During Trump’s State of the Union speech on Tuesday, he claimed inflation was “plummeting” under his leadership, and he used bogus information to defend his erroneous claims.
“Today our border is secure, our spirit is restored, inflation is plummeting, incomes are rising fast, the roaring economy is roaring like never before, and our enemies are scared,” he said.
Today’s PPI report proved him wrong as inflation was much hotter than expected, which has driven the markets way down in early trading.
CNBC reported, “The core PPI, which excludes volatile food and energy prices, increased a seasonally adjusted 0.8%, more than the 0.6% gain in December and well ahead of the Dow Jones consensus estimate for 0.3%”.
That’s a huge gain.
I tuned in to Maria Bartiromo’s morning program to see how she handled the bad news in the inflation report, and the MAGA Queen did her best to make it seem like it’s not a big deal.
When Stuart Varney opened up his program, he did not try to sugarcoat the results.
VARNEY: The question of the day, is inflation cooling?
Answer, looking at the Producer Price Index, no, it is not cooling.
It’s hotter.
This is what used to be called the Wholesale Price Index. It measures costs to business.
In January, it went up 0.5 percent. In the last year, it’s gone up 2.9 percent.
Both readings are higher than expected.
The market reaction to that, not good. The Dow is off about 500 points.
This is pre-market trading.
S&P is down 0.8 percent and the Nasdaq is down 216 points.
The claim that Trump inherited 9% inflation was his biggest lie about inflation, since it was 2.9% when he took office. Even scumbag Rick Santelli couldn’t put lipstick on the pig of this scorching inflation report.
