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Voters aren't buying it. The president's approval rating on prices and inflation, which was at +5 points in January, has fallen to a stunning -33, according to the latest data from The Economist.
In the wake of a top-to-bottom shellacking of Republicans across the country in Tuesday's elections, President Donald Trump is making a concerted effort to co-opt the "affordability"-focused messaging that catapulted the once-obscure democratic socialist Zohran Mamdani to become New York City's next mayor.
MSNBC columnist Steve Benen notes that before Election Day, Trump had never once uttered the word "affordability" in his more than a decade using Twitter/X. But since Tuesday, it's been all he can talk about.
After Democrats romped in virtually every important race from Virginia to California to New Jersey, the president explained that it was because "they have this new word called affordability" and Republicans "don't talk about it enough."
He followed it by claiming that “2025 Thanksgiving dinner under Trump is 25% lower than 2024 Thanksgiving dinner under [former President Joe] Biden, according to Walmart. My cost are lower than the Democrats on everything, especially oil and gas! So the Democrats ‘affordability’ issue is DEAD! STOP LYING!!!”
He later claimed, completely falsely, that America was nearing "almost $2 for gasoline," and that Republicans "are the ones who've done a great job on affordability... they said we lost an election on affordability. It’s a con job."
Focusing aggressively on the cost of living and blaming his opponents for it being out of control has worked for Trump in the past. Polls from his 2024 reelection showed that inflation and the cost of living were the leading issues under Biden that drove voters away from Democrats and into Trump's camp.
But Mamdani will enter office with the status of an outsider and a slew of untested policy proposals meant to concretely address New York's untenable cost of living, like a freeze on rent hikes, free public transit, and the opening of public grocery stores.
Trump, on the other hand, is nearly a year into his second presidential term, during which he has often downplayed voters' concerns about rising costs, even telling them they'd need to endure "some pain" in order to reap the benefits of his agenda.
Under his watch, and often directly due to his own policy decisions, the crisis of affordability that drove him to the White House has only accelerated, with 2.9% yearly inflation in August, the last month for which there is data due to the government shutdown.
His claims about both grocery and energy prices are both untrue. Energy prices have actually increased by 10% since Trump took office, and the average regular gas price was not nearing $2 per gallon, as Trump claimed, but more than $3 as of Monday.
While high energy costs can be attributed to external factors like increased power demand from artificial intelligence data centers and energy bottlenecks resulting from the war in Ukraine, the New York Times editorial board noted last month that "Trump energy policies are not helping—and will soon make matters worse."
The foremost culprit is his slashing of hundreds of billions of dollars worth of tax credits and investments into renewable energy sources like wind and solar, as well as electric vehicles. As the board explained:
Energy prices are likely to rise the most in states that have not prioritized clean energy, including Kentucky, Missouri, and Oklahoma, experts say. The repeal of the tax credits alone may push electricity prices almost 10% higher than they would be otherwise by 2029, according to National Economic Research Associates, a consulting firm. Gas prices will also increase over the next decade, according to Rhodium Group, a think tank, as consumers who would otherwise have driven electric cars continue using vehicles that burn fossil fuels.
Grocery prices have also spiked by 2.7% since last year, increasing each month except one since he took office. Some of the products that have seen the most dramatic increases are those impacted by Trump's aggressive tariff regime, both because they are frequently imported like coffee or bananas, or commonly exported like beef, and subject to the retaliatory tariffs of countries against which Trump has waged his trade war.
His "mass deportation" agenda, meanwhile, has gutted the nation's agricultural labor force, which is 80% foreign-born, causing supply shortages and, as a result, higher prices for domestic goods.
On the other major plank of Mamdani's affordability agenda, the uncontrolled cost of housing has also been supercharged by Trump's policies. His tariffs have caused the cost of building materials to spike, slowing the rate of housing construction.
And as a record high 22 million renters are considered cost-burdened, meaning they spend over 30% of their income on housing, Trump's 2026 fiscal year budget proposed to slash rental assistance by nearly 43%. In September, ProPublica also obtained two plans from the Department of Housing and Urban Development (HUD) expected to place burdensome new work requirements and time limits on those living in public housing, which could jeopardize assistance for 4 million people.
