Justin Wolfers

So let me put this directly in the political context.

The political context is the president ran on lower prices.

He said on day one he was going to work to get prices down.

What has he subsequently done?

He imposes tariffs, taxes on goods that Americans import.

Now, lots of people might think that's okay, the easy way to avoid paying that tax is don't buy the import, but guess what?

You might say, I'm not going to buy the Samsung washing machine.

I'm going to buy the GE one.

It's made in America.

But guess what?

The moment GE's competitors raise their prices, guess what GE does?

Yep.

Turns out Americans raise their prices to match those of their foreign competitors.

It's also the case that a lot of American firms use inputs, for instance, steel, where there's very high tariffs, taxes.

And so they're passing those along.

So one is...

bunged on tariffs.

Two, we've still got a complete lack of clarity about what's going to happen to health insurance.

And it looks like a lot of people's premiums might rise quite substantially.

Three, he's relentlessly attacked the Federal Reserve.