Our new book is The Comeback: The 2024 Elections and American Politics. The first year of the second Trump administration has been full of ominous developments.
War and economic woes will hurt the GOP in November. The only question is how much.
Raquel Coronell Uribe at NBC:
President Donald Trump embraced an unlikely foe Wednesday: inflation.
Asked by reporters whether he was concerned about new economic data that showed inflation last month surged to the highest rate since early 2023, Trump praised the government figures.
“The numbers were great. You know what I really love? I love the inflation. You know why? Because as soon as this war is over ... when the war is over, it’s coming down, it’s going to come down like a rock,” he said, referring to U.S. efforts to secretly get oil ships through the Strait of Hormuz.
Democrats pounced on Trump’s remarks, with Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., accusing him of not caring about the rising cost of living for Americans.
Trump later argued that his words were taken out of context, telling the New York Post what he loved was how inflation wasn’t higher. Trump said that “the numbers are much lower than anticipated” and predicted prices would plunge once the war is over.
He also predicted that the current inflation rate would be the peak in the Iran war, which began Feb. 28.
One day later... Aimee Picchi at CBS News:
Inflation facing U.S. businesses surged in May to its highest level since November 2022 amid higher energy prices stemming from the Iran war.
The Producer Price Index, which registers inflation before it reaches consumers, soared 6.5% in May from a year ago, the Labor Department reported on Thursday. On a monthly basis, the PPI rose 1.1% from April, a faster pace than the 0.6% increase forecast by economists polled by financial data firm FactSet.
The hotter-than-expected reading comes a day after the Consumer Price Index surged in May to an annual rate of 4.2%, its fastest pace in more than three years. Although the PPI doesn't directly signal changes in consumer prices, it can feed into broader inflation if businesses pass those costs on to customers.