Jason Trennert, the CEO of Strategas Research Partners, warned Breitbart News Saturday of a possible “second wave of inflation” in 2025 unless former President Donald Trump is reelected.

Trennert spoke to Breitbart News Saturday host Matthew Boyle about his “regular man CPI,” an economic tool to better measure the rise in the consumer price index (CPI). Strategas is a leading macroeconomic and advisory brokerage firm.

The Strategas CEO noted that Core CPI excludes vital expenses, such as food and energy, explaining that “there’s nothing more ‘core’ than feeding yourself or staying warm, so it’s kind of silly to exclude two of the most important things for most people.”

He added, “We included things that people must spend money on. So, it’s food, energy, shelter, children’s clothing, utilities, and insurance.”

Trennert said, “When we look at that measure versus wages, what you find is that the average person’s standard of living has deteriorated meaningfully since Joe Biden took office.”

Boyle noted that many Democrats often claim that the economy is doing great even though many Americans do not think they are doing well in the Biden-Harris economy.

Trennert remarked, “You say ‘on paper’ the stock market is quite high, the unemployment rate is relatively low, but, if you look at the consumer sentiment numbers, nobody feels good about it.” He added that many feel that America is rapidly approaching a recession.

Furthermore, he said that the Biden-Harris policies “don’t favor working people,” claiming that the future Harris administration would “hammer” people who create jobs in America.

The Strategas CEO said that the Biden-Harris administration is spending money “like it’s going out of business” at a time when the Federal Reserve has raised interest rates to combat inflation.

He warned that America could very well experience a “second wave of inflation” unless Trump is reelected.

Asked if he would serve in a future Trump administration, Trennert said that “it would be my greatest honor.” Trennert said that he has great admiration for Trump, as the former president is a “billionaire that understands average people.”

Breitbart News Saturday airs on SiriusXM Patriot 125 from 10:00 A.M. to 1:00 P.M. Eastern.

Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter @SeanMoran3.