While Trump has made a sharp pivot toward "affordability" rhetoric, his actions amid the ongoing government shutdown, which has become the longest in US history, have belied that commitment.
Though Trump acknowledged that Tuesday's Election Night drubbing suggested Republicans were "losing" the shutdown, Republicans have insisted they won't come to the table to negotiate to extend the Affordable Care Act tax credits that caused the impasse in the first place.
As a result, Americans are already beginning to see their health insurance premiums skyrocket as the enrollment period for next year begins. And if the GOP refuses to extend the credits, over 22 million Americans are expected to see their premiums more than double on average in 2026, according to KFF.
And contrary to fighting the rising prices of food, the Trump administration has used the shutdown to choke off food assistance to 42 million Americans eligible for the Supplemental Nutritional Assistance Program (SNAP) in defiance of orders from two federal judges.
Under a proposed plan to only partially fund the program, the average SNAP recipient would have their benefits cut by 61%, while millions will lose their benefits for November entirely, according to an analysis by the Center on Budget and Policy Priorities.
According to The Economist, Trump's approval rating has tanked to just 39%, while disapproval is at 58%. It's an all-time low over both his terms as president. By far the sharpest decrease in his approval rating has come on prices and inflation. Where he enjoyed a net +5 rating on the issue at the start of his term, it had utterly collapsed to -33 as of November 2.
"Trump could theoretically fix his political problems if he readjusts his policy framework and focuses on affordability, corporate power, and working with Democrats instead of the establishment GOP," said economic journalist Matt Stoller in a post on social media. "But there's zero chance he does that. He can't. He's George W. Trump."
Sen. Elizabeth Warren said the price increases will cost US families "an estimated $70 billion over the next three years."
As low-income households in northern states where the weather has already turned colder face the loss of heating assistance due to the government shutdown, a congressional report unveiled Thursday reveals that households across the country can expect to pay about $100 more this year in electricity costs than they did last year.
The report by Democratic members of the Joint Economic Committee—which includes Sens. Martin Heinrich (D-N.M.), Amy Klobuchar (D-Minn.), Gary Peters (D-Mich.), and Maggie Hassan (D-N.H.)—emphasizes that the higher costs come a year after President Donald Trump won a second term in office after campaigning on ensuring families would pay less for groceries and energy if they elected him.
"Your energy bill within 12 months will be cut in half, and that’s my pledge all over the country," said Trump at a roundtable event in September 2024.
Contrary to that claim, the Democrats on the joint committee found that based on monthly electric bill data released by the Energy Information Administration for the first eight months of this year, annual costs for families will be at least 5% higher in 37 states and at least 10% higher in 10 states and Washington, DC.
Sen. Elizabeth Warren (D-Mass.) condemned "another Trump lie that's costing American families," and emphasized that the projected higher bills will force US households to spend "an estimated $70 billion over the next three years."
"That's why I'm pressing the Trump administration to actually stand up and do something to lower the electricity costs," said Warren.
Donald Trump promised to cut electricity costs in HALF by 2026.
But new data shows that electricity costs have actually gone UP by 11% since he took office.
Another Trump lie that's costing American families. pic.twitter.com/B2Ib14n88Y
— Elizabeth Warren (@SenWarren) November 6, 2025
Some of the worst-affected states include those with harsh winters in the northeast, including Maine, where people are projected to pay 12.5%, or $200, more for electricity this year. Massachusetts families will pay 12.4% ($250) more. In the Midwest, Illinois and Indiana will pay 15.2% ($200) and 16.3% ($260) more, respectively, while Washington, DC is the hardest hit by higher costs, with families expected to pay 22.1% ($300) more.
As CBS News reported in August, Trump has sought to blame higher electricity bills on renewable energy, but Rob Gramlich of energy consulting firm Grid Strategies said the higher demand and rising costs are being driven by "the rapid expansion of artificial intelligence, oil and gas drilling, space heating, and electrified forms of transportation."
