He Said It!
The phrase "It's the economy, stupid" was coined by political strategist James Carville in 1992. If you are older than 50 or really tuned in politically, you may know Mr. Carville. He is still a highly valued guest on TV talk shows!
Carville was advising Bill Clinton during his successful presidential campaign and hung a sign in the Little Rock campaign headquarters that originally read, "The economy, stupid." This kept the staff focused on their primary message against incumbent George H.W. Bush.
I believe that many people voted for Trump because they thought he would help them financially. He has not.
Trump is Bad News for the U.S. Economy
Trump says his favorite word is “tariff” and that tariffs have brought billions into the U.S. Let’s look at how his tariffs work.
According to Clarke, (2026), tariffs are taxes on imported goods. Typically, the charge is a percentage of a good's value. For example, a 10% tariff on a $10 product would mean a $1 tax on top - taking the total cost to $11.
Who pays for these extra costs? The tax is paid to the government by companies bringing in the foreign products. So, the tax is paid by U.S. companies. These companies are not going to “eat” these costs in the long run so they usually pass some or all of the extra cost on to their customers, which in this case means American consumers. Sounds great, right?
The U.S. Supreme Court said in February 2026, that Trump had exceeded his authority when he used emergency powers to introduce tariffs on specific countries without approval from Congress. This includes the first tariffs Trump announced in early 2025 which targeted Mexico, Canada and China.
The ruling also covers those tariffs announced on in April 2025, when the president set tariff rates of up to 50% for dozens countries, including Cambodia, Vietnam and Malaysia. The consequences of going against the United State Supreme Court? Your guess is as good as mine!
This represents roughly 60% of the roughly $166 billion collected under the government policy, according to a recent court filing. Around $29 billion in potential refunds are still being reviewed by trade authorities, while a further $1.6 billion remains unpaid because importers have not provided the banking details needed to process payments.
Uh huh. I am sure that we will receive refund checks from the U.S. government! I am not holding my breath.
We’ve been living through the chaotic on-again, off-again roller coaster since when the Trump tariffs first went into effect. So have our allies and trade partners! Trump has alienated and made enemies with neighboring countries. According to the Wall Street Journal (2025), the editors called Trump’s trade war with Mexico and Canada “the dumbest trade war in history.” I agree.
We import a startling amount of goods into the U.S., and all these goods are being taxed. But where does all that money go?
According to Coates (2025), the billions of dollars in tariffs are transferred to the U.S. Treasury General Fund for use by the government. Essentially, tariffs are taxes. There is no separate accounting for all this tariff/tax money, and no auditing. I know where this money goes!
Yale University estimates that Trump tariffs cost each American household about $2,400/year.
So this begs the question, if everyday consumers are paying the tariffs/taxes through increased prices, who is benefiting from all those billions of tariff revenue?
Tariff money becomes part of the government’s overall revenue, available for various federal spending purposes, like infrastructure, defense, or social programs. Tariff/tax money is not earmarked for specific programs but rather contributes to the broader national purse.
But that doesn’t make sense. Tariffs are taxes on imports.
If American consumers are paying higher prices because of the tariffs, this means that we are actually paying more in personal taxes.
On top of that, consumers must pay sales tax on the increased prices we pay. So, our taxes are being raised—twice.
For example, if let’s say that you buy a Japanese car that is currently taxed at 10% (25% or more for most other countries.) These Trump taxes are stacked on top of the normal tariff/tax rates of 2.5%. But that’s not all. You must also pay sales tax on the increased price, which can add several thousand dollars more to your overall cost. Insurance rates are also based on the car’s price or value, so it is likely that your insurance rates will increase, too.
If U.S. consumers or businesses are paying all these extra taxes on imported goods, shouldn’t we be getting a tax refund, especially on big-ticket items like cars?
If American families are expected to pay $2,400/year in increased prices due to tariffs/taxes, shouldn’t that be refunded to us?
Yes, it should. However, don’t hold your breath.
Inflation
Let’s look at inflation during Trump’s second term. He is prone to blame others like Obama and Biden but his second term is all his. As Trump’s second term progresses, his chosen war with Iran is emerging as a key inflation risk, largely through higher energy prices. Tariffs and immigration restrictions may also add additional pressure on prices over time.
Trump’s second-term economic agenda has included a broad expansion of import tariffs, including a higher general tariff rate on many imports and steeper duties on selected countries and sectors.
