The Wall Street Journal's conservative editorial board chided President Donald Trump on Thursday as dismal new economic figures prove America is seeing no promised "golden age."
Trump "assured Americans" during his frenzied Wednesday night address that "happier times will be here again," the board noted, but his own Labor Department had other ideas.
"The Labor Department’s inflation report on Thursday provided a glimpse of sunshine, though it also underscored why many Americans feel glum: Paychecks are barely keeping pace with rising costs," the editorial said.
On a positive note, the department reported a 2.7% increase in consumer prices over the last year, with monthly prices rising only 0.2% between September and November, suggesting disinflation may be resuming after a summer surge. Additionally, housing costs and rents have grown more slowly, air fares are down 5.4% year-over-year, and hotels are down 5.7%. To boot, egg prices dropped 13.2%.
But that's not the whole story, the board wrote. Americans are still facing significant price increases for electricity (6.9%), household items (4.6%), medical care (3.3%), and food (2.6%). Real average hourly earnings also increased just 0.8% over the last year — down from 1.4% a year ago.
"This is why it’s crucial to get inflation down further and faster if Republicans want voters to feel better before the midterm elections," the Journal warned.
While Trump gambles that his tax bill will provide relief, the board repeated its criticism of his key foreign policy initiative.
His "tariff barrage is creating uncertainty and adding costs for businesses," the board railed. "Deporting foreign workers without a criminal record is also hampering businesses."
Those policies are making it hard to build new homes and factories, as well as pipelines and power plants.
"JD Vance says restricting immigration will raise wages for American workers, but there’s little evidence this is happening. Deporting bus boys and hotel workers won’t make Americans feel richer. Nor will Mr. Trump telling voters they’ve never had it so good. Americans will start to feel better when they get a raise that isn’t washed away by inflation," the board concluded.