President Donald Trump ripped the chaotic economy in a statement posted to his Truth Social account on Monday. “The Stock Market(s) are literally crashing,” he said. “There was no reason for this, all self inflicted!”
The forecast for the stock market was gloomy on Monday morning, prompting trends on Twitter like “Black Monday” to spread across the platform.
According to a report from TheStreet, the stock market touched a 52-week low on Monday, while the S&P dipped lower than March of 2021, which the report defined as “a 20 percent decline from a recent all-time high.”
This likely comes as no surprise to many Americans already strained under the crushing weight of inflationary pressure across the United States.
Based on a new report released from the Labor Department, the food index increased 10.1 percent for a 12-month period ending in May, “the first increase of 10 percent or more since the period ending March 1981,” which also marked a 40-year high.
Additionally, gas prices have effectively doubled since Joe Biden took office in January 2021. According to a new AAA National Average report, the nationwide average price for a gallon of gas has risen to a shocking $4.81, compared to an average of $2.39 in January 2021.
RSBN previously reported that the U.S. Department of Agriculture’s (USDA) Food Price Outlook for 2022 revealed last week that restaurant food pricing is predicted to “exceed historical averages and the inflation rate in 2021.”
TheStreet further reported that U.S. consumer prices rose faster in May 2022 than they had over the last 40 years, according to the Commerce Department.
President Trump has long decried the Biden administration’s approach to assuaging the wounded U.S. economy. “USA MUST FIGHT BACK,” he stated previously in a post shared to Truth Social. “No more losing our JOBS and BUSINESSES, again, to other countries. AMERICA FIRST!”