He “lifted” all those people from food stamps by cutting their aid and leaving them without food. But sure. He did that.
The big picture: The pinch of high prices for food, energy, housing and more has driven seismic shifts in public opinion over the last four years. Since the onset of the Iran war, the cost of living looks likely to get worse, not better, at least in the near term.
- Energy prices are surging, interest rates are on the rise, and the stock market is looking wobbly — a triple whammy for U.S. households.
By the numbers: The national average for a gallon of gasoline is poised to surpass $4, up from about $3 a month ago — and is set to rise further the longer the Strait of Hormuz remains blocked.
- Even before the latest energy shock, electricity prices were up 4.8% over the last year, and piped natural gas up 10.9%.
- Higher energy prices will also likely show up in more expensive airfares and in shipping costs that could ripple through all sorts of goods.
- Grocery prices are up 3.9% over the last year, and Iran’s blockade is throttling the global supply of fertilizer, which could create new pressures on food prices come harvest season.
He thinks his happy talk will tide people over until everything turns around because he’s always right about everything. Sure. That’ll happen.