Former President Donald Trump went all in against Bidenomics hammering President Joe Biden and Vice President Kamala Harris over inflation during a conversation with X-owner Elon Musk.
Trump sat down with Musk during an Aug. 12 X Space interview covering the attempt on Trump’s life, energy policy, lawfare, inflation and censorship. During this conversation, Trump and Elon discussed how and why brutal inflation has harmed Americans over the last few years. The former president tore into Harris and Biden over the economy. “It's a disaster with inflation. It doesn't matter what you make, the inflation is eating you alive,” Trump said. ”Four years ago, five years ago, people were saving a lot of money. Today they're using all their money and borrowing money just to live.”
In response, Musk laid the blame directly on massive government spending, saying that “Inflation comes from government overspending because the checks never bounce when it's written by the government.”
Musk explained that inflation occurs when the government spends more than it recovers from taxes and increases the money supply, before calling for reducing government spending and studying how to reduce costs in the future.
The former president also called out the Biden administration for other inflationary policies such as increasing energy prices. Gas prices have risen 48% under Biden and Harris as the administration signed anti-energy executive orders, put a “pause” on liquified natural gas projects, strangled coal and natural gas plants and put restrictions on drilling in Alaska.
“We have to bring energy prices down,” Trump said before adding, “The cost of energy, not only gasoline, it's the cost of heating your house of cooling your house that has to come down. It’s gone up 100 percent, 150 and 200 percent and that has to come down.”
Later in the interview, Musk referred to inflation as “effectively a tax on people” before emphasizing the urgency of reducing government spending to solve inflation.
Trump agreed, pointing to other signs that Americans are harmed by inflation such as the price of bacon and Americans’ rising debt. Americans’ average personal savings rate, which increased by 129% under the Trump administration, has fallen a catastrophic 70% under Biden and Harris.
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