A recent poll shows U.S. consumer confidence in November has plunged to its lowest level since June 2022.
On the 17th, at McDonald's Washington Influence Summit, U.S. President Donald Trump addressed public concerns over rising inflation and economic challenges. Earlier this month, Democrats secured key victories in multiple local elections, with the cost of living being a central campaign issue.
Trump argued that while he inherited a troubled economy from his predecessor, Joe Biden, "the U.S. has now returned to normal inflation levels." He emphasized that tax cuts and reshoring manufacturing would boost corporate earnings and stimulate growth, though "these measures take time to work."
White House officials noted that Trump’s speech at the McDonald's summit marked the first in a series of events focused on "affordability." Advisors are reportedly planning to expand his domestic travel to directly communicate these policies to voters.
**Political Pressure** Trump claimed energy costs have declined, leading to broad-based price reductions. "Gas prices have dropped significantly. Lower energy costs benefit everything—from doughnuts to fried chicken—because production, transportation, and logistics all rely on energy," he said. However, due to the longest government shutdown in U.S. history, October’s inflation and employment data remain unavailable.
Public anxiety over rising living costs persists. Democrats’ recent electoral wins capitalized on this issue. Vivek Ramaswamy, a Trump ally running for Ohio governor, admitted Republicans’ struggles stem from failing to address affordability concerns, bluntly stating on social media: "We got crushed."
In New Jersey, Representative Mikie Sherrill defeated her Republican rival by 13 points, pledging to freeze utility rates and criticizing Trump for unmet 2024 affordability promises. Her strategy proved effective, particularly in Passaic County—a traditional Democratic stronghold that voted for Trump in the last presidential election.
Over the past month, the Trump administration proposed measures to improve housing affordability, including 50-year mortgages and "transferable" or "assumable" loans, allowing homeowners to relocate without refinancing.
Yet, RealClearPolitics’ latest poll reveals consumer confidence has hit a 16-month low.
Trump insisted his policies are "ending the affordability crisis caused by the Biden administration," citing 1.9 million new jobs, record wage growth, and $1 trillion in regulatory cost cuts.
**Partisan Clashes** During his 2024 campaign, Trump famously worked a "shift" at a Pennsylvania McDonald's, flipping fries and declaring himself "the first U.S. president to start as a McDonald's fry cook." He praised McDonald's employees as "understanding America better than anyone."
In his speech, Trump also criticized Democrats for exaggerating unaffordability, dismissing their claims: "They deny experiencing historic inflation and energy price spikes. They talk affordability, but prices were far worse under them." He acknowledged some items, like coffee, remain expensive but vowed reductions.
Despite Trump’s team downplaying tariffs’ inflationary impact, last week’s exemption of duties on select agricultural imports—including coffee, avocados, and beef—was seen as tacit acknowledgment of their price impact.
Beef prices have risen 15% since Trump took office, reaching $6.33 per pound in September, per Labor Department data.
Republicans long blamed Biden’s policies for inflation, but now Democrats are reciprocating. Former Biden advisor Gene Sperling argued Trump reversed a strong economy, saying, "Americans rightly blame his erratic trade policies for price surges."