Former President Donald Trump has claimed on Truth Social that there is 'virtually no inflation' and that stock markets are reaching record highs. However, recent data contradicts his statement, with the Consumer Price Index indicating a 2.9% year-over-year inflation rate for August 2025. Despite the S&P 500 achieving new highs, analysts attribute these gains to liquidity and ETF inflows rather than robust economic fundamentals. The U.S. federal budget deficit is projected to reach $1.8 trillion in 2025, with tariffs covering only 12% of the deficit. Meanwhile, median hourly wage growth stands at 3.7%, slightly above inflation, offering minimal real income gains for workers.