Trumps Inflation Fix Centers on Energy Emergency That Doesnt Exist
President Trump has put unleashing American energy production at the center of his economic agenda, saying that ramping up fossil fuel production will lower inflation and end a cost of living crisis that has seen prices rise for staples like apples, bacon and eggs.He declared a “national energy emergency” on Monday and said that high energy costs “devastate American consumers” by driving up the cost of transportation, heating, farming and manufacturing.Speaking to business leaders at the World Economic Forum in Davos on Thursday, the president renewed his pledge to unlock the “liquid gold” that the United States possesses.But economists and analysts remain skeptical of Mr.
Trump’s ability to influence energy costs — which are predominantly determined by global markets — and engineer an inflation cure-all.“I don’t have the sense that the world is particularly short of fossil fuels in the present demand-and-supply balance,” said Howard Gruenspecht, a nonresident energy economist at the Center for Strategic and International Studies.Expanding energy production is one pillar of an economic agenda that includes cutting taxes, increasing tariffs, rolling back regulations and reducing wasteful government spending.Mr.
Trump this week also signed a separate executive order aimed at reducing housing and health care costs.The president and his top economic officials have said this combination will usher in a “golden age” for the world’s largest economy, which has shown remarkable resilience in the aftermath of the worst inflation shock in a generation.Price pressures have eased significantly after peaking in 2022, all while the labor market has stayed strong.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.
If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience...