Trump on why he's tanking the global economy
The Iran war is pushing US gas, food, and travel prices sharply higher, and a bigger stock market crash may be coming — bad for regular Americans, retirees, and the broader economy.
- Trump said he does not care about Americans' financial pain and is willing to keep the Iran war going, with Netanyahu saying the war is not over.
- Oil prices are up about 40% since the war started, gas hit $4.50 a gallon nationally, and inflation jumped to 3.8% in April.
- Flights are up 21%, coffee up 19%, tomatoes up 40%, and fertilizer costs are rising because a third of global supply moves through the Strait of Hormuz.
- The stock market keeps climbing as if the war is ending, but a sharp crash is likely once traders realize fighting will resume, wiping out 401(k)s.
- The Fed is now unlikely to cut interest rates and may even raise them, making the squeeze on regular people worse.
Outlook: If the US re-enters the war, expect oil to spike further, more inflation, and a major stock market drop — with calls for bailouts of the wealthy soon after.