Sobering

FIRST PERSON

- ALEX MAGNO

Donald Trump just conceded that grocery prices are not going to go down. "It's hard to bring things down once they're up," he said. Sobriety seems to be catching up with the president-elect as he counts the days remaining before he reenters the White House. All throughout the long presidential campaign, he bravely promised voters that prices will go down "very quickly" as soon as he gets elected. "As soon as day one," he said. Millions of voters were gaslighted.

The postponement of disbelief cannot go on forever. Soon enough reality bites. Trump can no longer lie through this one.

Prices always tend to be sticky. The only way for prices to dramatically decrease is for the US economy to enter into deep deflation. Trump can still make that happen by pushing ahead with his most outrageous policy proposals – mostly embraced by the circus Cabinet he is putting together.

If the US economy enters into a deflationary phase, that will pull down the rest of the global economy. The last time prices dropped across the board in the US was during the Great Depression.

The best that the Trump II administration could do is to bring down the inflation rate. It now appears to have occurred in Trump's mind that bringing down the inflation rate and bringing down prices are two very different things. Even as inflation slows, prices will still be rising – albeit at a slower pace. Groceries will not be cheaper.