Inflation is creeping up again, and President Donald Trump wants everyone to know it’s not his fault. In a recent interview with Sean Hannity of Fox News, Trump blamed President Joe Biden directly, claiming that the previous administration’s careless spending was the cause of today’s price increases.
Inflation and Government Spending
“Inflation is back. I’m only here for two and a half weeks.” Trump declared while sitting alongside Elon Musk. “And they said, ‘Oh, Trump,' and I had nothing to do with it. These people have run the country. They spent money like nobody’s ever spent. They were given $9 trillion to throw out the window.”
Don't Miss:
- The secret weapon in billionaire investor portfolios that you almost certainly don't own yet. See which asset class has outpaced the S&P 500 (1995-2024) – and with near-zero correlation.
- ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum.
According to the most recent consumer price index report from the Labor Department, inflation increased by 0.5% in January after rising by 0.4% in December. The largest drivers to the 3% price increase over the last 12 months have been housing, electricity, and food.
Additionally, Trump referred to Biden’s spending plans as the “Green New Scam” and claimed that they did little to benefit the American people. “They spent it on things that don’t work,” he remarked, referencing foreign aid, climate initiatives, and DEI programs.
The cost of living remains a major concern for many Americans, with housing prices continuing to climb and energy costs rising 1.1% in January alone. Food prices also saw an increase of 0.4%, with groceries going up 0.5% and restaurant meals rising 0.2%.
Trump promised the public that his policies would not affect important social programs like Social Security and Medicare, despite the economic difficulties. “Social Security won’t be touched other than if it’s fraud or something. It won’t be touched,” he promised. “Medicare, Medicaid, none of that stuff is going to be touched.”
Trending: Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.
Musk said in the interview that supported the idea that government overspending had spiraled out of control. “The massive waste, fraud, and abuse that’s been going on is leading to a $2 trillion-a-year deficit. It’s insane,” he said.
Musk also said that “The overall goal is to try to get $1 trillion out of the deficit. If it’s not under control, America will go bankrupt.” According to him, a nation is no more unique than a person. Both individuals and nations are capable of going bankrupt.
Since prices are still going up, Trump says he will focus on fixing the economy. It's unclear if his plans, like implementing tariffs, will actually help everyday Americans.
Read Next:
- The average American couple has saved this much money for retirement — How do you compare?
- Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here’s how you can earn passive income with just $100.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
