{"id":629,"date":"2026-05-28T19:39:46","date_gmt":"2026-05-28T19:39:46","guid":{"rendered":"https:\/\/nextaddressamerica.com\/?p=629"},"modified":"2026-05-28T19:39:46","modified_gmt":"2026-05-28T19:39:46","slug":"get-used-to-it-economist-says-republicans-have-bombed-the-economy-for-years","status":"publish","type":"post","link":"https:\/\/nextaddressamerica.com\/?p=629","title":{"rendered":"‘Get used to it’: Economist says Republicans have ‘bombed’ the economy for years"},"content":{"rendered":"
\n

Economist and public policy scholar Justin Wolfers says Republicans and President Donald Trump have not only set themselves up for a brutal midterm, but voters will probably be holding them accountable for high inflation and fuel prices for years.<\/p>\n

Read more Republican\u2019s aide caught helping Holocaust denier escape prison<\/a><\/p>\n

\u201cThere is a bomb that has hit the world economy and to any of us who watch the economy, there’s no question that the economy today is different than it was in February,\u201d Wolfers told podcaster Jacqueline Cole.<\/p>\n

The damage Trump and the GOP have done doesn\u2019t amount to a dip or a drop. It\u2019s much bigger than that \u2014 and more permanent. Wolfers described it more as a \u201ccrater\u201d resulting from Trump\u2019s bomb<\/p>\n

\u201cOkay, so we’ll start with the oil prices. Oil prices today are higher than they were \u2014 they\u2019re about $100 a barrel. They were $60, but I can see oil price futures, which tells me how long oil prices will be higher than they would otherwise be and the answer is \u2018for several years,\u2019\u201d said Wolfers. \u201cIt could be that they think this conflict goes on for longer or they think that this conflict is laying the ground for future conflicts. But get used to it. Energy is more expensive and will be for a while.\u201d<\/p>\n

Wolfers was loathe to speak of the costs of Trump\u2019s Iran was in terms of \u201cbillions\u201d or \u201ctrillions,\u201d because numbers like that sound too general. He prefers to talk in terms of what it will cost the average U.S. family. <\/p>\n

And when you pare those numbers down to the impact on individual families things start to sound painful.<\/p>\n

Read more Trump doesn\u2019t understand 21st-century warfare \u2014 and it cost America dearly<\/a><\/p>\n

People do not measure mass shootings by the number of bullets, he said. They measure it by pain, suffering and the many expensive ancillary costs that come of mass shooting. Similarly, some Fed researchers recently constructed an index of the geopolitical risk of Trump\u2019s war. And when Wolfers applies their unit of measurement it translates into U.S. income and output being $200 billion lower as a result of Trump\u2019s Iran invasion.<\/p>\n

\u201cThe point that I want to get across though is every way I look at this, the bill ends up being hundreds of billions of dollars. Okay, so if this war ends up costing … $130 billion dollars and there’s 130 million Americans. That means that the average cost per household is \u2026 several thousand dollars.\u201d<\/p>\n

And these costs aren\u2019t going anywhere due to the lingering effects of geopolitical damage hammering down onto U.S. citizens, in addition to other costs. <\/p>\n

But, don\u2019t worry. Trump and the Republicans who made it all happen will still be handing around in office, waiting to for voters to show them how thankful they are for this.<\/p>\n

Read more Audio reveals police reaction to attempting \u2018swatting\u2019 of Supreme Court justice<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Economist and public policy scholar Justin Wolfers says Republicans and President Donald Trump have not only set themselves up for a brutal midterm, but voters will probably be holding them accountable for high inflation and fuel prices for years.\u201cThere is a bomb that has hit the world economy and t…<\/p>\n","protected":false},"author":1,"featured_media":628,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n'Get used to it': Economist says Republicans have 'bombed' the economy for years - Next Address America<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nextaddressamerica.com\/?p=629\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"'Get used to it': Economist says Republicans have 'bombed' the economy for years - 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