Democrats are hesitant towards tax hikes proposed to fund social programs, but should recognize the core issue: Everything is too expensive, a problem largely attributed to Trump. Trump’s tariffs are contributing to rising costs, impacting items like coffee and prompting price increases from major companies. Businesses are now running out of options to absorb these increased costs, suggesting a more significant impact on prices in the near future. Therefore, voters expecting relief from post-pandemic inflation under Trump are likely to be disappointed as next year could see even higher inflation.
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A recent poll reveals that Americans are facing significant financial strain, with the majority blaming the Trump administration and corporate interests. The poll indicates that over 60% of Americans hold the Trump administration responsible for the rising cost of living, particularly regarding grocery prices. Concerns about affording necessities are widespread, with many expressing worry about unexpected expenses and a looming economic recession. Furthermore, corporations and billionaires are seen as significant contributors to financial difficulties, fueling public anxiety about the current economic climate.
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A recent survey conducted by The Times revealed American voters view President Trump’s actions to arrest and deport immigrants as his most significant achievement. While nearly half of respondents graded Trump’s second term positively, they also identified inflation as the most pressing issue. The poll highlighted widespread concern over Trump’s tariff policy, with a majority believing it will negatively impact the country’s prosperity, and overall job performance approval has declined slightly. Interestingly, support for a third party led by Elon Musk is low, and his popularity has decreased since leaving the administration.
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Following the recent record-high egg prices, beef prices are now soaring, reaching unprecedented levels due to a combination of factors. These include shrinking cattle herds, drought conditions, and increased reliance on imported beef, even as demand remains robust. Experts predict that lowering beef prices will be more complex than eggs due to industry challenges and rising supply costs. Some retailers are exploring cost-cutting measures, such as Walmart’s new owned beef facility, while the future of prices may depend on consumer demand and overall economic conditions.
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Despite reports of an imminent dismissal, former President Donald Trump denied plans to fire Federal Reserve Chair Jerome Powell, although he did acknowledge discussing the possibility with House Republicans, who largely supported the move. Trump, who appointed Powell during his presidency, has criticized him for not lowering interest rates quickly enough and has also expressed the view that there is no inflation. While the president expressed his discontent with Powell’s performance, he did not rule out the possibility of firing him, but said the chances were “highly unlikely.”
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US trade talks with Indonesia, currently at nearly $40 billion in 2024, show growing US exports and imports. Senior Indonesian officials confirmed they are preparing a joint statement regarding tariffs, following Trump’s threat of a 32% tariff rate and similar letters sent to other trading partners. Trump has stated that talks with India are moving in a similar direction and that a trade deal with Vietnam is nearly complete. The implementation of these tariffs would raise the US effective average tariff rates, potentially making it the highest since 1933.
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On July 8, 2024, EU ministers approved Bulgaria’s adoption of the euro, set to occur on January 1, 2026, making it the 21st member of the Eurozone. This decision comes nearly two decades after Bulgaria joined the EU and was made possible after the European Commission determined Bulgaria met the necessary criteria. While some Bulgarians express skepticism, citing fears of rising prices, proponents believe the move will bolster the economy and strengthen ties with the West. The euro’s value has been gaining ground as the Eurozone continues to expand.
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The U.S. dollar has just experienced its most significant decline for the first half of any year since 1973, and that’s a pretty startling statistic to digest. It immediately begs the question: what’s causing this, and what does it mean for the average person? The last time we saw a drop of this magnitude was back in the early seventies – a period marked by significant economic shifts. Now, we’re seeing echoes of that, and it’s natural to feel a bit disoriented by it all.
Essentially, a weaker dollar means that the value of the currency is decreasing compared to other currencies around the world.… Continue reading
Federal Reserve Chair Jerome Powell testified that the central bank would have eased monetary policy if not for President Trump’s tariff plan. Powell stated that the Fed’s decision to hold rates steady was influenced by the increased inflation forecasts resulting from the tariffs. Despite pressure from the White House, the Fed has held the key borrowing rate steady, and Powell acknowledged the potential for future rate adjustments depending on economic data. He also stated that he could not comment on the likelihood of a rate cut in July.
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In May, a key inflation gauge indicated that prices remained stubbornly high, with prices up 2.3% compared to the previous year. Core prices, excluding food and energy, rose 2.7% annually, exceeding the Federal Reserve’s 2% target. Simultaneously, consumer spending decreased by 0.1% for the first time since January. While tariffs have influenced prices of certain goods, falling prices in other areas have offset these increases.
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John Q. Hosedrinker 
Matt Underwood