President Trump intensified efforts this week to address public concerns over rising prices and improve his administration's handling of inflation.
On Monday evening, November 17, he spoke at a summit hosted by fast-food giant McDonald's (MCD), with similar events expected in the coming weeks. Addressing franchisees and suppliers, the president sought to reverse recent setbacks for his party on affordability issues.
"We are focusing on affordability," he pledged during the event at the Westin Hotel in downtown Washington, asserting that persistent inflation had "nearly reached the sweet spot." He added, "‘Affordable’ should be our keyword, not theirs," referring to the opposition party.
The push comes as cost-of-living concerns dominate political discourse. Voter dissatisfaction with rising prices contributed to Democrats' stronger-than-expected performance in recent elections, with polls showing many Americans blaming the Trump administration.
RealClearPolitics data reveals Trump’s approval rating on inflation stands at just 35.6%, a critically low level. Ian Bremmer, founder of Eurasia Group, noted in a client report that sliding poll numbers are "pushing Trump to prioritize affordability personally." He warned the issue may persist, citing potential price pressures as retailers adjust inventories ahead of midterm elections.
**Parallels to Biden’s Struggles** Trump appears aware of his political vulnerability on inflation and is countering with multiple measures. While their effectiveness remains uncertain, his tactics—downplaying voter concerns and selectively citing data—mirror the Biden administration’s failed strategies from years prior.
Both presidents faced inflation crises, occasionally dismissing the issue or blaming predecessors. Trump frequently references the "Biden inflation crisis," despite being in office for 10 months and implementing tariffs that likely contributed to price hikes. He has also falsely claimed prices are declining.
When questioned on Fox News about public anxiety, Trump dismissed polls showing double-digit disapproval of his economic policies as "fake data." On Monday, he introduced a new narrative, stating, "A little inflation isn’t bad," and declaring, "We’ve normalized inflation," with 1% being the "ideal level."
However, September’s CPI data showed annual inflation stubbornly at 3%, far above Trump’s 1% target or the Fed’s 2% benchmark. He acknowledged outliers like coffee prices, vowing to address them.
**Voters Feeling "Near-Recession" Pressures** While overall inflation (3% in September) remains below the 9.1% peak under Biden, sharp increases in beef (up ~15% in 2025) and electricity (over 6%) have disproportionately impacted consumer sentiment. Mohamed El-Erian, Allianz’s chief economic advisor, noted at a Yahoo Finance summit that low-income households now live in a "near-recession state."
Trump’s team often argues tariffs cause only "one-time price hikes," but voters seem unconvinced. His repeated claim that Walmart’s 2025 Thanksgiving basket costs less than 2024’s has been fact-checked, with CNN and White House notes pointing to reduced basket contents.
Notably, Trump unilaterally excluded staples like coffee, bananas, and beef from reciprocal tariffs. Yet Oxford Economics estimates such measures would have a negligible effect on overall inflation, calling it a "rounding error."