Here’s Why the Cost of Living Will Decrease Under Trump, According to Grant Cardone
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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Personal finances were top of mind for many Americans as they headed to the polls in November. A pre-election GOBankingRates survey found that 25% of Americans were choosing their presidential vote based entirely on their personal financial situation, with an additional 42% stating that their finances were part of their decision. The survey also found that inflation was the No. 1 financial issue voters cared about, with 49% saying that it was their top concern.
Now that Donald Trump has been elected, it remains to be seen what effect his presidency will have on inflation and cost of living, with experts divided on how his policies will play out. Grant Cardone, a private equity fund manager and real estate investor, believes that Trump’s presidency will lower the cost of living. Here’s why.
Also see how the cost of living in major cities might be affected.
Cardone: Less Government Intervention Will Lower Inflation
Cardone — who has sent a proposal to the Trump administration to implement a federal program, Make Americans Wealthy Again, which would teach financial basics to all Americans — believes that the key to lowering inflation is to have the government be less involved in the economy. This will allow the natural rules of supply and demand to dictate costs.
“I think [a Trump presidency] will reduce the cost of living because he understands supply and demand, and he also understands that the government is responsible for inflation,” he told GOBankingRates. “It is ultimately [caused by] people spending money on things and the printing of money. The government creates inflation, and printing money creates inflation. So if you don’t keep printing money, [inflation will be reduced].”
Cardone believes the government has added to inflation by creating more government jobs, which leads to artificial unemployment numbers.
“The government creates inflation by creating situations that are unnecessary,” he said. “Most people agree with that. That’s not a Democrat or Republican conversation. Most people agree that when the government gets involved, things are more expensive.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
Survey methodology: GOBankingRates surveyed 1,004 Americans ages 18 and older from across the country between Aug. 5 and Aug. 7, 2024, asking 20 different questions: (1) Where do you think is the safest place to keep your money?; (2) How much physical cash do you keep at home? ; (3) If you’ve ever been the victim of identity theft, which type of theft did you experience? (Select all that apply); (4) If you’ve ever been the victim of a financial scam, which type of scam did you experience? (Select all that apply); (5) If you’ve ever been the victim of financial fraud, what type of fraud did you experience? (Select all that apply); (6) Altogether, approximately how much money have you lost due to identity theft, financial scams and/or financial fraud?; (7) What red flag tips you off most about a potential scam?; (8) How often do you worry whether your money is unprotected?; (9) Which presidential candidate or potential presidential candidate’s policies do you believe will keep your money safest if elected to the presidency in November 2024?; (10) Which presidential candidate or potential presidential candidate’s policies do you believe will protect Social Security the best if elected to the presidency in November 2024?; (11) Have you ever been scammed while using one of these apps? (Select all that apply); (12) Have you ever been scammed while using any of these social media platforms?; (13) Have you ever paid for services to protect yourself from fraud/scams? (If so, how much do you pay monthly/annually?); (14) How confident are you that your money is safe where it currently stands?; (15) Which presidential candidate or potential presidential candidate’s policies do you believe will benefit the economy the best if elected to the presidency in November 2024?; (16) Which of the following economic/financial issues is most important to you for the 2024 election cycle?; (17) Which presidential candidate or potential presidential candidate’s policies do you believe will tackle the issue of inflation the best if elected to the presidency in November 2024?; (18) How much does your personal financial situation impact your choice of candidate in the 2024 presidential election?; (19) If you aren’t yet retired, how much do you expect to get from Social Security during your retirement?; and (20) How much of your retirement do you plan to fund with Social Security? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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