'There's a lot of pain': Economist reacts to Trump calling affordability crisis a 'hoax'

Economic Concerns & Political Implications - The discussion revolves around the US economy, focusing on affordability, inflation, and wages, with concerns that rising prices are impacting how Americans feel about the economy [2][7][8] - The President's message on the economy is being scrutinized, particularly claims about prices falling and inflation being crushed, with experts pointing out the reality of rising prices [7][8] - Affordability is highlighted as a key political issue, potentially influencing elections, similar to how healthcare impacted the 2018 elections [11][12][13] - Republicans are concerned about the President's messaging discipline, as the public's financial well-being significantly impacts their political fate [13] Trade & Manufacturing - The President defends tariffs, claiming they are reviving Pennsylvania manufacturing and steel production [13][14] - There's debate on whether tariffs are beneficial, with arguments that while raw steel production might be up, the increased cost of steel inputs negatively impacts overall manufacturing [17][18][21] - Economic data from Pennsylvania suggests a mixed picture, with flattened hiring, decreased home sales, and weakened factory activity [19] Policy Impacts & Fed Decisions - The President's policies, including tariffs, immigration policies, and changes to Obamacare, are being blamed for contributing to the affordability crisis [21][22][23] - Small businesses have reportedly shed approximately 250,000 jobs since April, potentially linked to the implementation of tariffs [24] - The Federal Reserve is expected to lower interest rates by a quarter of a percentage point (25 basis points), bringing the total decline this year to three-quarters of a percentage point (75 basis points), but tariff-related inflation may limit further rate cuts [26] - The President is considering candidates for the next Fed chair, with a focus on loyalty and a desire for lower interest rates [28][29][30]