🔗 Share this article

Throughout the previous race for the White House, the former president wooed the electorate with promises to reduce costs starting on day one. But, after he assumed office, there was precious little focus to the cost of living. All that changed after inflation-weary voters delivered a rebuke at the polls. Shortly thereafter, his team initiated a slapdash campaign to tackle affordability. Unfortunately, the drive is a hot mess—filled with absurdity, inconsistencies, unrealistic expectations, scapegoating, and Trumpian dishonesty.

Detached Claims and Supermarket Reality

Merely 48 hours after the election, the president kicked off his affordability drive with a disastrous remark: “Food prices are way down. Everything is way down… So I don’t want to hear about affordability.” These words from billionaire Trump—often mingles with fellow billionaires—demonstrated a lack of empathy for everyday citizens facing difficulties when visiting the grocery store. Essentially, he ignored their concerns as trivial, implying they had it wrong about actual costs.

This statement that everything was “way down” was absurdly obtuse and dishonest. In what way could every price be decreasing when the taxes he imposed were pushing up costs? Recent data indicate the cost of bananas increased 6.9% over the past year, beef prices went up almost 15%, and coffee prices jumped by nearly 19%—partly because of punitive tariffs on Brazil’s coffee and beef. In the first three quarters, costs increased in the majority of main grocery groups tracked by the government’s price index, including meats, poultry, and fish (up 4.5%), non-alcoholic beverages (up 2.8%), and fruits and vegetables (rising slightly).

Contradictions and Inaccuracies in Financial Claims

Despite these numbers, Trump continues to push his misleading narrative about lower costs. After the vote, he has claimed there is “almost no price increases,” insisted “costs have fallen significantly,” and asserted “living is cheaper under Trump than it was under his predecessor.” These statements ignore the reality that prices overall have unarguably risen since Biden left office. At present, inflation is running at a 3 percent per year, that’s half again as much than the central bank’s target of 2 percent. Adding to the inaccuracies, Trump boasted that gas prices had fallen to around two dollars, despite official data show they are $3.19.

Faced with actual conditions and lower approval ratings, some Trump aides evidently cautioned that his “prices are down” message made him sound dangerously out of touch from typical Americans. Many voters are frustrated about rising costs following assurances of reductions. In response, advisers proposed one quick fix: roll back some of Trump’s beloved tariffs. The logical move clashed with Trump’s absurd assertion that additional taxes wouldn’t raise prices for American shoppers.

Proposed Fixes and Their Potential Impact

With some tariffs reduced on several food items, Trump will likely announce that he has lowered costs once these products begin to fall in price. This would be similar to a firestarter taking credit for extinguishing a fire that he ignited. On another occasion, while speaking McDonald’s executives, he stated that “we are in the golden age of America” and assured the audience that “costs are decreasing and all of that stuff.” These comments come naturally for a billionaire to make, but they ring hollow to countless households facing hardships—particularly when many face losing food stamps or skyrocketing health premiums.

Per a recent poll from October, 74% of Americans think the state of the economy are mediocre or bad, while just a quarter consider them good or excellent. Another poll found that a majority of citizens feel the administration’s actions have “worsened economic conditions” in the country.

Economic Truth and Proposed Steps

Scott Bessent, the president’s top economic official, lately contradicted claims of a prosperous era. He noted that instead of thriving, certain sectors of the American economy “are in recession.” Industrial production—a priority for the administration—seems to have shrunk for eight months in a row and shed approximately 33,000 jobs since January. Pointing to these challenges, Bessent urged the Federal Reserve to cut interest rates—a move that could ease financial pressure.

In response to widespread concern about affordability, the president proposed a cash handout of “a dividend of at least $2,000 a person” excluding “the wealthy.” To numerous households in need, this sounds like a financial lifeline, but it is unlikely that lawmakers—concerned about huge budget deficits—will enact the proposal. This idea could increase federal spending, increase borrowing costs, and potentially drive prices higher by putting more money into consumers’ pockets.

Another supposed fix for affordability involved creating 50-year mortgages, with the notion that this would reduce monthly mortgage payments. But, reality is that 50-year mortgages would do little to reduce installments—frequently reducing them by just $100 or $200 each month. The downside is that these mortgages could more than double the overall cost homeowners pay and slow their accumulation of equity.

Blaming the Past Government and Economic Outlook

In their cost-cutting effort, Trump and his team have again blamed the previous president for economic problems, including rising prices. Officials claimed they “faced a mess from Joe Biden” and were “cleaning up the prior administration’s price hikes.” These are absurd and untruthful allegations. Actually, the former president handed over a strong economy, with inflation way down, solid expansion, and unemployment low. However, the current administration’s actions—especially his tariffs—have created an economic mess, driving costs higher and slowing GDP growth.

According to Mark Zandi, chief economist at a research firm, numerous regions are experiencing economic decline, with their economies damaged by the administration’s trade policies. Zandi fears that if large states like California and New York enter a downturn, the US could slide into a broad economic slump. In downturns, consumers typically have less money to spend, and price increases often falls. Sadly, with the highly-touted cost initiative probably ineffective to hold down prices, his primary method for improving living standards might end up triggering an economic contraction—a scenario that hard-pressed households cannot handle.