When Donald Trump was running for President, he made it very clear that he would take care of the economy. He planned on reducing inflation and implementing tariffs in order to do so. However, some Republicans worry about the potential economic performance of the Trump administration.
Some Republicans Nervous about Trump
Throughout the Trump campaign, the now President was seen on social media discussing various topics. Federal workers, diversity programs, foreign policy, as well as bringing down inflation. However, as Trump has now been in office for about a month, some Republicans are nervous that Trump is spending too much time on other topics and not addressing inflation. Stephen Moore, former advisor on the Trump administration said “I’m nervous about it” when asked about the current economic situation. “The Trump administration needs to keep its eye on what’s happening with prices. It should be a top priority. The trend is a little bit troubling” Moore went on to say.
Moore’s skepticism may stem from the potential of future tariffs, which economists believe could increase prices even more. Critics of Trump are quick to point out that the consumer confidence index took a massive hit in February, but many Republicans pin that on former President Joe Biden. Georgia Governor Brian Kemp said “I don’t feel like people are blaming him on that yet, but I think that’s a risk you get three, six months down the road… It’s a risk for any politician.” Additionally, the Wall Street Journal reported that Tony Fabrizio and other advisers on the Trump administration urged the President to address inflation during the campaign. Trump, however, seemed uninterested in addressing that topic.
Potential Future Impact on Inflation
So far while Trump has been in office he has focused on immigration and cutting government spending. This doesn’t address inflation directly, but many Republicans believe that this will help inflation as time goes on. Republican Representative don Bacon said “I think it’s too early to say if the president has acted on inflation… it may take a while for tangible results for inflation to be seen.” In order to combat the looming inflation, Trump plans on drilling more. Last year, Trump told donors that “inflation was 100% caused by energy”, so drilling more oil is the solution.
Trump administration officials are confident that prices will decrease, but don’t have a particular timeline, according to a White House official. Trump has said that tariffs may cause “some pain” to US consumers, but that it will all be worth it. Senator Jame Lankford of Oklahoma, isn’t so sure. The Republican senator said “I think right now it’s the uncertainty of all that changes”, and that tariffs will “make it more expensive to do business in America, driving up costs for consumers across the board.” Many Democrats are critical of the lack of change in inflation thus far, but it seems the Trump is confident that will change in the future.
Featured Image Credit: Carlos Herrero; Pexels: Thank You!
