The decision by President Donald Trump to break his memorandum of understanding with Iran and declare to Congress a return to war, has put the American economy back on crisis watch.
The gamble by Trump comes even as many warn that yet another oil supply shock could be even more significant this time.
Frustration over the long series of shocks, combined with the increasing uncertainty that they will actually end, could produce more drastic economic blowback than on previous occasions.
Since 2019 the official inflation rate shows an increase of a stunning 31% but the real numbers are likely higher.
I think it’s ridiculous how high the prices are honestly.
I’m a college student, so I barely make enough already as it is. Like, give an example right now. I just spent $24 on like six items, so it’s a lot.
I think the prices are ridiculously high.
Member of Public 01
A month ago, one of the nation’s big three credit rating firms estimated that the war on Iran had already cost the American public 132 billion dollars, an amount that could fund the nation’s Pell Grant university tuition aid program for low-income students for three years.
We have no reason to be attacking these people for one thing, and it’s just going to cause harm to the people who actually live here.
We should be spending more on national affairs rather than international affairs, and that’s exactly the opposite of what we’re doing. It’s terrifying to me.
Member of Public 01
In a nation that is deeply reliant on cars and trucks, the current price of gas is $3.90 per gallon, or over $1 per liter. The latest monthly inflation rate is 3.5 percent, 50 percent higher than in February and is now sure to resume climbing, and is currently far outpacing wage growth.
Inflation’s hitting, and you know I think that’s affecting everything around us.
For example, I paid for a couple of deli meats, maybe I make two sandwiches, but I spent close to $40 for two sandwiches.
But you know, it’s kind of just like the days we’re living in. That’s kind of just how the prices are, you know. Not much a common man can really do about it.
Member of Public 03
While the billionaire president has plenty of cash on hand, the nation’s personal savings rate has shrunk to just 3%, which is down from the historical average of nearly 9%, showing how little cash the average consumer has.
Some are saying that Trump’s war on Iran could prove to be his biggest economic policy blunder; rather than tax cuts for the rich, austerity policies for the poor, or tariffs.
It certainly has been his biggest error in foreign policy; however, he is choosing to continue along the same path.
