In a recent post on X, entrepreneur and real estate investor Grant Cardone revealed inflation rates by administration, highlighting a 40.2% increase in energy costs under President Joe Biden versus negative 0.7% under Republican nominee Donald Trump.
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In part, energy costs remained relatively stable under Trump due to a focus on domestic energy production. Policies such as deregulation in the oil and gas sectors and efforts to expand fracking also helped maintain lower energy costs.
Under Biden, energy prices have notably increased as the administration focuses on transitioning to renewable energy sources and stricter regulations on fossil fuels to combat climate change.
"You want more of this insanity?" Cardone asked his followers. "Harris will destroy the middle class."
Cardone wrote that under a Harris administration, there would be more inflation, higher unemployment, higher prices and endless wars.
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However, most economists surveyed in July by The Wall Street Journal believe that Trump's policies are more likely to trigger inflation than Biden’s. Of the 50 economists who participated in the survey, 28 say Trump's proposed policies carry a higher risk of reigniting inflation than Biden's.
"While inflation is falling and manufacturing is booming under President Biden's leadership, experts are sending a clear warning" about what Trump's policy agenda could entail, said Biden-Harris 2024 spokesperson Sarafina Chitika.
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Cardone included the following table in his post but did not indicate a source for the information:
Inflation By Administration
| Item Name | Trump-Pence | Biden-Harris |
| Energy | -0.7% | 40.2% |
| Gas | 6.8% | 50.5% |
| Electricity | 4.5% | 31.7% |
| Fuel oil | -5.1% | 49.1% |
| Natural Gas | 2.1% | 32.9% |
| Transportation | 2.1% | 32.9% |
| Public transportation | -14.6% | 16% |
| New cars | 0.2% | 18.2% |
| Car insurance | 6.7% | 54.3% |
| Airline fares | -23.5% | 22.6% |
| Hotels | -15.1% | 51.2% |
| Groceries | 5.9% | 21.6% |
| Eggs | -4.8% | 46.8% |
| Margarine | 3% | 52.9% |
| Breakfast cereal | 1.3% | 22.3% |
| Rice, pasta, cornmeal | 3% | 52.9% |
| Dried beans, peas, lentils | -1.9% | 23.9% |
| Coffee | -2.4% | 32.3% |
| Food at K-12 schools | -9.3% | 65.5% |
| Pet food | 2.1% | 23.8% |
| Apparel | -7% | 9.9% |
| Nonprescription drugs | -0.8% | 18.4% |
Source: Grant Cardone via X
At least one person who commented on Cardone's post questioned the legitimacy of the data.
"Those numbers are misleading," Biden's Debt Monster wrote. "Trump's term ended with the pandemic. His policies are far better, but that graphic needs more context."
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Another follower, Grant Goode, called Cardone's post deceptive.
"Increasing the national debt significantly produced those results and Trump is the king of big spenders," Goode wrote. "Trump massively increased the swamp. Oddly, I don't ever hear you criticizing genocidal maniacs like Putin. I assume you support genocide and mass murder with isolationism."
Cardone and his wife, Elena, have been vocal Trump supporters. They organized a crowdfunding campaign on GoFundMe to cover his legal costs after New York Judge Arthur Engoron ordered Trump to pay $355 million in penalties related to his civil fraud case.
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