Economists have generally warned that tariffs can put upward pressure on consumer prices, though the full inflationary effect depends on how much of the cost is absorbed by companies, passed to consumers or offset by other factors. I predict that prices will continue to rise under Trump.
Inflation has remained above the Federal Reserve’s 2% target during much of Trump’s second term causing the Federal Reserve to raise interest rates last week to slow it down. Rising inflation is brought on by spiraling oil prices, now around $100 a barrel, and other factors.
According to Fox (2026), the markets widely anticipated this move and the central bank’s Federal Open Market Committee voted 12-0 to increase its key interest rate by a quarter percentage point. The move brought the overnight funds rate to a target range of 3.75%-4%.
“Inflation remains elevated,” the committee said in its brief post-meeting statement. “Today’s policy action will support a timelier return to the Committee’s 2 percent goal. The Committee will deliver price stability.”
During a news conference, Chairman Kevin Warsh said inflation has been “too high ... for too long.”
The worry now is that the duration of the energy prices could raise inflation expectations and start to spread through the economy. Economists also see expanded investment in artificial intelligence as a potential inflationary factor.
Let’s look at official federal government figures from the U.S. Bureau of Labor Statistics (2026). The Consumer Price Index rose 3.4% over the 12 months ending in August 2026. The energy index increased 16.3% in the 12 months ending in August. The food index increased by 2.7% during that same time period.
The major component groups that increased by the greater amounts were energy including gasoline and fuel oil (glad that we don’t use fuel oil), housing, lodging away from home, airline fares, education, communication, and used cars and trucks. communication, and apparel: all things that Americans can see for themselves.
Things are simply not affordable for many Americans.
Trump’s Chosen War in Iran
According to Smart Asset (2026), geopolitical tensions in the Middle East have introduced a new inflation risk. Trump’s disastrous and catastrophic war with Iran has disrupted energy markets and pushed global oil prices higher amid concerns about supply disruptions in the Strait of Hormuz, a key shipping route for global crude exports. Trump continues to say that the U.S. controls the Strait of Hormuz and calls it the “Trump Strait.” Meanwhile Iran still bombs U.S. military bases, planes and helicopters and commercial ships with missiles and drones.
Rising oil prices typically feed inflation by increasing transportation, manufacturing, and logistics costs across the economy.
That impact has already been felt in 2026. Inflation rose from 2.4% in February to 3.3% in March, then reached 4.2% in May before easing to 3.5% in June and 3.4% and July as it is today, according to the Bureau of Labor Statistics (2026).
Energy prices have remained a major pressure point, rising 15% over the 12 months ending in July.
Economists say the immediate impact will be felt first in gasoline and energy prices, which tend to respond quickly to geopolitical shocks. GasBuddy data from mid-September 2026 shows that the average price of a gallon of gasoline in the U.S. was $4.32, which is over a $1 more than the average cost in 2025 ($3.19). The cost of diesel fuel if out of sight – over $6 a gallon. It is used by U.S. farmers, trucks, trains, busses, boats, and military equipment.
Diesel fuel is also used in diesel-engine generators to generate electricity, for example, in remote villages in Alaska. Diesel generators often serve as backup and emergency power in:
- Industrial facilities
- Large buildings
- Institutional facilities
- Hospitals
- Electric utilities
Over time, sustained increases in energy costs can ripple through broader consumer prices, particularly in sectors such as food, farming, air travel and manufactured goods that depend heavily on fuel and shipping.
Trump’s Approval Rating
Trump's approval rating has hit a historic low, falling to 32%, according to a recent Reuters/Ipsos poll. His approval is even lower in other polls. Trump claims that all polls are “fake news.” I disagree.
The Reuters/Ipsos poll conducted among 1,277 U.S. adults reported a 32% approval rating for Trump. The 32% approval rating is a three‑point drop from the poll conducted the previous week. Trump’s approval rating of 32% is the lowest ever recorded across both of his terms, previously a floor of 33% in December 2017 and August 2026.
Only 17% of respondents approved of Trump’s handling of the cost of living. Republican approval of Trump fell to 73%, a nine‑point decline from the prior week’s poll. That is a huge drop is support!
This decline is driven largely by widespread dissatisfaction regarding the cost of living, which less than 1 in 5 of American’s approve of him handling.
It’s the economy, stupid.” Many Americans simply cannot afford things in this economy. No amount of lying can persuade us otherwise.
