Article Summary –
President Trump, during a speech at the Republican Party’s mid-term convention, dismissed the claims of an affordability crisis as a hoax, but this was contradicted by a Bureau of Labor Statistics report indicating a 3.4% inflation rate and a significant rise in fuel oil prices. Despite promising to lower consumer prices and end inflation during his 2024 campaign, Trump’s tariffs in 2025 led to increased retail prices, and his military actions against Iran resulted in Iran blocking the Strait of Hormuz, causing gasoline prices to rise sharply in the U.S. A July Harris Poll for the Guardian found that 95% of Americans perceive an affordability crisis, with 57% believing the economy is deteriorating, highlighting a disconnect between Trump administration claims and public perception.
President Donald Trump stated at the Republican Party’s mid-term convention in Dallas on Sept. 9 that claims of a national affordability crisis were fabricated. The Bureau of Labor Statistics released a report two days later showing 3.4% inflation over the past year, with fuel oil prices rising over 50%.
“They used the word affordability. Right? It’s fake,” Trump declared. “They caused the price crisis, but we’re fixing it.”
During the 2024 presidential campaign, Trump vowed to end inflation and reduce consumer prices upon his return to the White House.
“An inflation crisis is making life unaffordable,” he said during his 2024 Republican National Convention nomination speech. “I will end the Inflation Crisis immediately, lower interest rates, and reduce energy costs.”
Instead, Trump’s 2025 tariffs on most imports led to higher retail prices.
In February, Trump launched military strikes on Iran; Iran retaliated by blocking the Strait of Hormuz, causing higher U.S. gasoline prices.
According to AAA data, the average price of gasoline on Sept. 14 was over $4.31, up from $3.12 when Trump resumed office in January 2025, a 38% increase.
“The hoax is Democrats exploiting inflation despite creating it,” a White House spokesperson stated. “Ending Joe Biden’s inflation crisis has been a priority for President Trump, with recent CPI reports showing price reductions for beef, prescription drugs, and car insurance.”
A Harris Poll for the Guardian found in July that 95% of Americans sense an affordability crisis, with 57% believing the economy is worsening.
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