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Velshi

The Economic Consequences of Trump’s War with Iran

Velshi

MS NOW, Ali Velshi

Politics, News, Versant Media, Weekend News, News Commentary, Ms Now, Ali Velshi, Versant, Government

4.7793 Ratings

🗓️ 3 May 2026

⏱️ 41 minutes

🧾️ Download transcript

Summary

Rep. Seth Moulton (D-MA); immigration attorney Allen Orr; UC Davis Law School's Prof. Mary Ziegler

Transcript

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0:00.0

Good morning. It is Sunday, May the 3rd. A new poll released overnight has a lot of troubling

0:11.6

results for Donald Trump and Republicans. The poll from Washington Post, ABC News, and Ipsos shows

0:17.7

that support for Donald Trump is cratering, driven largely by deep disapproval over

0:22.7

his handling of his top issues. Now, I'll get to the polls more in more detail in just a moment,

0:28.0

but first, let's talk about the reasons behind this fall in support, and let's start with the

0:33.5

Strait of Hormuz. Its effective closure has caused a huge oil shock and supply chain

0:38.6

issues globally that are affecting Americans' pocketbooks. Today, the average cost of a gallon of

0:43.7

regular gasoline in the United States is $4.45 up again by a couple of cents from yesterday.

0:50.4

Now, gas prices are not at record highs, but the rate at which they have been rising is unprecedented.

0:57.4

The Wall Street Journal estimates estimates that Americans actually spent 125 million dollars more on gasoline this past Friday, May 1st,

1:07.4

than they did the previous Friday, April 24th, where the average price of gas was $4.6 a gallon.

1:14.6

The World Bank is also forecasting that commodity prices will increase by 16% this year,

1:19.7

driven by the rising cost of transportation and the shortage in fertilizer.

1:24.4

At a congressional hearing last week, the Congressman Roe Kana of California said that he'd done

1:28.6

the math on what the war would cost Americans. He said it was an extra $5,000 a year spent on food and

1:35.0

gas per household. And then there's the actual military cost of the war itself. A Pentagon official

1:41.3

told Congress last week that the government has already spent $25 billion in taxpayer money in just the first two months of the war.

1:48.9

Bottom line, is prices are going to continue to go up or at least remain elevated for the near future.

1:53.3

Even if the war with Iran ended at this very moment, it would still take months for things to return to normal.

1:58.2

And it doesn't appear likely that we're close to ending this war,

2:01.2

regardless of the Trump administration's claim that the war has been, quote, terminated. And by the way,

2:07.5

according to them, this war isn't even a war. Trump now says that he calls it a, quote,

...

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