Topline<\/p>\n
President Donald Trump once again dismissed Americans\u2019 economic concerns as a problem made up by Democrats and went as a far as calling affordability \u201ca fake word,\u201d effectively putting him at direct odds with his own administration’s data as consumer prices rise at their fastest pace in three years and his vice president publicly acknowledges Americans are struggling.<\/p>\n
US President Donald Trump addresses the media during a closing press conference at the G7 summit in France, on June 17, 2026.<\/p>\n
AFP via Getty ImagesKey Facts<\/p>\n
Trump spoke at the G7 summit on Wednesday to declare the U.S. has \u201cthe strongest economy we’ve ever had\u201d and called affordability a \u201cfake word made up by the Democrats.\u201d <\/p>\n
He also claimed he \u201cinherited these prices\u201d from the Biden administration, but the annual inflation rate and unemployment rate were lower when Trump took office. <\/p>\n
The president\u2019s remarks came as the Federal Reserve held its first policy meeting<\/a> under new chair Kevin Warsh, where the Fed’s Open Market Committee voted to hold interest rates steady but signaled at least one hike will come later this year. <\/p>\n His comments also follow a statement from Trump last week that he \u201cloves the inflation<\/a>\u201d caused by the Iran War after federal data showed the Consumer Price Index rose 4.2%<\/a> annually in May, the steepest rate since April 2023. <\/p>\n The May inflation reading marked the third consecutive month of accelerating price growth, with energy costs accounting for more than 60% of the monthly increase, the Bureau of Labor Statistics reported.<\/p>\n CRUCIAL QUOTE<\/p>\n “There\u2019s a lot we\u2019ve got to do, but I think that we\u2019re doing as much as we can. We\u2019re going to keep on working at it,\u201d Vice President JD Vance<\/a> said on Tuesday after calling the affordability problem “very real.\u201d <\/p>\n Key background<\/p>\n Trump has been blasting the ongoing affordability crisis as a hoax since late last year. He said the word “affordability” is a con job by the Democrats and “doesn’t mean anything to anybody,\u201d despite polls showing Americans largely blame him<\/a> for skyrocketing prices. Trump briefly promoted<\/a> his administration\u2019s policies on affordability in January as he called for a one-year cap on credit card interest rates at 10%, but reverted to old messaging quickly thereafter. The Iran war, which Trump started in February alongside Israel, has pushed inflation higher, largely through increased energy prices. The average gallon of gas cost $4.02 nationwide as of Wednesday, up from $3.16 one year ago, and economists<\/a> have estimated the war will add about 0.6 percentage points to U.S. headline inflation in 2026. <\/p>\n further reading<\/p>\n ForbesFed Holds Interest Rates Unchanged In Kevin Warsh\u2019s First Meeting\u2014But Higher Rates Are ExpectedBy Ty Roush<\/a>ForbesInflation Hit Highest Rate In 3 Years In MayBy Ty Roush<\/a>ForbesTrump Says \u2018I Love The Inflation\u2019 After It Reaches 3-Year HighBy Sara Dorn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Topline President Donald Trump once again dismissed Americans\u2019 economic concerns as a problem made up by Democrats and…\n","protected":false},"author":2,"featured_media":540749,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[26727,43257,9328,79,356,179,18,232087,19,185,169299,17,232086],"class_list":["post-540748","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-affordability","tag-affordability-crisis","tag-americans","tag-business","tag-donald-trump","tag-economy","tag-eire","tag-i-love-inflation","tag-ie","tag-inflation","tag-iran-war","tag-ireland","tag-trump-says-affordability-is-fake-word"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116768429235249072","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/540748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=540748"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/540748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/540749"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=540748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=540748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=540748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}