Saving the American Dream

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Saving the American Dream

At a rally in Minnesota, former President Donald Trump criticized President Joe Biden for high inflation. He noted that it costs families an extra $1,165 monthly compared to his administration. He also argued that inflation and rising interest rates have made it difficult for Americans to afford homes and other essentials, calling it the “death of the American Dream.”

More from The Epoch Times:

Prices have risen 19.9 percent since President Biden took office, according to the latest inflation data from the government’s Consumer Price Index (CPI) report. In some categories, the pace of inflation is even higher. For example, rent is up 20.8 percent, grocery prices are up 21.3 percent, and car repairs are up 30.2 percent.

One of the consequences of soaring inflation has been a sharp increase in interest rates, which were raised quickly from near zero in March 2022 to over 5 percent by the Federal Reserve in a bid to cool demand and take the sting out of price pressures. While inflation has fallen from its recent 9 percent peak, it remains above the Fed’s 2 percent target—and there are signs and warnings that it could stay elevated or make a raging comeback.

It’s clear that economic issues will dominate the upcoming presidential election and who will be at a disadvantage in defending his record.

RELATED: Inflation rates show Biden is gaslighting Americans on the economy (New York Post)