Grant Cardone, a well-known entrepreneur and real estate investor, has stirred up controversy with a recent post on X (formerly Twitter), alleging that the Biden administration has significantly fueled inflation. Cardone points to a 40.2% increase in energy costs under President Biden, in contrast to a -0.7% decrease during President Trump’s term. He attributes this difference to Trump’s emphasis on domestic energy production, including deregulation in the oil and gas sectors and support for fracking.
Cardone contends that Biden’s focus on transitioning to renewable energy sources and stricter regulations on fossil fuels to address climate change has driven up energy prices. He further argues that a potential Harris administration would exacerbate inflation, leading to higher unemployment, increased prices, and prolonged wars.
However, a July survey by The Wall Street Journal reveals a different perspective from economists. Of the 50 experts surveyed, 28 believe that Trump’s policies carry a higher risk of reigniting inflation compared to Biden’s.
Sarafina Chitika, spokesperson for the Biden-Harris 2024 campaign, points to falling inflation and a booming manufacturing sector under Biden’s leadership. She warns against Trump’s policy agenda, which experts suggest could potentially trigger a resurgence in inflation.
Cardone’s post includes a table detailing inflation rates under both administrations, though he doesn’t cite the source of this information. This has led to questions about the accuracy and completeness of the data. Some commenters, like “Biden’s Debt Monster,” believe the numbers are misleading, arguing that Trump’s policies, while potentially beneficial, are presented without sufficient context due to the timing of the pandemic. Another commenter, Grant Goode, criticizes Cardone’s post as deceptive and blames Trump’s policies for increasing the national debt, a key factor contributing to inflation. Goode also questions Cardone’s silence on issues like the war in Ukraine and the role of international relations in economic stability.
Cardone and his wife, Elena, are known for their vocal support of Donald Trump. They even launched a crowdfunding campaign on GoFundMe to cover Trump’s legal expenses after a New York judge ordered him to pay $355 million in penalties related to a civil fraud case.
