The Dictatorship
Trump embraces inflation after a new report shows it’s spiking
WASHINGTON (AP) — President Donald Trump on Wednesday showed how he had learned to stop worrying about inflation and simply, in his own words, “love” it.
Asked about the new report that the consumer price index in May had jumped 4.2% over the last year, the president took a surprisingly optimistic tack with the challenging news. Trump didn’t dismiss the affordability issue as a “hoax” that was started by Democrats, as he has done previously. Nor did he claim that he was bringing down the cost of living.
Instead, after the government said that inflation spiked to the highest level since April 2023, Trump praised the numbers.
“You know what I really love?” Trump said. “I love the inflation.”
It was an unexpected take given that voters ahead of the November midterm elections have ranked the economy as a top concern — and have given Trump low marks on that issue. Within minutes of his on-camera comment, Democrats quickly rushed to promote it on social media.
Trump had pledged in his 2024 campaign to quickly vanquish inflation, but his argument now is that higher prices are solely a function of the Iran war raising energy costs. On Wednesday, he claimed that relief is already on its way because of a secret military operation that had ferried what he said was 100 million barrels of oil through the Strait of Hormuzthe primary shipping channel for 20% of the world’s global oil supply that has been effectively closed by the war since late February.
“Trump really said, ‘I love the inflation.’ On camera. For all of America to hear,” Senate Democratic Leader Chuck Schumer quickly posted on X. “His contempt for you knows no bounds.”
House Democratic Leader Hakeem Jeffries said on X that with Trump’s stated love of inflation, “We finally found something that Donald Trump loves as much as he loves himself.”
Rep. Emilia Sykes, D-Ohio, quickly pressed Energy Secretary Chris Wright at a hearing about whether he, too, loved inflation.
“Do you love inflation?” Sykes asked.
“I love ending Iran’s ability to have a nuclear weapon,” Wright answered. He only conceded after being pressed: “No, I would prefer lower inflation.”
When asked about Trump’s specific comments, Wright said, “He’s an entertaining, hyperbolic guy who’s done tremendous leadership.”
Trump claimed the secretive shipments were why oil prices had fallen below $90 a barrel, after surpassing $110 at the start of April.
“I’m just announcing today for the first time, but we’ve been taking out millions of barrels of oil, millions of barrels every night,” Trump said.
On social media, the president said the mission began last month and had “resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely traveled through the Strait.” There was no immediate data available to back up that total, and it was not immediately clear what role the U.S. military had played.
To put that figure into context, a daily average of 20 million barrels of oil had gone through the strait before the war, which would mean that Trump’s mission had resulted in the equivalent of five days’ worth of normal oil shipments.
Responding to the new inflation report, the White House pointed out that some expenses had dropped in May relative to the previous month: the price of new vehicles, prescription drugs and auto insurance, for example. But when the overall inflation number is paired with the change in hourly wages, there is a bleak sign that people’s spending power relative to their earnings has declined.
“President Trump has consistently maintained that oil and gas prices — and thus overall inflation — will plummet once the Iran situation is resolved, and the administration will continue pushing our affordability agenda to enable Americans to keep more of their hard-earned money,” White House spokesman Kush Desai said in an email.
But the financial markets were cautious about Trump’s claims that he was lowering prices by getting oil tankers through the strait — claims that came as the United States also launched airstrikes against Iran, and as Tehran fired back at countries in the region.
U.S. crude oil futures climbed roughly 4% on Wednesday, closing at nearly $92 a barrel.
A federal judge in Washington has denied a bid Wednesday brought by a watchdog group to immediately block the Justice Department’s “anti-weaponization” fund, for now choosing to trust the department’s assertions that it is not moving forward with the fund.
U.S. District Judge Richard Leon ruled immediately, denying Citizens for Responsibility and Ethics in Washington’s request for a temporary restraining order that would have blocked the Department of Justice from taking steps to create the fund.
Throughout the 30-minute hearing, the DOJ reiterated that the administration was not moving forward with the nearly $1.8 billion fund, which seeks to compensate individuals who allege they have been politically targeted or victimized by the DOJ.
Andrew Block, the only lawyer present for the government, repeatedly cited Acting Attorney General Todd Blanche’s June 2 congressional testimonyin which he said the administration was “not moving forward” with plans to create the fund.
Leon indicated he agreed with the DOJ’s position that the case appeared to be moot, saying he was not persuaded there was an issue for the court to decide regarding the creation of the fund. He issued a stern warning to the DOJ, saying, “Don’t play possum with this court!” — meaning he does not want to be deceived.
The plaintiffs argued Blanche’s testimony did not amount to an official cancellation. Nikhel Sus, CREW’s attorney, said Blanche “refused to memorialize that rescission,” or in other words, put it in writing. Sus said that was “highly unusual.” Leon responded, “This whole case is highly unusual to say the least.”
Leon asked the government twice why they would not just rescind the order that established the fund. Block responded, “I don’t know,” and pointed again to Blanche’s public statements about the fund’s future.
Both Leon and Sus raised the issue of Trump’s continued public defense of the fund. “It can still be an important issue and also not moving forward,” Block said. “That isn’t a direction to move forward with the fund.”
Although Leon rejected CREW’s bid for an immediate block, he indicated he is still considering its request for a longer-term block against the fund.
A block order from a separate federal judge in Virginia remains in effect until at least Friday.
Fallon Gallagher is a legal affairs reporter for MS NOW.
The date when Social Security’s trust fund is expected to run out of money just got bumped up. The fund is now projected to empty in 2032according to a new report released by Social Security’s trustees.
