Trump and Musk Talked About Inflation ‘Sticker Shock’: Could the Former President Bring Prices Down?
Written by
Chris Adam
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Chris Cluff
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Surveys continue to show the economy is among the top issues for voters as the United States prepares for the November election.
Former President Donald Trump and Vice President Kamala Harris are both talking about their own plans for turning around the economy — and criticizing the other’s ideas — while campaigning across the U.S. Much of the focus has been on inflation and high prices.
Trump on Inflation
During a wide-ranging conversation on X with Tesla CEO and X owner Elon Musk, Trump talked about voters wanting to hear about the economy and plans to lower prices and turn things around.
According to Trump, “The inflation has killed them. Food prices are up 50%, 60%, even 100% in some cases. And this stupid administration allowed this to happen. And it’s a shame. And that’s the thing that people most care about, in my opinion.”
Trump went on to tell Musk that his plans for another term will help individuals and families struggling amid higher prices. Per Trump, “But the economy now is the big thing. And we can turn that economy up so fast, and people are gonna be back again. We’re gonna get rid of inflation.”
Spending and the Pandemic
Trump once again blamed the Biden administration for overspending, including during the pandemic.
According to Trump, “And then COVID came, and … the problem is they spent trillions and trillions of dollars they wasted. They shouldn’t have taken any money and we wouldn’t be having inflation right now, which is killing our country.”
While Trump has been criticized for having policies that focus on the wealthy, he told Musk inflation is hurting everyday Americans who have saved for years. Per Trump, “Well, the people that got hurt the worst are the people that did it the way they were taught to do it all through, you know, their younger life and their young life and their whole life. The people that saved money and then they got no interest on their money and inflation destroyed them.”
Trump Plans
So what does Trump plan to do to fight inflation and bring prices down? According to PBS, “Trump says he wants tariffs on trade partners and no taxes on tips. He would like to knock the corporate tax rate down a tick.”
The plan for tariffs has been at the center of controversy this election season, with critics saying it would hurt the overall economy. For Trump’s part, he has talked about enacting a duty of at least 10% on all imports from all countries, a tariff of 60% on Chinese imports and a 100% tariff on cars made outside of America.
In addition, according to Fox News, Trump has said he’ll bring down inflation by opening up the country to more oil and gas drilling. Per Trump, a greater production of fossil fuels in America would lead to a large-scale decline in prices. It’s part of a larger effort by Trump to focus on reducing energy costs as a way to reduce prices for household goods.
Editor’s note on election 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.
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