Earlier today, Donald Trump claimed that the economy is doing “unbelievably” from the standpoint of Wall Street. Of course, things couldn’t be better for Trump and his allies. While Trump has spent his second term in the White House doling out tax breaks for billionaires and big corporations and making billions of dollars for him and his family, working families have struggled under a deepening affordability crisis. The truth about Trump’s economy? Job losses are mounting, inflation is rapidly wiping out wage gains, and gas prices are hitting new seasonal record-highs, forcing Americans to tighten their belts and cut summer spending to make ends meet.
SHOT: Trump: “The Economy Is Doing Unbelievably.” On Friday, Trump told a reporter, “I have a lot of things that are happening, a lot of good things. The economy is doing unbelievably from the standpoint of Wall Street.”
CHASER: Job Losses Are Mounting, Inflation Is Wiping Out Wage Gains, and Gas Prices Are Through the Roof. The reporting on Trump’s economy paints a dismal picture:
- Gas prices are at a record seasonal high of $4 a gallon.
- Frightened consumers are cutting their spending at the steepest rate in over a year.
- Paycheck growth is plummeting, with inflation now outpacing wages year-over-year.
- The labor participation rate just hit a five-year low.
- The latest jobs data showed that the U.S. economy lost 23,000 jobs in July.
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