(ConservativeJournal.org) – One Republican member of Congress wants to bring back the $500 bill and put Donald J. Trump on the front. Rep. Paul Gosar (R-AZ) is sponsoring a bill called the “Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act” which if passed and signed into law, would do just that.
The odds of the bill becoming law are extremely slim with a Democrat majority in the Senate. Even if passed by both houses, President Joe Biden would still have to sign the bill into law, effectively aiding his political rival.
Gosar cited “Bidenflation” as the major reason he’s introducing the act to bring back $500 bills. He said they would offer multiple boons to the American people, including giving them more options to transact as well as a potential collectors’ item. He explained that the desire for the bills could make them worth more than $500 which increases the overall value of the currency and revenue for the government.
Gosar suggested that the theoretical $500 Trump bills would be highly sought after and historically significant. The last time the U.S. printed $500 bills was in the mid-20th century. Banks used to use the bills to make exchanges between themselves, but electronic transfers became feasible in 1969 negating the need.
Inflation in the consumer price index showed the cost of common goods like groceries, gas, and rent went up by 0.3% in April versus March, the expectation by economists was 0.4%. When comparing prices to the same time last year the average increase was 3.4%, in March it was 3.5%.
Core prices showed a similar increase of 0.3% for April, that excludes food/gas costs to show longer term trends. This time last year it was 3.6%. April had the lowest increase in core prices since 2021.
Overall inflation has dropped from its peak of 9.1% but is still above the 2% target the Fed is aiming for.
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