Trump Denies Price Surge, Calls Affordability Crisis a “Hoax”
President Donald Trump told a crowd in Pennsylvania that inflation is no longer an issue and argued that Democrats are pushing the term “affordability” in an effort to damage his image.
“They use the word ‘affordability,’ and that’s their only word. They say, ‘Affordability,’ and everyone says, ‘Oh, that must mean Trump has high prices.’ No, our prices are coming down tremendously,” Trump said. “They have a new word. They always have a hoax. The new word is ‘affordability,’ so they look at the camera and they say this election is all about affordability.”
Despite strong performance in some areas—such as a rising stock market and solid third-quarter growth—Trump still has to contend with voter anxieties about the economy while insisting it is thriving.
Many households continue to feel the strain of high costs for essentials like housing, food, and electricity. A recent AP-NORC Center poll reported that only about one in three Americans approves of Trump’s management of the economy.
During his 95-minute speech, Trump pointed to several initiatives he says are bringing down expenses for ordinary Americans. He cited tariffs as a catalyst for new manufacturing gains, mentioning Pittsburgh-based U.S. Steel and new auto and AI data projects in other regions. He also highlighted a $12 billion assistance program for farmers affected by his tariff policies.
Trump invited Pennsylvania workers onstage to showcase the effects of the One Big Beautiful Bill Act, which removes some tip and overtime earnings from federal income tax, saying it leaves families with more take-home pay. He also reaffirmed his support for fossil fuel development, which he claims is helping drive down gas prices.
Democrats pushed back on Trump’s remarks. Kentucky Gov. Andy Beshear said, “I guess he doesn’t know what affordability means. Listen, he might not get it, but the American people do. They know right now that groceries cost too much.”
Sen. Bernie Sanders also criticized Trump’s claims, saying, “Trump can lie all that he wants, but when people walk into a grocery store, they see the outrageous prices they’re now paying, when housing costs all over this country are going up, when kids can’t afford to go to college, when 60% of our people are living paycheck to paycheck — no, we do have an affordability crisis.”
According to the administration, prices are expected to ease next year as investments in artificial intelligence and domestic manufacturing increase.
Inflation remains a top concern for the Federal Reserve as well. The central bank is expected to announce its third consecutive interest rate cut on Wednesday afternoon amid uncertainties in the labor market.
Members of the Fed’s rate-setting committee are split on whether to continue lowering borrowing costs, though another cut appears likely.
Most economists anticipate a “hawkish cut,” meaning the Fed would trim rates while signaling that further reductions may be on hold for now as it tracks the economy’s trajectory. Contributing factors include missing federal employment and inflation data due to the government shutdown, as well as fears that aggressive rate cuts could reignite inflation.
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