“They said we’ve done a great job on affordability…but we just lost the election because of affordability,” Trump said on Nov. 6.
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This is President Donald Trump’s economy, and he wants everyone to know it.
Two days after Democrats capitalized on concerns about consumer costs with big electoral victories in Virginia, New Jersey and other states, the second-term Republican president made reviving the economy one of the cornerstone initiatives of his administration.
“We, not the Democrats, have done a great job on affordability,” Trump told reporters in the Oval Office on Nov. 6. “But they said we just lost the election because of affordability.”
President Trump’s comments came after Democrats won the Nov. 4 gubernatorial races in New Jersey and Virginia and the New York mayoral race by fielding candidates who focused on affordability, including energy prices in New Jersey and high rents in New York City.
The overwhelming double-digit victories for both governors focused attention on consumer costs that have remained high under the Trump administration, and sounded the alarm among Republicans, including former presidential candidate Vivek Ramaswamy, who argued they needed to focus more on cutting costs.
As President Trump seeks to maintain Republican control of Congress, Democrats have signaled plans to continue pursuing affordability concerns ahead of the 2026 midterm elections. The Democratic National Committee said in a statement on Nov. 5 that this victory is “a stepping stone for victory” heading into 2026.
Although the president talked about inflation and the economy and won in 2024, many Americans are not satisfied with his economic policies. Polls show voters are worried about President Trump’s management of the economy amid trade wars, a weak job market and continued concerns about the cost of living.
According to a CNN/SSRS poll released this week, more than 7 in 10 U.S. adults rate the current economic situation as “bad” or “very bad,” and 61% say President Trump’s policies are making the economy worse.
Despite these concerns, the president paints a rosy picture of the economy and consumer issues.
President Trump has repeatedly said that inflation is no longer a problem. President Trump declared on November 6th during an event in the Oval Office that “all prices are falling.”
But inflation has been rising in recent months, reaching 3% in September, a relatively modest level but above the Federal Reserve’s target interest rate of 2%. The debate over affordability is expected to be a big issue heading into 2026.
Vice President J.D. Vance said after the election, “We need to focus on the domestic front.”
“We will continue to strive for a decent and affordable life in this country, and that will be the standard by which we will ultimately be judged in 2026 and beyond,” Vance wrote on social media.
