President Donald Trump upended conventional politics Wednesday by embracing rising prices, telling reporters he loves inflation even as new data showed consumer costs climbing to their highest annual rate since early 2023.
When asked about inflation surging to 4.2% year-over-year in May, up from 2.4% a year earlier, Trump praised the numbers. "You know what I really love? I love the inflation. You know why? Because as soon as this war is over...when the war is over, it's coming down, it's going to come down like a rock," he said, referencing ongoing U.S. efforts related to oil shipments through the Strait of Hormuz.
The comment triggered swift backlash from Democrats. Senate Minority Leader Chuck Schumer and Senator Elizabeth Warren seized on Trump's remarks as evidence he was indifferent to the mounting cost of living facing ordinary Americans.
Trump quickly shifted ground, arguing his words had been twisted. In an interview with the New York Post, he clarified that he loved the fact inflation wasn't higher, not the inflation itself. He said "the numbers are much lower than anticipated" and predicted prices would drop sharply once the conflict ended. He also forecast that the current rate would represent the peak inflation during what he called the Iran war.
House Speaker Mike Johnson rallied to Trump's defense, claiming the comment had been taken "totally out of context." Johnson pointed to other economic indicators while acknowledging that gas prices remain a concern for voters.
The May inflation data painted a troubling picture for household finances. The monthly jump of 0.5% from April far outpaced wage growth for the second consecutive month. Real average weekly earnings fell 0.2% in May and dropped 0.7% compared to a year ago, marking the largest annual decline since February 2023, according to the Bureau of Labor Statistics.
This marks a striking reversal from Trump's 2024 campaign platform. He ran on slashing the inflation that exploded during Biden's tenure and pledged to cut energy prices in half within his first year back in office. The economy, particularly inflation, remains a top voter concern heading into the November midterms.
Trump has shown little interest in managing public concerns about household finances. Last month, he said he wasn't thinking about Americans' finances "even a little bit" while negotiating potential peace talks with Iran. Asked on May 12 what mattered most, Trump answered only that Iran "can't have a nuclear weapon." Days later, he doubled down on his dismissal of financial concerns, calling his earlier statement "perfect" and saying he would make the same remark again.
Polling suggests the disconnect is costly. An NBC News survey from April found just 32% of Americans approved of Trump's handling of inflation, while 68% disapproved. His overall approval rating hit a second-term low that month, with voters citing the economy as their primary issue.
Author Sarah Mitchell: "Trump's sudden love affair with inflation is either a masterful bet that the war ends fast enough to vindicate him before November, or a stunning miscalculation of what voters actually care about."
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