Economic concerns and foreign policy challenges are the primary drivers of his unpopularity. Voters have criticized his management of the economy, with 55% of respondents of a different poll (NBC News poll) stating his policies have hurt the nation.
Additionally, the ongoing war in Iran has significantly eroded his support, as it has contributed to skyrocketing gasoline and diesel prices. The war has been a point of contention, with more than 6 in 10 voters stating the conflict has not been worth it.
It does not help his support when we cannot keep track of his own lies. For example, Trump told everyone on video tape in June of 2026 that Iran’s capability to produce a nuclear bomb had been “obliterated.”
How Much Is Trump’s War Costing Us?
According to Kukhalashvili (2026) Trump’s chosen war with Iran, which started in February 2026 and has now spread throughout the middle east, is costing U.S. taxpayers $1,099 every second! That is $3.96 million every hour! The war with Iran has cost us an estimated total of $43,895,074,959 and growing. Wow!
Can U.S. farmers use that money? Retires? Ordinary Americans? People that are sacrificing their health because they cannot afford health care?
Get Out and Vote on November 3, 2026
Your vote counts! With the 2026 midterm elections approaching, it is very important that you get out and vote. The general elections will be held on Nov. 3, 2026. On that day, voters nationwide will decide all 435 House seats, 35 Senate seats, and 36 governors, as well as thousands of state and local officials. Go with a spouse or with friends! Load up your car and just go!
People can take proactive steps to support theirs and others financial well-being. Listed below are some effective strategies:
- Advocate for Economic Policies: Your vote counts! Voting for candidates’ and policies that promote economic growth and equity can lead to systemic improvements.
- Support Local Businesses: Shopping at local stores helps stimulate the local economy and create jobs.
- Participate in Community Programs: Engaging in food banks or in job training initiatives can assist those facing economic hardships.
- Make Informed Purchases: Choosing products that are sustainably sourced can contribute to long-term economic stability.
Conclusion
We have a President that is an 80-year-old racist, sexual predator, with 34 felonies, and a con man. Count the number of times he has said that he had said that the war with Iran was coming to an end or that a deal with them was imminent. It’s at least 40 times and all have been proven false.
He really does not care about you or the state of the U.S. economy. He cares about himself and keeping Vladimir Putin happy though! Trump often falls asleep during meetings and it is well known that he fancies himself and a good deal maker. He is not!
He gave his blessing to a brazen plan to create false slates of electors in seven swing states that were actually won by President Biden in 2020. The plan of fake electors was arguably the longest-running and most expansive of his lies to overturn the results of the 2020 election. He continues to say that the 2020 election was “rigged” despite no evidence and despite losing over 60 court cases about the election. He is a loser!
His loss in 2020 is fueling fears of what he will do in the mid-term elections of 2026. It should be noted that the majority of elected Republicans failed to denounce these lies.
I have never voted for the 4-times married, playboy, sexual predator, lying Trump. My conscience would not allow it.
We are about 40 days from Election Day, and this week offered plenty of evidence that the Democrats are gaining ground in national polling, vulnerable Republicans are distancing themselves from the president, and Congress has largely cleared out of Washington with major questions about war, artificial intelligence, trade, and the Epstein files still unresolved.
My personal view? I think much of what Trump does is to distract Americans from the fact that the Epstein victims still do not have any justice!
Whatever you do, get out and vote on Nov. 3, 2026!
References
Clarke, J. (2026). What tariffs has Trump introduced and why? BBC News. https://www.bbc.com/news/articles/cn93e12rypgo
Coates, R. (2025). Where does all the tariff money go? Supply Chain Management Review. https://www.scmr.com/article/where-does-all-the-tariff-money-go
Fox, J. (2026). Feds approve interest rate hike, signals one more to come this year. CNBC. https://www.cnbc.com/2026/09/16/fed-rate-decision-september-2026.htm
Henriks M. (Ed.) & Villanova P. (Ed.) (2026) Breaking Down Inflation Under Trump vs. Biden. Smart Asset. https://smartasset.com/retirement/inflation-under-trump-vs-biden
Kukhalashvili, R (2026). US-Iran War Cost Tracker. Military Spend. Defense Economics Research. https://militaryspend.org/us-iran-war
U.S. Bureau of Labor Statistics (2026). Economic News Release, Consumer Price Index. https://www.bls.gov/news.release/cpi.nr0.htm