Senate Minority Leader Chuck Schumer launched a sharp attack on the Trump administration Wednesday after new government data showed inflation continuing to climb, arguing that rising prices are placing increasing pressure on American families.
According to figures released by the Labor Department, the Consumer Price Index rose 4.2 percent over the past 12 months, including a 0.5 percent increase during May alone.
Reacting to the report on the Senate floor, Schumer said the latest numbers confirm what many Americans are already experiencing in their daily lives.
“This morning’s inflation numbers reaffirm what the American people already know: Trumpflation is getting worse and worse with no end in sight,” the Democratic leader said in a Wednesday speech from the Senate floor.
Schumer pointed to rising fuel prices linked to the ongoing conflict involving Iran, as well as what he described as declining public confidence in the administration’s economic stewardship.
“Let’s be clear, Republicans aren’t just failing to address the affordable crisis, they’re making it worse. Actively making it worse,” he said.
Energy markets have experienced significant volatility since military operations involving Iran began. International benchmark Brent crude oil, which traded near $70 per barrel before the conflict escalated, has climbed dramatically and at one point surpassed $100 per barrel. By Wednesday afternoon, Brent was trading at approximately $93 per barrel.
Energy Secretary Chris Wright said Wednesday that shipping activity through the Strait of Hormuz had increased substantially. The strategic waterway, a critical route for global oil shipments, has faced major disruptions during the conflict, placing additional strain on energy markets worldwide.
President Trump has faced growing criticism over rising consumer costs during the conflict. Public concern about economic conditions has also been reflected in polling. A CNN survey conducted in May found that the president’s approval rating on economic issues had fallen to 30 percent, the lowest level recorded during his administration.
Trump has previously stated that he does not “think about Americans’ financial situations” while negotiating with Iran. He also drew criticism Wednesday when asked about the latest inflation report and responded, “I love the inflation.”
The remark quickly generated backlash from critics, who interpreted it as an endorsement of rising prices.
Trump later clarified his statement in comments to The New York Post, explaining that he was referring to the fact that inflation had not risen as much as some analysts expected.
“The numbers are going to be phenomenal because what’s showing is that despite the fact that we’re in a war, the numbers are much lower than anticipated, and when we’re out of that war, the numbers will be at lower numbers than they were even before it started,” Trump told the outlet.
House Speaker Mike Johnson defended the president’s remarks, arguing that critics had misunderstood what Trump intended to say.
Speaking to reporters on Capitol Hill, Johnson said Trump’s comment had been taken “totally out of context.”
“What he was saying is it’s going to be great to have that number and compare it to what comes next,” the GOP leader told reporters. “When we get these situations resolved, that’ll be a fun thing to consider and compare.”
{Matzav.com}