Former President Donald Trump is spotlighting his administration’s economic achievements during a visit to Pennsylvania, a key battleground state he won in the previous election. Speaking Tuesday, Trump emphasized recent declines in fuel prices, citing data from GasBuddy that shows the average cost of regular gasoline has dropped by 17 cents compared to the prior month and nearly 10 cents from the same period last year.
He also promoted his tariff strategy, claiming it generates substantial revenue that could be redistributed to middle-income households. “We’re making so much money with tariffs that we’ll also be able to make a nice dividend to middle-income people,” Trump stated over the weekend at the Kennedy Center Honors.
However, economic indicators present a mixed picture. The Commerce Department’s latest report revealed that core inflation has risen nearly 3% year-over-year, raising affordability concerns among consumers. A late November survey conducted by Yahoo and YouGov found that close to half of respondents believe Trump’s policies have contributed to higher prices.
Trump dismissed these concerns, calling affordability issues a “Democrat con job.” Treasury Secretary Scott Bessent echoed this view on CBS’s “Face the Nation,” attributing current economic pressures to policies from the previous administration. “Democrats created scarcity, whether it’s in energy or overregulation, that we are now seeing this affordability problem,” Bessent said, predicting a shift toward prosperity in the coming year.
Attention is now turning to the Federal Reserve, which is scheduled to announce its interest rate decision Wednesday. These rates influence borrowing costs for mortgages, credit cards, and auto loans. According to CME Group, financial markets assign an 88% likelihood that the central bank will lower rates this week.
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Trump to tout economic gains in Pennsylvania
(NewsNation) — President Donald Trump on Tuesday is set to tout his administration’s economic gains in Pennsylvania, a battleground state he won last year, as he pushes back on affordability concerns from millions of Americans. n nTrump says he’s fixing the economy, pointing to data, such as from GasBuddy, showing the price for a gallon of regular gas is down 17 cents from the same time last month and down almost a dime from the same time last year. He also says his tariff plan will put money in the pockets of the middle class. n n“We’re making so much money with tariffs that we’ll also be able to make a nice dividend to middle-income people,” Trump said at the Kennedy Center Honors on Sunday night. n nBut numbers from the Commerce Department raised concerns in its most recent September report. The agency found core inflation was up almost 3% from the same time last year. n nA late November poll from Yahoo and YouGov also found that nearly half of respondents believe Trump has done more to increase prices. n nTrump recently called affordability a “Democrat con job,” a sentiment echoed by Treasury Secretary Scott Bessent on Sunday. n n“We’ve made a lot of gains, but remember, we’ve got this embedded inflation from the Biden years,” Bessent told CBS’ “Face the Nation.” “Democrats created scarcity, whether it’s in energy or overregulation, that we are now seeing this affordability problem, and I think next year we’re going to move on to prosperity.” n nTrump’s attention this week also turns to the Federal Reserve, which plans to announce on Wednesday where to set interest rates that impact what Americans pay for mortgages, credit cards and car loans. n nFinancial services company CME Group estimates an 88% chance the Federal Reserve will lower interest rates this week.