Look, I got to keep this brief. I'm not going to take any questions, but I do have a -- a just a short statement about the economic data today, following up on the economic data of last Friday. What we're -- what we saw today, was -- was a beautiful number. Great news for the American people with respect to core inflation.
It has now hit the lowest level in almost four years, going back to April 2021. We had grocery prices flat. We all know the pain that people are suffering with at the grocery store. We saw falling gasoline prices. We're seeing a -- a very healthy ordered decline in mortgage rates in the ten year, which also determines credit card debt.
And that's going to put more purchasing power in the hands of consumers, at the same time that it's going to help one of the most important engines of growth in our economy, which is housing. So, we like that number a lot. We liked that number last Friday with respect to a jobs number, which there was a lot of gloom and doom beforehand, and it hit 150,000 jobs.
And the best thing about that number was that even as we saw declines in government employment, we saw significant rises in private sector employment, particularly in the manufacturing sector. And that is -- that is the heart and soul of -- of the Trump revolution. We are trying to build a world in which as in the first term, we have a lower regulatory burden, particularly for small businesses.
We have hopefully, what will be the -- the best tax cut in American history, funded in part by -- by tariff revenues that will benefit as it did the first term, contrary to the rhetoric of -- of some of the media, contrary, it would benefit the -- the middle class across the board and we like where we're moving.
It's a transition from Biden-nomics to Trump-nomics 2.0. Biden-nomics for the -- for those who have -- who've studied the art of economics and sometimes the science, Biden-nomics was a very lethal type of economics in two ways. First of all, it consisted first and foremost of these overaggressive, overstimulated Keynesian spending.
OK? For those who know, Keynesian spending will stimulate an economy, but when it's done in a way where it's using money we don't have and it builds the highest amount of debt we've ever seen in history, it's too much money chasing too few goods, and inflation was the inevitable result. And what that did was build in, not the certainty of a recession, but the possibility down the road.
As we were handed that -- that steaming pile of whatever and have to bring back fiscal responsibility and restraint. Now, to the extent we do it the way we are doing it, we can avoid the recession that would otherwise have happened if Joe Biden were still in the Oval Office. Now, the second thing that Biden-nomics is, the second major component of Biden-nomics, this is really important to understand.
There's a concept in economics known as supply shocks. They can be negative supply shocks like an oil price hike due to some kind of geopolitical event or some kind of weather event. And the problem when you have negative supply shocks is you get two bad things. You get inflation and recession. That's the essence of supply side economics.
What you want is positive supply shocks which will simultaneously tamp down inflation, but also stimulate expansion. So, you can actually -- you can actually offset the demand pull inflation with nice supply -- positive supply shocks. Now, that sounds like a lot of gobbledygook, but let me just say operationally, what that means is that when we drill baby drill and we bring oil down now, it's down $11 from where it was off of -- off a high of 80 during some part of the Biden regime, if we get that all the way down to 50 or the low 50s, that's sufficient.
It's a -- that's a positive supply shock that does two things. It brings down the rate of inflation, but it also stimulates growth, because there's more -- it's just from a consumer point of view, if I get you lower gas and heating oil, right, that's money that you can spend on everything else and thereby stimulate the economy.
When you spend that money on gasoline, all you're doing is enriching the Saudis, basically, at the margin, OK? So, if we get that down, that's worth a -- probably a point or more alone off the core, right? And then, when you do deregulation, you lower the cost of business, that's a positive supply shock as well.
And to the extent that DOGE is able to take out the waste, fraud and abuse, which appears to be rampant based on what we're seeing, all of that helps us with this big puzzle that we're trying to unwrap of stimulating growth without stimulating inflation, and bringing back fiscal responsibility in a way which doesn't slow us down.
So, that's the difference between Biden-nomics and Trump-nomics 2.0. And I think today's print was -- was -- was a very good one. I think that last week's job report was a very good one. And let's see what we shall see. The last thing I'll say is I would just ask you in the media to understand your responsibility here.
I know that there's a lot of folks in the media who don't like this president. The media, the legacy media in particular has -- has published far more negative stories than positive. But when you write or broadcast that there's going to be wild inflation or recession and you set people's hair on fire, that does possibly have impacts on consumer confidence.
And when you do that without justifiable data to back it up, as you've been doing that, some of you, it doesn't serve the purpose of this country. You -- you actually do harm when you do that. OK, that's all I have. I can't take questions because these guys got me going on something else, but I'll be back tomorrow.
Happy to -- happy to get you. If there's one, there's any. We got to go. OK, I got you. I got you what you need.