If you need any further evidence on what a menace inflation is, and what a blessing it is when inflation ends, take a look at the latest data on household wealth. After Biden, it is truly impressive how fast the turnaround happened in 2025.
Under Trump, household net wealth jumped more than $9 trillion, or more than 7 percent, even after adjusting for inflation.
Under Biden’s four years, household net wealth, adjusted for inflation, grew an anemic 2.0 percent. It was, in a word, pathetic.
The great progress by the Trump administration to shrink government spending and the federal workforce, to reduce taxation and regulation, while increasing energy production, have all contributed to faster private-sector wage growth and slower inflation. In fact, it’s been deflation in some cases, meaning certain prices have actually gone down, argues Heritage Foundation chief economist E.J. Antoni on today’s special video commentary.
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