Former Secretary of State Hillary Clinton on Thursday expressed concerns about the rising cost of living, saying that Americans may struggle to afford basic needs like gas and eggs when President Donald Trump‘s term ends on Jan 20, 2029.
In a post on X, Clinton stated, “By the end of Trump’s term, it’ll be just enough to buy one gallon of gas and a carton of eggs.”
The remarks came at a time when Treasury Secretary Scott Bessent officially confirmed the printing of a new $250 banknote featuring President Donald Trump’s face. Trump reportedly asked for the colors of the American flag and a 250th-anniversary logo.
Inflation Pressure Persists
Inflation is running hot. The Department of Commerce’s Bureau of Economic Analysis report showed that the Federal Reserve’s preferred inflation gauge jumped at its fastest rate in three years in April as the ongoing U.S.-Iran conflict continued to block the Strait of Hormuz, pushing energy prices higher.
The Personal Consumption Expenditure (PCE) price index rose 3.8% from the year-ago levels in April, following a 3.5% annual increase in March.
Consumer Spending Power Eroding
Higher prices are eroding household income, thereby reducing consumer spending power.
A growing number of Americans are struggling with debt that could quickly turn into a public health crisis.
About 34% of Americans are unable to meet their monthly debt payments, while 28% said their unsecured debt is unmanageable, according to the latest survey by Achieve and finance website Money.com.
Another Gallup report found that 55% of Americans say their finances are getting worse — a record high since Gallup began tracking the question in 2001, surpassing even the pessimism recorded during the COVID-19 pandemic and the Great Recession. This marks the fifth consecutive year of worsening financial conditions.
Photo Courtesy: Joseph Sohm on Shutterstock.com
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