Topline:
Americans are feeling the strain of high prices, even as President Donald Trump tries to tout "record highs" in the stock market.
Where things stand: "Consumer confidence is the lowest it's ever been," said Jason Furman, a professor of economics at Harvard. "People are really negative about inflation."
Reality check: Inflation this year has been persistent but not dramatic, at about 3%. Eggs have gotten cheaper since Trump took office, but other staples like ground beef and coffee are up. According to Gas Buddy, the average price of gasoline in the U.S. is $3.09 per gallon, slightly higher than this time last year.
Why it matters: Trump has pledged to "make America affordable again."Now polls show voters rank the economy and cost of living as their top concern and blame Trump's policies for making things worse. Cost-of-living was a key issue in sweeping wins by Democrats in last week's elections.
What's next: A senior administration official tells NPR Trump will soon travel around the country with a message that while some things have improved, there is more work to do to help people feeling economic strain.
President Donald Trump says he is going to "make America affordable again." It's a pledge he made frequently during the campaign. And now, after dropping it from his lexicon for more than eight months, he's saying it again as polls show voters rank the economy and cost of living as their top concern and blame Trump's policies for making things worse.
A senior administration official tells NPR Trump will soon travel around the country with a message that while some things have improved, there is more work to do to help people feeling economic strain. The official, who was not authorized to speak on the record, added that when it comes to affordability, "there's no finish line."
Thus far, Trump has spent far more time boasting about how great the economy and stock market are doing than acknowledging any economic anxiety.
"Record high, record high, record high," Trump said of the stock market last week at a business event in Florida.
"Costs are way down," Trump said at a late night signing ceremony in the Oval Office Wednesday. "My administration and our partners in Congress will continue our work to lower the cost of living, restore public safety, grow our economy and make America affordable again for all Americans."
Trump's affordability challenge marks a dramatic reversal of fortune for a president who returned to office on a promise to bring costs down and whose greatest political strength was on the economy. Now his approval rating on the economy is severely underwater.
After sweeping wins by Democrats in last week's elections where the cost-of-living was a key issue, Trump suddenly had a lot to say about "affordability." But he has frequently come across as dismissive and defensive.
"The affordability is much better with the Republicans," Trump said last week. "The only problem is the Republicans don't talk about it, and Republicans should start talking about it and use their heads."
But earlier this week when Fox News' Laura Ingraham pressed Trump on rising costs of things like coffee and ground beef, he called it a "con job by the Democrats."
Asked why people are anxious about the economy, Trump responded by questioning whether people really are saying that.
"I think polls are fake," Trump said. "We have the greatest economy we've ever had."
To support his positive outlook, Trump points to the booming stock market, his tariff policy and pledges by companies and countries to invest in the U.S.
Inflation this year has been persistent but not dramatic, at about 3%. Eggs have gotten cheaper since Trump took office, but other staples like ground beef and coffee are up. According to Gas Buddy, the average price of gasoline in the U.S. is $3.09 per gallon, slightly higher than this time last year.
"Consumer confidence is the lowest it's ever been," said Jason Furman, a professor of economics at Harvard. "People are really negative about inflation."
It's a political truth — and a pitfall for presidents — that people don't want to hear that everything is awesome if they are struggling.
Furman, who served in the Obama administration, says the messaging team in that White House was very cautious not to brag about the economy, as the nation emerged from the Great Recession.
"Because they thought anything we said positive about the economy risked people thinking President Obama was out of touch," said Furman. "I didn't see that type of reserve when Biden was president. He bragged about it quite a lot, and I think that [rang] hollow with a lot of people. And President Trump is even less reserved about his bragging."
Trump's insistence that the economy is great earned him a rebuke from Republican Rep. Marjorie Taylor Greene of Georgia. Appearing on the Sean Spicer Show on YouTube, Greene said she gives Trump credit for holding inflation steady.
"But that doesn't bring prices down," said Greene. "And so gaslighting the people and trying to tell them that prices have come down is not helping. It's actually infuriating people because people know what they are paying at the grocery store, they know what they're paying for their kid's clothes and school supplies. They know what they're paying for their electricity bills."
She called for compassion rather than lecturing.
Former Trump economic adviser Stephen Moore says there are three major cost issues that have to be addressed: grocery prices, home prices and health care costs.
"It is true factually that the average family has more purchasing power today than they did when Biden left office," said Moore. "And yet people don't feel it. You know, they're not feeling the love. And I can't explain why that is except that people tend to focus on things where their prices are rising."
In fact, purchasing power also grew during the Biden administration, because wages rose faster than costs. But voters didn't want to hear it then, and they are in no mood to hear it now.
"People are kind of in a crabby mood right now when it comes to the economy," said Moore.
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