Trump Slams Democrats Over Inflation Narrative, Says He Cut Costs 'More Than Any President In History'

President Donald Trump fired back at Democrats on Wednesday over their inflation messaging, declaring on Truth Social that he “brought down costs more than any President in recorded history” and calling Democratic claims “a total LIE.”

What Happened: “I brought down costs more than any President in recorded history. The Crooked Democrats are using the opposite narrative, even though they know it is a total LIE. Remember this when you hear their phony soundbites. MAGA!!!” Trump posted on the social media platform.

The president’s remarks come as inflation pressures mount across multiple fronts. The Personal Consumption Expenditures price index rose 2.3% year-over-year in May, while core PCE accelerated to 2.7%, exceeding Federal Reserve targets and marking the first uptick after a two-month slowdown.

Why It Matters: Economic data shows personal income fell 0.4% month-over-month in May, the first decline since September 2021, while consumer spending contracted 0.1%. Apollo chief economist Torsten Sløk warns that a 10% dollar depreciation could boost inflation by 0.3 percentage points, with the U.S. Dollar Index already down 10.29% year-to-date.

Trump’s tariff policies face scrutiny as potential inflation drivers. However, Amazon.com Inc. CEO Andy Jassy told CNBC the company “hasn’t seen prices appreciably go up” despite widespread tariff implementation, citing forward buying and seller inventory strategies.

Fundstrat’s Tom Lee highlighted Amazon as a critical early inflation indicator, noting the retail giant’s massive import volume positions it to “see inflation early,” making the “absence of inflation = positive” for broader economic conditions.

Federal Reserve Chair Jerome Powell testified to Congress that tariff increases “are likely to push up prices and weigh on economic activity,” though effects could be “short-lived” or “more persistent” depending on the implementation scale.

Read Next: