President Trump emphasized that high inflation leads to increased prices, interest rates, mortgage rates, and poses a threat to the American Dream. During a rally in Minnesota, he criticized the rising inflation under President Biden, stating that it costs the average family an extra $1,165 per month compared to his own presidency. Trump highlighted the significant impact of inflation on the economy, particularly in terms of homeownership becoming more unattainable due to high mortgage rates and prices. He pointed out that the average 30-year mortgage rate has surged to 8 percent, making it harder for Americans to afford homes. Despite President Biden attributing inflation to supply chain disruptions and other factors, Trump insisted that the current administration’s handling of the economy is detrimental to the American people. As the economy and inflation take center stage in the upcoming election, Trump’s supporters are comparing his economic record favorably to Biden’s, citing significant differences in wage growth and inflation rates. The general public, including individuals like Susan Garland from Maryland, are feeling the impact of inflation on their daily expenses, further underscoring the urgency of addressing this issue.
They have had to make cutbacks in their spending, from vacations to dining out.
Plumber Michael Garland, 53, mentioned that homeowners are also reducing their spending on services, directly impacting his income.
“If people can’t afford services, they won’t hire me, which affects my work,” he explained.
This report includes contributions from Emel Akan.
