President Donald Trump’s initial three weeks in his second term have been characterized by significant chaos throughout the federal government and the U.S. economy: closing government agencies, initiating and terminating trade wars, and giving billionaire Elon Musk control over government spending. A notable absence in this whirlwind of activity has been progress on the key issue that voters care about the most: reducing prices.
A notable absence in this whirlwind of activity has been progress on the key issue that voters care about the most: reducing prices.
This week’s release of the Consumer Price Index revealed the largest monthly rise in inflation since August 2023. Over the past year, prices have surged by 3%, remaining stubbornly above the Federal Reserve’s target of 2%. Grocery prices have increased, primarily due to soaring egg costs. Gasoline and auto insurance expenses have also climbed, burdening consumers both at the pump and on the road, while housing costs, including rent, have gone up for three consecutive months.
Although there are many theories regarding Democrats’ loss in the November election, the data clearly indicates that voters were dissatisfied with inflation during President Joe Biden’s term and turned to Trump in hopes of a solution. A UJ exit poll revealed that 75% of voters felt a degree of hardship or severe hardship due to inflation, and these voters overwhelmingly supported Trump, anticipating that he would address their grievances. Despite this expectation, Trump’s administration has predominantly focused on issues other than improving American consumers’ financial situations.
When asked when families could expect relief from rising prices, White House press secretary Karoline Leavitt admitted she had no timeline to offer. Trump himself seemed to retreat from his campaign pledges shortly after the election, stating, “It’s hard to bring [prices] down once they’re up. You know, it’s very hard.” Vice President JD Vance told CBS News that “Rome wasn’t built in a day” and that it would require “a little time” for grocery prices to decrease.
Holding a new administration accountable for widespread price increases just weeks into their term may seem unfair. However, Trump himself invited this scrutiny. In the weeks leading up to the election, he asserted via his social media platform, Truth Social, that egg and gas prices were “OUT OF CONTROL!!!” and vowed that he would “SLASH prices—so fast it’ll make their heads spin” on “DAY ONE.” He consistently claimed to have a strategy for reducing prices; now, it seems he is neglecting the very people he promised to help, much like previous lawyers and contractors.
Trump’s early policy priorities seem unlikely to reduce prices and may instead exacerbate inflation.
Americans are beginning to take notice. A recent poll by YouGov/CBS News indicated that a staggering 66% of voters felt Trump’s efforts to lower prices were “not enough.” Consumer confidence plummeted in February, hitting its lowest point since July, fueled by consumers’ rising inflation expectations, which marked one of the five largest increases since 2014. Consumers are skeptical about price reductions, which could, in turn, provoke further inflation as they adjust their spending patterns.
Far from being geared to bring prices down, Trump’s early policy priorities are likely to add to inflation. His sweeping tariff strategy is so extreme that even the International Machinists Union, typically supportive of tariffs, cautioned that his proposals would be detrimental to both workers and consumers. Recently, the House Budget Committee advanced a budget plan that proposes cutting at least $4.5 trillion in taxes, primarily benefiting the affluent and large corporations, which would likely lead to overstimulation of the economy and ultimately fuel inflation. Additionally, Musk and his Department of Government Efficiency have taken aim at government workers, including those in charge of inspecting and tracking chicken supplies, amid a devastating avian flu outbreak affecting egg production.
If Trump were genuinely committed to lowering prices, he would prioritize ensuring that the wealthy and large corporations contribute their fair share in taxes instead of receiving substantial tax breaks. He would be working to combat monopolies and large corporations that exploit their market dominance at the expense of consumers rather than dismantling the agencies designed to protect them. Regrettably, it seems Trump has executed yet another con job—this time, leaving American families to bear the consequences.
