Donald Trump’s economic policies will increase inflation and the price of everything we buy, including groceries.
Trump has proposed an across-the-board tariff on all imported goods of 20%, and 60% on all Chinese imports. These taxes on imports will be passed on to American consumers in higher prices. Most effected will be cars, medications, electronics, clothing, appliances, toys and food.
The increased cost to middle-income American households on what we purchase is estimated by the non-partisan Peterson Institute for International Economics to be at least $2,600 annually. Other economic estimates are as high as $7,500 per household per year. A typical household’s grocery bill will increase $90 per year. The impact is not unlike Trump placing a large federal sales tax on the goods we buy. Economists and Wall Street analysts have warned Trump that this will increase inflation by 1-2% in the first 12 months.
Can you afford $2,600?
George Seel
Belgrade
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