Prof G Markets · Saturday, October 31, 2026
Ed Elson argues that President Trump's implementation of tariffs and the war with Iran triggered a surge in inflation and a 40% increase in gas prices, while wages failed to keep pace.
“Within a year of Liberation Day, inflation had risen nearly a full percentage point. After that, Trump launched a war against Iran without accounting for the fact that a third of global crude oil trade flowed through the Strait of Hormuz.”
“another percentage point, and gas prices are up 40%. Hashtag winning.”