Donald Trump made a lot of empty promises to his MAGA base while campaigning, but the biggest lie he told--after the Big Election Lie of 2020--was that his tariffs would bring down consumer prices despite the way he destroyed the American economy during his first term in office.
The shockwaves from Tuesday's unexpected win for Trump are already being felt financially a full two months before the inauguration. Home loan interest rates saw a sharp spike Thursday to nearly a 6.8 percent average for 30-year fixed mortgages, marking a startling shift that homeowners will feel right away.
Trump simply doesn't understand how tariffs work, and neither does his base.
Nobel Award-winning economists have predicted a second Trump term would be even worse, sending the country into a depression/recession that only the billionaire class could survive.
MAGA voters simply didn't listen because they didn't care about anything except winning to "own the libs."
"His policies, including high tariffs even on goods from our friends and allies and regressive tax cuts for corporations and individuals, will lead to higher prices, larger deficits, and greater inequality,” the 23 economists wrote. “Among the most important determinants of economic success are the rule of law and economic and political certainty, and Trump threatens all of these.”
But as the dust begins to settle from Trump's suspiciously overwhelming win on Tuesday night--with many calling for an investigation into obvious interference--many Trump supporters were already sharing posts expressing concerns about prices going up.
Inflation is currently at 2.4% under President Joe Biden. When Trump left office in 2021, it was at 6.7%.