Trump Falsely Claims Economy Is Great As Grocery Prices Rise And Jobs Picture Gets Worse | EUROtoday

In a speech the White House billed as specializing in the economic system, President Donald Trump spent most of his hour on a Detroit stage Tuesday repeating his varied lies and grievances on nearly every thing else.

Only two minutes and 34 seconds into his remarks to the Detroit Economic Club, Trump veered off and returned to certainly one of his favourite lies: that Democrats cheat in elections and that he has been a repeat sufferer.

“I won the popular vote all three times, too. But we’re not going to get into that,” he mentioned, earlier than doing precisely that ― however the truth that he misplaced the favored vote by 3 million in 2016 and seven million in 2020.

In his 64 minutes on stage, Trump additionally lied about having stopped eight wars, went on a well-known tangent about transgender athletes, personally insulted Federal Reserve Chairman Jerome Powell, used a racist smear in opposition to Minnesota’s Somali group typically and congresswoman Ilhan Omar particularly, bragged about his extrajudicial killing of greater than 100 suspected drug smugglers on the excessive seas and attacked the late President Jimmy Carter for turning over the Panama Canal to Panama, as a treaty required him to do.

“Hydrogen, I don’t know about. I’m hearing it’s not testing so well. It’s fine, except when there’s an explosion. You’re a goner now. Have you heard that with hydrogen? One guy is trying to sell hydrogen?” he mentioned on a detour about fuel-cell powered electrical vehicles, apparently unaware of the explosive traits of gasoline vapor.

And whereas describing his efforts to stress the pharmaceutical business to decrease drug costs, Trump once more adopted his nonsensical strategy to arithmetic: “They’re going to be coming down thousands of percents. We’re standing up to special interests and slashing prescription drug prices by 300, 400, 500 and even 600% and more.”

Trump did often lie in regards to the economic system, as effectively, claiming falsely that grocery costs had been coming down, that predecessor Joe Biden had overseen “stagflation” on his watch, that tariffs weren’t borne by American shoppers, that he had given the most important tax cuts in historical past, and that the crude oil he coerced from Venezuela after attacking its capital to seize its dictator was value $5 billion.

In actuality, grocery costs haven’t been coming down, and inflation numbers launched Tuesday confirmed that meals costs elevated final month on the quickest tempo since 2022. While inflation was excessive beneath Biden in 2021 and 2022 because the economic system rebounded from the pandemic, there was no stagflation, as regular progress continued all through.

Tariffs are taxes paid by American importers, as U.S. Supreme Court Chief Justice John Roberts identified in November, which implies they’re borne both by American enterprise house owners or American shoppers, however in both case, by Americans. Trump’s commerce conflict in opposition to the remainder of the planet additionally introduced on a dramatic slowdown in job progress in comparison with the Biden years, with the manufacturing sector really dropping jobs each month since he introduced his tariffs in April.

Trump’s tax cuts had been smaller as a share of gross home product than both those handed beneath Ronald Reagan in 1981 or George W. Bush in 2001, and the 30 to 50 million barrels of oil that Venezuela has provided to the United States is probably going value about half of the $5 billion Trump claimed, given the additional price to course of it and the present market value.

In certainly one of his repeated assaults on Somali immigrants within the United States on Tuesday, Trump claimed that the fraud in that group and others in opposition to the U.S. authorities accounts for the whole annual U.S. finances deficit — an assertion absurd on its face.

“Another urgent priority for bringing down the cost of living is to stop the colossal fraud that is bleeding American taxpayers absolutely dry, the fraud being committed by the Somali population in Minnesota,” he mentioned, claiming with out proof that related fraud was going down in different states with Democratic governors. “If we stop this fraud, this massive fraud, we’re going to have a balanced budget.”

In actuality, the federal finances deficits at this time are near $2 trillion a 12 months, thanks largely to Bush and Trump’s rounds of tax cuts.