One Obstacle for Trump's Promises: This Isn't the 2016 Economy
What was the price increase percentage before Trump's presidency in 2017?
Before Trump's presidency in 2017, prices had risen roughly 5 percent over the previous four years6.
How much have prices risen since 2020?
Since 2020, prices in the United States have risen significantly, with the inflation rate reaching 8.3% in 2022. The Consumer Price Index (CPI) has also increased, with the U.S. Bureau of Labor Statistics reporting a 7.1% increase in the cost of goods since last year. Some goods, such as school lunches, fuel oil, and eggs, have seen even more dramatic price jumps.
What economic policies does Trump focus on for his 2024 campaign?
Trump's 2024 campaign focuses on tariffs, tax cuts, and boosting domestic production. He plans to impose a 10% tax on imported goods, tighten constraints on Chinese-made products, and reduce taxes for individuals and companies. Trump also vows to slash US energy and electricity costs and do away with much of the $369 billion Inflation Reduction Act5.