All the ‘Experts’ Were Wrong About Tariffs, Carl Higbie Brings Out the Receipts [WATCH]

Newsmax host Carl Higbie said inflation data shows a sharp decline in the value of the dollar since 2019, arguing that most of the increase in living costs occurred during Joe Biden’s presidency and not as a result of President Donald Trump’s tariff policies.

Higbie said total inflation since January 2019 has reduced the purchasing power of the dollar by nearly one-third.

He said data illustrates that the bulk of the increase occurred after Trump left office and Biden entered the White House.

“Check this thing out. Okay, this is the total inflation since January of 2019 Trump leads office nearly 30% increase since 2019 your dollar from January of 2019 is worth 70 cents today. That’s the pain,” Higbie said.

He pointed to a visual breakdown of inflation trends, identifying the point where Biden took office and linking that period to rising costs.

“So let’s break down where the bulk of that pain came from. You see this line right here? That’s where Trump 45 left office and Biden came in. Carry that over to the next line. This is all Biden’s presidency, and this is where Trump came back in,” Higbie said.

Higbie said the cost of living rose by more than one-fifth during Biden’s time in office, contrasting that increase with more recent inflation reports.

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“So this is a 22% rise during Joe Biden for the cost to live. Now this 2% 2.7% number, that’s what they’re talking about. This represents the part of the graph for the number that came out today, which, all things considered, is pretty good, even though it outperformed the estimates of supposed to be 3.1%,” he said.

Higbie rejected claims that Trump’s tariffs were responsible for the earlier spike in inflation, saying the timeline does not support that argument.

“And the left wants to make it seem that Trump’s tariffs are to blame for this 22% inflation that happened before the tariffs,” Higbie said.

He argued that prices in several sectors have declined since Trump returned to office, citing fuel costs as an example.

“See, Trump has actually brought some prices back down to almost where they were before Biden and in some sectors like gas and things like that,” Higbie said.

Higbie compared gas prices at the end of Trump’s first term to prices under Biden, linking the increase to Democratic policy decisions.

“For example, when Trump left office, gas was about $2.50 a gallon, which shot up to a national average of $3.50 during the time Biden had both the House and the Senate, he was doing whatever he wanted, passing things like this, green, New Deal, trash,” he said.

Higbie said Biden responded to rising gas prices by tapping the Strategic Petroleum Reserve, arguing the move was politically motivated rather than driven by emergency needs.

“And then in January of 2022 what happened then the number one Republican talking point was, Joe Biden is driving gas prices too high because he was What does Joe Biden do? Check this out. He starts draining the Strategic Petroleum Reserve that’s meant for a crisis or wartime, but he did it for political gain during the midterms right around here,” Higbie said.

He said the reserve was reduced significantly during that period.

“He drained the stock from 650 million barrels down to 350 million barrels in reserve,” Higbie said.

Higbie acknowledged that gas prices temporarily fell as a result but said the drop was artificial and short-lived.

“And yes, gas prices did actually fall during that time, but it was a supply surge, and they crept back up slightly until they started to go back down under Trump,” he said.

Higbie credited Trump’s policies for what he described as rare deflation across multiple consumer categories.

“Because Trump policies came in and had actual deflation from that, which is almost unheard of,” Higbie said.

He said Trump highlighted those declines during a recent speech, listing several categories where prices have dropped.

“See Trump showed these during his speech last night for a lot of things, egg prices down, hotel rates, new used cars. There’s a gasoline, airfare, prescription drugs, sporting events,” Higbie said.

He argued that the price reductions contradict claims made by media outlets about the effects of tariffs.

“But all these things are down. They’re not up by less. They’re actually down, which is deflationary,” Higbie said.

“But according to the liberal media, all those industries are and should be up affected by tariffs, but they’re not.”

WATCH:

“All these things are down, they’re not up by less, they’re actually down, which is deflationary.”@CarlHigbie touts the recent CPI numbers and explains how President Donald Trump’s policies are benefiting the economy. pic.twitter.com/XAHYTpq2ty

— NEWSMAX (@NEWSMAX) December 19, 2025