Steve Rattner: Groceries went up faster under Trump than Biden

About this Video

• Video Title: Steve Rattner: Groceries went up faster under Trump than Biden
• Channel: MSNBC
• Speakers: Steve Rattner, Donald Trump (audio excerpt), John Hoffman (mentioned)
• Duration: 00:13:29

Introduction

This MSNBC video features Steve Rattner fact-checking claims made by President Trump in a recent interview. Rattner uses charts and data to analyze Trump's statements regarding grocery prices, gasoline prices, trade deficits, and the economic impact of tariffs. The video aims to provide a factual counterpoint to Trump's assertions.

Key Takeaways

• Grocery Prices: Grocery prices increased faster during a period under the Trump administration than during a comparable period under the Biden administration.
• Gasoline Prices: The decrease in gasoline prices is attributed to increased oil production by OPEC and reduced demand due to a perceived weakening economy. The claim that increased drilling activity was responsible is contradicted by evidence.
• Trade Deficits: Trump's claim of a $5-6 billion daily trade deficit loss under Biden is inaccurate; the actual deficit was less than half that amount. The increase in imports is linked to businesses trying to avoid tariffs.
• Tariffs and Car Companies: Contrary to Trump's claim, tariffs negatively impacted major car companies (Ford and General Motors), resulting in reduced earnings and price increases.
• Economic Uncertainty: An economic uncertainty index shows significantly higher levels of uncertainty during Trump's presidency than during Biden's. Several companies have withdrawn their earnings guidance because of economic uncertainty.
• Federal Reserve: The Federal Reserve is adopting a wait-and-see approach regarding interest rates. The possibility of stagflation is raised due to increased tariffs and sustained inflation.