the average family an additional $1,165 per month compared to his own administration.
In a post on Truth Social, Trump emphasized that there was no inflation during his term in office and has now become a significant burden for households under Biden’s leadership. He highlighted that the Biden Inflation Tax has cost Minnesota families approximately $28,000 over the past three years, with price hikes continuing to drain an extra $1,165 from their monthly budgets.
The former president’s criticism followed his keynote speech at the Minnesota Republican Party’s annual Lincoln Reagan Dinner in St. Paul, where he repeatedly criticized President Biden and his economic policies, known as “Bidenomics.” Trump even joked about no longer eating bacon due to its increased cost under the current administration.
According to Trump, one of the most detrimental effects of high inflation is how it has made homeownership difficult for millions of Americans, particularly young people. He pointed out that the average 30-year mortgage rate is now around 8 percent compared to just 2.6 percent during his final month in office, making monthly mortgage payments significantly more expensive.
In an effort to emphasize the severity of the inflation crisis, Trump urged Americans not to support President Biden and his policies, stressing that “the American people cannot afford his inflation nightmare—and we DEFINITELY cannot afford four more years of Crooked Joe Biden.
Polls show that economy and inflation are the top two issues for voters ahead of the November presidential election, where a Trump-Biden rematch is expected. Larry Kudlow, who served as director of the National Economic Council under Trump, argued that the former president’s record on wages and inflation significantly outshines that of the incumbent.
Kudlow noted that while salaries have gone up under Biden, a significant portion of those wage gains has been eroded by inflation. He highlighted that cumulative inflation under Trump was only 8 percent, compared to 21 percent under Biden.
The impact of high inflation is evident in the experiences of ordinary Americans like Susan and Michael Garland from Elkridge, Maryland. The couple has seen their weekly grocery bill more than double since Trump left office, forcing them to cut back on spending across various areas of their life.
Michael, a plumber, also reported that homeowners are reducing their spending on services, which directly impacts his income as well. He explained that if people can’t afford these services, they won’t call him for work, ultimately impacting his job security.