'Worst of both worlds': Trump under fire as inflation figures far higher than expected
President Donald Trump caught heat from political analysts and observers on Wednesday after the latest economic data showed the "worst of all worlds" has arrived.
Financial experts on CNBC noted that the latest inflation data that was released on Wednesday came in much hotter than expected. Producer prices climbed by 0.7% over the last year compared to the estimated growth of 0.3%. The Bureau of Labor Statistics noted that energy prices, which have advanced 13.9% compared to February, were a major contributor to the rise in producer prices.
"It's almost the worst of both worlds," Rick Santelli said on CNBC on Wednesday morning. "I guess stagflation would come close to describing the situation."
Political analysts and observers reacted to Santelli's assessment of the economy on social media.
"The president’s reckless and regressive economic policies have delivered higher costs and fewer jobs to American families," Rep. Emanuel Cleaver (D-MO) posted on X. "Congress must take action to reverse course and provide relief before more damage is done."
"Prices rose more than TWICE as fast as economists predicted last month thanks to Trump’s tariffs and war with Iran," Rep. Shri Thanedar (D-MI) posted on X. "Next time you go to the store, remember that the Trump administration said that the pain they’re causing consumers like you is 'the last of their concerns.'"
"Who could have predicted stagflation with Trump's policies?" Grant Stern, managing editor of Occupy Democrats, posted on X. "EVERYONE!"
"Is stagflation part of the Golden Age?" Fox News host Jessica Tarlov posted on X.