Economist Justin Wolfers called out President Donald Trump’s claims regarding inflation, citing several data sources that clearly pointed to the contrary.
‘Prices Are Rising’ Across Most Categories
On Wednesday, Wolfers stated bluntly that “every word the president just said is a lie,” while appearing on CNN’s “The Source,” referring to Trump’s recent interview with Laura Ingraham on Fox News, during which he said that costs were high only on beef and coffee, with most other categories doing fine.
“Worse than that, it's such a lie,” Wolfers said, that he worries there’s “literally a break with reality inside the man's mind.”
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According to Wolfers, the Bureau of Labor Statistics, which has “got people in supermarkets all across the country,” sees prices rising across every category of goods and services.
He added that it's not just government data showing inflationary pressure. “When companies are giving their earnings reports, they're telling us they're raising their prices,” adding that most consumers, too, were aware of what was happening.
Inflation Is ‘Not Dead’
Economist Peter Schiff recently echoed similar concerns while pushing back against Trump’s claims of having successfully tackled inflation.
Last week, in a post on X, Schiff said, “Not only is inflation not dead,” but the inflationary pressures under Trump were likely to exceed the average rate under former President Joe Biden.
Moody’s Analytics Chief Economist Mark Zandi has agreed with this, saying, “Inflation is uncomfortably high and is set to accelerate further in the coming months,” attributing this to Trump’s tariffs and trade policies, which are continue to weigh on supply chains.
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