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Donald Trump promised that American’s icomes will skyrocket if he is elected president. He further added “inflation will vanish” and the Federal Reserve would “bring down interest rates” in a possible second term during his Republican nomination acceptance speech on Thursday.
The 78-year-old former president laid out his economic plan, including the elimination of taxes on tips and tariffs on other countries, while slamming President Biden’s management of the economy.
“We’ve had the worst inflation we’ve ever had under this person,” he said of his Nov. 5 election rival, going out of his way not to mention Biden by name. “Inflation has been a killer for our country. No matter what you’re making it doesn’t matter because inflation is eating you alive.”
“Under Biden’s administration, our current administration groceries are up 50%, gasoline is up 60% and 70%, mortgage rates have quadrupled, and the fact is it doesn’t matter because you can’t get the money anyway,” he said. “Total household costs have increased an average of $28,000 per family.”
Trump said that his economic plan would “bring down prices, and bring them down very, very rapidly.”
“By slashing energy costs, we will in turn reduce the cost of transportation, manufacturing, and all household goods. So much starts with energy. And remember, We have more liquid gold under our feet than any other country by far. We are a nation that has the opportunity to make an absolute fortune with its energy” he said.
Median household incomes, adjusted for inflation, increased by 8.5% during Trump’s first three years in office.
