CRUCIAL QUOTE
“There’s a lot we’ve got to do, but I think that we’re doing as much as we can. We’re going to keep on working at it,” Vice President JD Vance said on Tuesday after calling the affordability problem “very real.”
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Key background
Trump has been blasting the ongoing affordability crisis as a hoax since late last year. He said the word “affordability” is a con job by the Democrats and “doesn’t mean anything to anybody,” despite polls showing Americans largely blame him for skyrocketing prices. Trump briefly promoted his administration’s policies on affordability in January as he called for a one-year cap on credit card interest rates at 10%, but reverted to old messaging quickly thereafter. The Iran war, which Trump started in February alongside Israel, has pushed inflation higher, largely through increased energy prices. The average gallon of gas cost $4.02 nationwide as of Wednesday, up from $3.16 one year ago, and economists have estimated the war will add about 0.6 percentage points to U.S. headline inflation in 2026.
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further reading
ForbesFed Holds Interest Rates Unchanged In Kevin Warsh’s First Meeting—But Higher Rates Are ExpectedBy Ty Roush
ForbesInflation Hit Highest Rate In 3 Years In MayBy Ty RoushForbesTrump Says ‘I Love The Inflation’ After It Reaches 3-Year HighBy Sara Dorn