Billionaire hedge fund founder John Paulson, a major fundraiser for former President Trump, said Wednesday that Trump’s economic plan would help bring down inflation.
During an appearance on FOX Business Network’s “Mornings with Maria,” Paulson also criticized Democrats’ Inflation Reduction Act for worsening inflationary pressures in the economy.
“I think the Act should be, you should drop ‘Reduction’ — it should’ve been called the Inflation Act,” he told host Maria Bartiromo. “Inflation under [President] Biden has been over 20% cumulatively since he’s been elected — under Trump it was just over 7%.”
“So Trump managed the economy much better, much lower inflation, growth in real wages, and I’d expect the same if he’s elected again,” Paulson added.
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Inflation was 1.4% when the Biden-Harris administration took office in January 2021, but began a steady rise amid pandemic-related supply chain disruptions and elevated federal spending meant to mitigate the pandemic’s economic impact.