In a stunning reversal of every economic principle taught since the 1970s, Donald Trump announced this week that he actually loves inflation. Not tolerates it. Not accepts it as a necessary evil. Loves it.
The statement came as US prices rose at their fastest rate in three years, a development that has left ordinary Americans wondering whether groceries now require a second mortgage. But Trump’s enthusiasm suggests we have all been thinking about this wrong. Inflation, he implied, is not a problem to solve—it is a feature. A luxury good, even.
The timing is particularly inspired. As geopolitical tensions ripple through global markets and consumers grapple with the economic fallout from escalating Middle East conflicts, the former president discovered an unexpected silver lining: expensive things feel exclusive now. Why own a car when you can own the experience of affording a car? Why buy bread when you can appreciate the artisanal scarcity of affordable bread?
This framing solves a real political problem. If prices are rising because of chaos abroad, you cannot exactly blame the sitting administration for global wars. But if rising prices are actually a sign of prosperity—a marker of exclusivity and luxury—then suddenly the whole mess becomes aspirational. The working class is not struggling; they are simply not wealthy enough to appreciate the finer things, like paying seven dollars for eggs.
It is the kind of economic commentary that makes you wonder whether we are all living in a very elaborate joke. Spoiler: we are. And the punchline costs more every week.