Editorial: Trump dismisses affordability concerns as he rakes in billions. Most Americans aren't that lucky

The Philadelphia Inquirer Editorial Board, The Philadelphia Inquirer on Dec 9, 2025

Published in Op Eds

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President Donald Trump had a blunt message for anyone struggling to make ends meet: He does not feel your pain.

During a lengthy cabinet meeting on Tuesday, the president called the issue of affordability a “fake narrative.”

Between nodding off and a racist rant, Trump declared during the gathering that the cost-of-living squeeze felt by millions of Americans “doesn’t mean anything to anybody.”

Polls show affordability is the top issue facing Americans. But Trump claimed all the talk about affordability was a “con job.”

So who is conning whom?

Trump ran for office last year on the promise to lower prices, end the war in Ukraine, and release the Jeffrey Epstein files. He’s done none of it.

“When I win, I will immediately bring prices down, starting on Day One,” he said in August 2024.

Yes, the much-ballyhooed price of eggs has come down, but overall grocery costs have increased.

For example, beef prices are up 14% this year and expected to soar next year because of fewer cattle. Coffee prices are the highest in decades due to drought and Trump’s tariffs.

Companies tried to shield consumers from higher prices brought on by Trump’s erratic trade war. But more prices are starting to rise as tariffs have driven up costs on a wide range of products, including clothes, shoes, toys, electronics, cars, and homes.

Affordability is more than egg prices.

Millions of Americans are struggling to keep up. A Wall Street portfolio manager argued that after factoring in the cost of childcare, housing, healthcare, and other essentials, the real poverty line for a family of four should be $140,000.

The median household income in the U.S. is about $84,000. In Philadelphia, it is $60,000.

While presidents don’t control prices, Trump’s countless chaotic actions have contributed to the growing costs many Americans face.

Polls show home prices and rental costs are among the top affordability issues. Trump’s tariffs on timber, furniture, and cabinets have fueled the increase in housing affordability.

Trump’s crackdown on immigrants — who account for one-third of construction workers — is leading to a labor shortage and further driving up home prices.

Elevated mortgage rates, property tax hikes, and higher insurance premiums from more intense storms are also adding to housing expenses.

The affordability crisis is so bad that the average first-time home buyer is 40 years old.

Trump also promised to cut energy prices in half, but that has not happened. Many homeowners and businesses have been hit with sharp increases in electricity bills.

The price hikes vary by state. A booming demand by data centers sent prices up 20% in New Jersey, while utility companies in California have passed on the cost to rebuild after devastating wildfires.

Trump has also contributed to the higher utility costs after his One Big Beautiful Bill slashed tax incentives for wind and solar energy projects.

Many Americans are falling behind. Household debt levels — which include mortgages, car loans, credit cards, and student loans — are at a record high, according to the Federal Reserve Bank of New York.

Many are also rightly worried about their jobs. The unemployment rate hit its highest since 2021, and a record number of small businesses have filed for bankruptcy this year, along with several large companies such as Spirit Airlines, Claire’s, and First Brands.

About 300,000 federal workers lost their jobs under Trump. U.S.-based companies have shed more than one million jobs through October of this year, a 65% increase from the period in 2024.

Trump keeps blaming former President Joe Biden for the economic trouble. While inflation spiked under Biden, there was record job growth. Just weeks before the November 2024 election, the Economist magazine said the U.S. economy was “the envy of the world.”

Despite Trump’s effort to dismiss affordability concerns, many Americans now blame him for the higher costs.

Meanwhile, the rich get richer. The wealthiest 10% of Americans added $5 trillion to their fortunes in just the second quarter of 2025. And Trump’s net worth has increased by $3 billion this year.

Now there is the real con job.

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