TLDR:
- President Trump’s campaign promise to lower prices “starting on day one” is backfiring as Democrats win major elections using affordability as their key issue
- Despite White House claims of falling prices, data shows Target prices up 5.5%, Walmart up 5.3%, and Amazon up as much as 12% compared to last year
- Trump’s tariffs on imports have pushed average car prices above $50,000 for the first time while grocery staples like coffee are up nearly 19%
- Exit polls show only 1 in 10 Virginia voters feel they’re “getting ahead” financially, handing Democrats victories in Virginia, New Jersey and New York
President Trump’s sweeping promise to bring down prices for Americans “starting on day one” has become a political liability as Democrats score major election victories by hammering him on the high cost of living.
“That promise is something that has come back to haunt him,” said Steve Mitchell, a Michigan pollster whose surveys found Mr. Trump underwater on the economy with 51% disapproval in the critical battleground state.
Democrats won gubernatorial races in New Jersey and Virginia while socialist Zohran Mamdani captured New York’s mayoral race, all campaigning on affordability and accusing Mr. Trump of policies that “reward billionaires and drive up costs for everyday Americans.”
The victories represent a stunning reversal for Mr. Trump, who rode voter anger over inflation to the White House last year.
Despite White House claims that prices are falling, data tells a different story. Target prices have risen 5.5% and Walmart’s have increased 5.3% compared to last year, according to analytics company DataWeave. Amazon raised prices by as much as 12%.
Mr. Trump’s tariffs on imports have pushed prices higher. The average car price soared above $50,000 for the first time in September, largely due to auto tariffs. Grocery prices jumped 2.7% in September, with coffee up 18.9% and beef up 14.7%.
“Americans are staring down the reality of a holiday season marred by inflation, higher prices and rising unemployment caused by Donald Trump’s chaotic economic policies,” said Kendall Witmer, rapid response director for the Democratic National Committee.
Exit polls revealed deep economic anxiety. More than half of Virginia voters ranked the economy as their most important issue, supporting Democrat Abigail Spanberger by more than 24 percentage points. Just 1 in 10 Virginia voters said they were “getting ahead,” while 25% said they are “falling behind.”
Mr. Trump blamed Republican candidates for not touting his economic record. “I was angry last night with the Republicans,” he said Thursday. “We are the ones who’ve done great on affordability. They’ve done horribly on affordability.”
Read more:
• Trump’s struggles to tame high prices send warning signs to GOP
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