Abby McCloskey, Bloomberg Opinion, November 30, 2025

“Members of the Trump administration have pointed to data to refute the bad economic vibes. To some extent, they are right. There’s been “savings” from a reduction in inflation relative to the runaway Biden era. Real incomes are up by nearly 1% year-over-year, according to the Bureau of Labor Statistics. Certain things like gasoline and interest rates (and thus mortgage rates) are down. And we mustn’t forget the tax relief passed as part of the reconciliation package.

On the other hand, that tax relief won’t be felt until April 2026, way after holiday presents are bought and paid for. Although price increases are indeed lower than during the Biden era, prices themselves remain elevated and some are rising. Interest rates still feel high to an electorate accustomed to the historically low levels of the 2010s.

Affordability is a bipartisan concern. Trump is 39 points underwater on the cost of living, according to a recent Reuters/Ipsos poll. Anxiety about inflation is top of mind for voters all across America — in college towns and Evangelical communities, in rural areas and big cities, and among White, Hispanic and Black counties.”