By The Opinion
Confirming what each of us feels about everyday expenses, in an update to the Consumer Price Index the Bureau of Labor Statistics announced yesterday that the annual inflation rate rose to 3.8%, the highest in two years.
Before the United States started the war in Iran, the figure was 2.4%, but since then it has jumped, mainly due to the rise in gasoline prices, which were below $3 a gallon and now reaches a national average of $4.40, 58% more.
At the same time, President Donald Trump’s popularity fell to 36% and the percentage of those who reject his administration rose to 57%.
This is further confirmation, if it were needed, of the dead end to which this administration is leading us.
The American public is absolutely best versed in the direction the government is taking us. And he reacts by repudiating his economic management. The most important and worrying issue for citizens is the high cost of living. In transportation, housing, food and medical care:
77% of those surveyed – including, for the first time, a majority of Republicans – know that they are paying for the results of Trump’s erroneous policies out of their own pockets.
The country’s economic conditions have worsened. But this government remains determined to continue the economic policy that is leading us to this situation.
Economists agree on the changes required. The fiscal deficit must be reduced. In this fiscal year it is close to two trillion dollars (trillions in English). And the total national debt is reaching unsustainable extremes of 40 trillion.
But while increased revenue is needed, Trump lowered the corporate tax rate from 35% to 21% in 2017, cutting taxes for individuals in the top 1%. And his “Big, Beautiful Law” last July made permanent the cuts that were about to expire. To implement these royalties, the government implemented deep cuts in social programs, which increased poverty and reduced consumption, creating a negative chain reaction.
As if this were not enough, to date the war in Iran has cost 29 billion dollars, in addition to the increase in what consumers must pay for gasoline and agricultural products that need fertilizers, whose price increased due to the maritime blockade.
The government faces a chaotic dilemma. With the elections close to now, it must change its economic course, but since it is unable to recognize mistakes or abandon those who have the most, there is little hope for short-term improvement.
