Trump shrugs off rising inflation as war deepens economic spiral

"A new CNN poll found that 70% of Americans disapprove of Trump's handling of the economy - a benchmark that never crossed 50% in his first term, even during the pandemic. 77% of Americans, including a majority of Republicans, say Trump's policies have driven up the cost of living in their own community."

"Asked before departing for China whether Americans' financial struggles were motivating his push for a deal with Iran, Trump replied: "Not even a little bit." "The only thing that matters when I'm talking about Iran is they can't have a nuclear weapon," he added. "I don't think about Americans' financial situation.""

"Inflation spiked to 3.8% in April as the Iran war pushed the national average price of gas above $4.50 a gallon. Economists fear the energy shock is beginning to ripple through the broader economy, pushing up the cost of groceries, airfare, electricity and other essentials Americans rely on every day."

"Tuesday's inflation report showed that prices are outpacing wages for the first time in three years, erasing gains in real purchasing power. American households have absorbed a rise of nearly 30% in consumer prices since the pandemic - a cumulative toll that has never fully healed. Americans are increasingly leaning on credit cards and loans to absorb rising costs, with consumer borrowing posting its biggest monthly jump in March since late 2022."

A CNN poll shows 70% of Americans disapprove of Trump’s handling of the economy, a level that never exceeded 50% during his first term. Seventy-seven percent of Americans, including a majority of Republicans, say Trump’s policies have driven up the cost of living in their own community. Trump says Americans’ financial struggles are not motivating his push for a deal with Iran, focusing instead on preventing Iran from obtaining a nuclear weapon. Inflation rose to 3.8% in April as the Iran war pushed gas prices above $4.50 a gallon. Prices are outpacing wages for the first time in three years, reducing real purchasing power. Households are relying more on credit as savings fall and consumer borrowing increases.

Read at Axios