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.
As a rule, JD Vance seems to go out of his way to say whatever Donald Trump wants him to say, but from time to time, contradictions emerge between the president and the vice president.
Take the recently passed housing bill, for example, which arrived at the White House earlier this week.
As part of an interview Tuesday night with Fox News’ Laura Ingraham, the Ohio Republican said, “Frankly, Laura, I would love it if Democrats were willing — you know, not that they will agree with Republicans all the time — but if they were willing to work with us on lowering housing prices, on lowering gas prices, on actually making the lives of American citizens better. You know, we could have some real bipartisan compromise. That’s not what they’re talking about.”
I realize the vice president must be very busy, but it really isn’t that difficult to keep up with the basics of current events. In this case, when Vance said Democrats are unwilling to work with Republicans on priorities such as “lowering housing prices,” he turned reality on its head. It was literally last week when Democrats offered unanimous support for a bipartisan bill to address housing prices — legislation that members such as Democratic Sen. Elizabeth Warren of Massachusetts helped to write.
Democrats recognized that doing so would offer the GOP some election-season bragging rights, but Democrats did it anyway because they have prioritized governing and “actually making the lives of American citizens better” over partisan considerations.
But Vance didn’t just contradict reality; he also contradicted his boss.
Just one day before the vice president brazenly misled a national television audience, Trump was asked about the pending housing bill. “It’s very bipartisan; that means the Democrats like it,” the president saidwhile acknowledging that he hasn’t yet decided whether to sign it.
In other words, when Vance said policymakers “could have some real bipartisan compromise,” he seemed indifferent to the fact that we’ve already had some real bipartisan compromise — a detail that even Trump was willing to acknowledge a day earlier.
Whether the vice president will suffer for publicly contradicting the president remains to be seen.
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.”
The Dictatorship
Trump made more than $1 billion in crypto ventures last year, financial disclosure shows
President Donald Trump reported more than $1.4 billion in cryptocurrency-related income in his latest annual financial disclosure released Tuesday, with digital assets emerging as the largest source of his personal earnings during his second term.
The 927-page disclosure, covering 2025 and filed with the U.S. Office of Government Ethics, shows Trump earned more than $500 million from World Liberty Financial, the cryptocurrency company he co-founded in 2024 with his sons, Eric Trump and Donald Trump Jr. He also reported another $635 million in income tied to sales of the $TRUMP meme coin.
Speaking with reporters Wednesday morning before leaving for events in North Dakota, Trump said that others choose his investments without his input.
“I’ve made a lot of money before I became president, and they invest my money, and I don’t talk to them,” he said. “So, I have many people… I don’t know what they call closed accounts or something. You put your money in, and that’s it. I don’t talk to them. They’re big institutions, and they run it.”
The president also earned hundreds of millions of dollars in income from several of his properties in 2025, including $122 million from Trump Doral, $77.5 million from Mar-a-Lago and $39 million from Trump Tower Chicago.
The filing lists more than $80 million in income from legal settlements with media companies including ABC, CBS, Meta, YouTube and X. Trump also reported at least $8.3 million in royalties from books and branded merchandise, including $4.7 million from Trump watches and more than $200,000 in royalties from the God Bless the USA Bible, a branded edition promoted in partnership with singer Lee Greenwood.
The disclosure illustrates a significant shift in Trump’s business portfolio. While his wealth has long centered on hotels, golf courses and commercial real estate, cryptocurrency has emerged as his largest revenue driver. Reuters previously estimated the Trump family has generated at least $2.3 billionin profits from crypto-related ventures since Trump returned to the presidency.
The report follows additional ethics disclosuresreleased in May showing hundreds of millions of dollars in securities transactions involving major U.S. companies and municipal bonds. At the time, the Trump Organization saidthose investments were managed by outside financial institutions through discretionary accounts and that neither Trump nor his family directed individual trading decisions.
Soorin Kim contributed to this report.
Ebony Davis is a breaking news reporter for MS NOW based in Washington, D.C. She previously worked at BLN as a campaign reporter covering elections and politics.
Soorin Kim is a White House producer with MS NOW.
The Dictatorship
GOP officials eye restrictions on pregnant travelers following Supreme Court ruling
The ruling wasn’t as lopsided as many legal observers expected, but in Trump v. Barbara, the U.S. Supreme Court rejected the idea that a president can override the 14th Amendment to the Constitution with an executive order. Although the 5-4 ruling left in place a status quo that had existed for generations, much of the right did not respond well to the news.
Much of the outrage from conservatives was tiresome and predictable, but one element of the pushback to the high court’s ruling stood out, for unfortunate reasons.
A couple of hours after the decision was issued, Republican Rep. Lauren Boebert of Colorado argued by way of social media that the State Department “should immediately cease to give out visas to pregnant applicants.” Soon after, one of her colleagues went a step further by announcing plans for a legislative solution.
Republican Rep. Andy Ogles of Tennessee said Tuesday he’s moving forward with plans for legislation that he’s calling the Anchors Away Act, which would ban certain pregnant foreign women from entering the United States.
“So, I have a bill; it will be called ‘Anchors Away,’ which, look, if you’re not a U.S. citizen, if you’re not a green card holder and you have a child on U.S. soil, today, that child will be a U.S. citizen,” Ogles said in a video posted to social media. “Under my bill, under my legislation, we fix that. … So in short, what this bill does is, if you are a pregnant woman, you can’t come into this country. You got to be a citizen, be here, you have to be a green card holder. So if you’re pregnant and you don’t have one of those statuses, no admittance allowed,” he continued.
As HuffPost noted“The ‘anchor’ part of Ogles’ bill refers to the pejorative term, ‘anchor babies,’ used by many conservatives to describe children born in the U.S. to undocumented immigrants.”
The Tennessee Republican also took his pitch to Fox News. “Look, if you’re pregnant and you’re from a foreign nation, you know what?” Coal says. “It’s time for Congress to pass a law saying you can’t come here.”
And while Ogles and Boebert aren’t exactly known for their legislative prowess, even if the House were to pass such a measure, it would never clear the 60-vote threshold in the Senate.
As the day progressed, White House deputy chief of staff Stephen Miller also appeared on Fox News, and when asked whether the U.S. is prepared to start “banning pregnant women,” Miller didn’t say no, replying instead that there are “a lot of things” the Trump administration will take “a hard look” at.
On Wednesday morning, Homeland Security Secretary Markwayne Mullin also said the administration is prepared to “look at” restrictions on pregnant travelers to the U.S.
I won’t pretend to know what, if anything, will come of this, but I do have a question for proponents of these restrictions: How exactly would U.S. officials go about determining whether someone entering the country is pregnant?
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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