Inflation spikes as Republicans implode on the debate stage

David Pakman (0:00)

Disastrous news if you want Republicans to win on November 3rd, because we just got a new inflation number and inflation is up. Everything is up. And Republicans had a disastrous night last night on the debate stage, including one candidate who I don't ever I don't think I've ever seen someone demolished as badly as Mike Collins was demolished by John Ossoff last night. Meanwhile, Donald Trump's brand new White House press secretary is facing a pretty embarrassing question, which is where exactly were you a licensed, admitted attorney?

And why can't you answer which state you passed the bar in? We're also going to look at everyone in Trump world distancing themselves from Don Jr.'s former fiance, Kimberly Guilfoyle, despite years of video showing that they were all very close and then more excuses for Putin from the administration and a deranged rally featuring moaning baby butts. I think this is the first time the phrase baby butts has ever been said on the show and one of the weirdest stories you will ever hear. It's today on the show.

My friends, it brings me no pleasure to report to you that inflation is up once again. Now I want to remind you that Donald Trump promised Americans he was going to bring prices down and end inflation and make life affordable again in a new golden era that would rise like a phoenix over the horizon. And none of it happened. And September inflation is up to three point seven percent year over year. Core inflation coming in ahead of forecasts, prices up zero point six percent in just a single month. Fuel oil is now up 74 percent year over year. Gas is up 34 percent, electricity four percent, groceries two percent. And meanwhile, real earnings fell half of a percent in September. Things costing more. People's earnings are down. Now, with the midterm elections approaching, we have a piece of data in these inflation numbers, which of course show accelerating inflation, which are only going to hurt Republicans. Now, you might say, well, David, you sound happy that inflation is up. No, what I think is good is for people to vote appropriately in relationship to what has taken place in the real world. It's not, yay, everything's more expensive for people. No, it's hey, here are the promises that were made. Reality has come out to be the opposite of those promises. And we now have an opportunity to hold the promises accountable with our votes in November. Now, when you look at what's driving these numbers, it's sort of even more interesting because some of the largest price increases are connected to Trump's policies. They are directly connected. Let's start with gas. Gas was up 9 percent in September over the last year. Gas is way up over 34 percent. And it's a result of Donald Trump's policy. Now, by the way, the gas prices were also talking home heating oil. Airline tickets are up. Everything that depends on gas is up and energy is up overall. And we have the Iran war to point to. The Iran war has disrupted energy markets. It's pushed up the cost of fuel, and therefore it has pushed up the cost of everything. And the reason that this is so important, what would David, why are you about blame all of a sudden? Well, I'm always about responsibility and accountability.

And Donald Trump has presented himself as the candidate and the president who would keep the US out of costly foreign wars and develop cheap, cheap energy and deliver cheap energy. And instead, we have a new war in the Middle East that was going to be two to three weeks. We are in month eight of that war.

And as a result, every American is dealing with the economic consequences of it. And then we go to tariffs. Donald Trump has claimed time and again, oh, tariffs will make us wealthy. Foreign countries will pay all stuff that's not true. And economists knew it wasn't true. An economist said these tariffs will make everything more expensive. These tariffs are going to be passed on from business to consumer. And we're seeing evidence of that. Toys are up four percent just last month.

And we're seeing higher costs for shipping and fertilizer and all of it. Now, to be clear, not every category has the same effect. Trump loves to go. Well, beef is now good or beef is bad or egg. They like to pick one thing. But the bigger picture is that on average households are spending more because of Trump's policies, even though Trump said his policies would get prices down. Even if we say, all right, listen, remove food, remove energy from the calculation. Core inflation was still up 0.3 percent just in September. That's one month, not one year.