"United States President Donald Trump has made a range of claims about the state of the US economy. In a long and meandering address to the media on Tuesday, the first year anniversary of his second term as president, Trump's claims ranged from there being no inflation in the US to drug prices being slashed by as much as 600 percent. Most claims were factually inaccurate."
"Core inflation has been at 1.6 percent for the past three months, and there is no inflation. Both claims are false. Core inflation in November and December stood at 2.6 percent year over year, according to the Bureau of Labor Statistics (BLS). A core consumer price index (CPI) report was not released for the month before due to the federal government shutdown, the longest in US history. Overall, inflation rose by 2.7 percent compared with the same period last year."
"Drug prices under Trump's most favored nation programme are down by 300, 400, 500, 600 percent. This is incorrect. While the programme is intended to lower drug prices, reductions beyond 100 percent are mathematically impossible. A 100 percent price reduction would mean a product is free. Anything beyond that would require pharmaceutical companies to pay consumers to take their products."
Claims included that there was no inflation and that fired government workers had found private sector jobs. Core inflation was stated as 1.6 percent for the past three months, but core inflation measured 2.6 percent year over year in November and December, and overall inflation rose 2.7 percent year over year. A core CPI report was not released for one month because of the prolonged federal government shutdown. Assertions that drug prices fell by 300–600 percent are mathematically impossible because reductions cannot exceed 100 percent; a 100 percent reduction would make a product free. A pending Supreme Court ruling on IEEPA-based tariffs could require refunding some tariff collections.
Read at www.aljazeera.com
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