The new depletion date isn’t an earth-shaking change — it’s only a quarter earlier than the estimate in last year’s report. But it illustrates how President Donald Trump’s policies are degrading a program he promised to never jeopardize — and accelerating an approaching crisis in how our government will assist the elderly and disabled.
The report names three factors that contributed to the earlier insolvency date. One is a declining fertility rate, but the other two drivers can be traced back to Trump: a drop in immigration into the country, and the “substantial effect” of the tax policies in the One Big Beautiful Bill he signed last summer.
Trump’s acceleration of the program’s insolvency comes atop his assaults on the program’s administrative capacities.
Reduced immigration during Trump’s second term — especially when coupled with a declining fertility rate — strains Social Security because the program is funded through payroll taxes. Those come out of people’s paychecks, and fewer workers supporting an aging population means the program receives less revenue. Indeed, Social Security already has been tapping its trust fund for the better part of the past two decades because the program’s costs have exceeded its cash income. And as the Center on Budget and Policy Priorities pointed out last yearlast year’s tax cuts were a boon to the rich but a bust for the solvency of the Social Security trust fund.
To be clear, if the fund is depleted, Social Security won’t go belly up. Benefits will continue to be paid out, but there will be a large drop in the amount. The Committee for a Responsible Federal Budget estimates that the “average monthly cut would total $500, which is more than what the average retired household spends on groceries each month.”
That would be a huge blow to the budgets of many older Americans. Social Security is a major source of income for most retirees, and roughly 40% of beneficiaries over the age of 65 rely on it for most of their income. And it would mark the destabilization of the sole source of retirement security for most Americans that is supposed to be insulated from ups and downs — unlike 401K plans. As the CBPP has pointed outSocial Security is “most workers’ only source of guaranteed retirement income that is not subject to investment risk or financial market fluctuations.”
Trump’s acceleration of the program’s insolvency comes atop his assaults on the program’s administrative capacities. His cuts to the Social Security Administration have left offices understaffedincreased wait timesand reduced quality of customer service.
Ultimately, Trump is exacerbating a colossal social safety net problem that predates him, and the trust fund will hit dire straits after he has left office. Democrats need to have clear plans for shoring up the program and making it robust for the future — which will require not being sheepish about taxes as a tool for renewing the social contract. And when Republicans try to claim that they, too, are champions of Social Security, all Democrats need to do is point to the truth.
Zeeshan Aleem is a writer and editor for MS NOW. He primarily writes about politics and foreign policy.
Today’s edition of quick hits.
* The latest from Northern Ireland: “The family of a man who lost an eye in a knife attack appealed for calm on Wednesday after the incident triggered a wave of anti-immigrant violence in Belfast overnight, with masked men burning families out of their homes and torching vehicles. The appeal came as a Sudanese man appeared in court charged with attempted murder and as British Prime Minister Keir Starmer and politicians in Northern Ireland condemned the violence by ‘masked thugs’ that had targeted ethnic minorities.”
* In related news: “The British government hit out at X owner Elon Musk Wednesday, accusing him of whipping up tensions online ahead of disorder in Belfast.”
* The tenuous state of a dubious ceasefire: “Trump said the U.S. is going to hit Iran ‘hard’ today when pressed by reporters in the Oval Office about his statement earlier that Tehran will ‘pay the price’ for taking ‘too long’ to reach a peace agreement. ‘Well, we’re going to be attacking them and attacking them very hard, resuming bombing,’ he said.”
* The latest casualty figures from Lebanon: “Israel’s military offensive in Lebanon has killed at least 3,666 people, including 131 healthcare workers, and injured more than 11,300 since the U.S. and Israel began their war with Iran in late February, the Lebanese health ministry reported yesterday.”
* The changing nature of modern warfare: “Ukraine is wreaking havoc on unarmored trucks and trains in the battlefield’s rear, using drones with upgraded engines and batteries, integrated Starlink communication systems and new artificial-intelligence capabilities. The ramped-up attacks are causing fuel shortages, complicating troop rotations and reducing Russian military activity on the front.”
* This seems like a reasonable request: “Democrats on the House Intelligence Committee demanded Wednesday that Bill Pulte, President Donald Trump’s controversial pick for acting director of national intelligence, submit to a full security check before assuming the post, including an examination of his financial holdings and foreign contacts.”
* Some market trends can’t be stopped despite the White House’s best efforts: “Even as President Donald Trump boosts coal over clean energy, solar power is hitting new milestones in the U.S. and remains the leading source of new power. Data released Wednesday by global energy think tank Ember, along with a report by the Solar Energy Industries Association and analytics firm Wood Mackenzie, show the continued growth of solar and decline of coal in the United States despite federal policy. In May, for the first time, solar supplied more of the nation’s electricity than coal, or 12.8%, Ember said.”
* A bizarre schedule for a nonemergency vanity project: “Federal officials are laying more groundwork to begin construction on President Donald Trump’s planned 250-foot-tall triumphal arch, sharing additional documents that detail the project’s scope and an aggressive timetable for potentially completing work before Trump’s term ends. According to National Park Service documents posted this month, the administration envisions 20 hours per day of construction on the arch, year-round, in hopes of completing the project within two to three years.”
See you tomorrow.
Steve Benen is a producer for “The Rachel Maddow Show,” the editor of MaddowBlog and an MS NOW political contributor. He’s also the bestselling author of “Ministry of Truth: Democracy, Reality, and the Republicans’ War on the Recent Past.”
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