Anyone wondering why the Republicans are facing historic losses in this week’s midterm elections should consider these two numbers: 3.7 percent and 0.6 precent. The first is the latest one year increase in prices from the Consumer Price Index (CPI). The second is how much wages and salaries for private industry workers are reported to have fallen in the last year when adjusted to account for the rise in prices. Even Americans with increasing incomes are struggling with inflation.
In the 2024 presidential election, Donald Trump, who was promising to focus on affordability, recaptured the White House, giving Republicans complete control of the federal government. Yet, a gallon of gas now costs about a dollar more than when President Trump was inaugurated. Other prices have increased as well. For example, food prices have risen since President Trump took office.
One factor causing food and fuel costs to rise is President Trump’s breaking of his major campaign promise to oppose war. Iran predictably reacted to Israel and the US going to war against it by closing the Strait of Hormuz, resulting in reduced global oil supply. Increased fuel costs led to increased shipping costs, thus making food and other goods more expensive.
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Source:: Ron Paul Institute