Trump has demanded an expansion of AI data centers, which can consume 30 times more electricity than traditional data centers and use as much power as 80,000 homes.
“While President Trump claimed he would cut electricity prices in half, in reality, Americans in almost every single state are facing higher electricity bills,” said Hassan, ranking member of the committee. “Democrats and Republicans should be working together to lower costs for families, but instead President Trump is continuing to push prices up even higher.”
The report was released two days after elections across the country that were favorable for Democrats. New Jersey Gov.-elect Mikie Sherrill won after campaigning on a promise to freeze utility rates in the state, while two Democrats in Georgia ousted Republicans on the state's Public Service Commission, which regulates utility prices.
The GOP commissioners had approved six rate increases over the past two years; the election marks the first time any Democrats have won a seat on the panel since 2007.
Democrats won big by fighting against Trump’s attempts at tyranny and pledging to do everything in their power to make America affordable for everyone.
Tuesday night, American voters sent Democrats a message: In the face of President Donald Trump’s lawlessness, the American people want you to fight—not fold.
Congressional Democrats must respect the will and mandate of the people. Americans voted for their elected officials to stand up to Trump and make America affordable for everybody.
For months, Trump has behaved like a tyrannical dictator. He’s broken Social Security by pushing out thousands of dedicated public servants. He’s gutted Medicaid, which will force rural hospitals and nursing homes to close—all to give tax cuts to billionaires. And every time Americans go to the grocery store, prices are up again due to Trump’s tariffs.
All across the country, from Virginia to New Jersey to Georgia to New York City, Americans resoundingly voted against Trump and MAGA. Democrats won big by fighting against Trump’s attempts at tyranny and pledging to do everything in their power to make America affordable for everyone.
From moderate governors-elect in Virginia and New Jersey to a democratic socialist mayor-elect in New York City, and everywhere in between, there was only one message: Fight Trumpism and make America affordable.
Congressional Democrats have done just that for the last 35 days. They are refusing to sign off on a partisan Republican government funding bill that does nothing to stop health insurance costs from doubling (and in many cases, tripling) for tens of millions of Americans or to reverse the massive cuts to Medicaid. Republicans control the House, Senate, and White House. But instead of negotiating with Democrats to protect our healthcare, they shut down the government and left for a weeks-long paid vacation.
Going into this week’s elections, rumors were flying in DC that a gang of Senate Democrats was preparing to cave to Republicans. They want to provide Republicans with Democratic votes on their funding bill in exchange for nothing more than the promise of a vote on healthcare later.
Polling shows that Americans rightfully blame Republicans for both the government shutdown and exploding healthcare costs.
After this week’s elections, it’s Republicans who are feeling the pressure. If Democrats stand strong, they can win this fight—and save healthcare for millions of Americans.
From moderate governors-elect in Virginia and New Jersey to a democratic socialist mayor-elect in New York City, and everywhere in between, there was only one message: Fight Trumpism and make America affordable. The only people who cannot see the unified message of the entire spectrum of Democrats are people like TV pundits who are paid to not see it.
Eight Democratic Senators cannot be allowed to subvert the will of the voters clearly expressed Tuesday night.
Democratic leadership in the House and the Senate sent a letter this morning to Trump. It said: “We write to demand a bipartisan meeting of legislative leaders to end the GOP shutdown of the federal government and decisively address the Republican healthcare crisis. Democrats stand ready to meet with you face to face, anytime and anyplace.”
And yet, a gang of Senate Democrats are signaling to the press that they are going to not fight Trump and not make America affordable, by caving on the shutdown without securing lower healthcare costs. Overriding their own Senate leadership and colleagues, while also undermining the will of the American people.
Eight Democratic Senators cannot be allowed to subvert the will of the voters clearly expressed Tuesday night. Sen. Catherine Cortez Masto from Nevada and retiring Sen. Jeanne Shaheen from New Hampshire are ringleaders of the cave-for-nothing caucus. Call them today and tell them to listen to the people, fight Trump, and make America affordable by fixing the Republican healthcare crisis!