Trump calls affordability concerns a “hoax” despite dire economic data

President Donald Trump said Americans’ concerns about affordability are “fake news,” despite several economic indicators showing that life is more expensive than it was a year ago.

“There’s this fake narrative that the Democrats talk about—affordability,” Trump told a gaggle of reporters at the White House on Tuesday. “I think they’re getting fake news from guys like you … Affordability is a hoax that was started by Democrats.”

Affordability became a buzzword in American politics last month, when Democrats won big victories in Virginia, New Jersey, and Georgia with campaigns laser-focused on the cost of living. That trend continued Tuesday night when Democrat Aftyn Behn came within nine points of defeating Republican Matt Van Epps in a special U.S. House race in Tennessee. Trump carried the district by 22 points just last year.

It’s likely not a coincidence that Democrats scored these wins shortly before and immediately after Thanksgiving. A recent report from Defend America Action found that, compared to last year, turkey prices are up 24%, canned cranberries are up 45%, frozen peas are up 17%, cheddar cheese is up 6.6%, and the price of sweet potatoes has risen by 37%.

Nearly half of Americans served chicken and other turkey alternatives this holiday in an effort to offset price increases.

The strain will likely continue into Christmas. PNC Bank found in its annual Christmas Price Index that the average cost of gifts this year is up 4.4% from 2024 and 9.8% from 2023.

For Trump to acknowledge that affordability has gotten worse would also require acknowledging that his own policies are partially to blame. Major retailers, including Walmart and Home Depot, say that Trump’s tariff policy is forcing them to raise prices.

“Higher tariffs will result in higher prices,” Walmart CEO Doug McMillon said during a May 15 earnings call. “We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb.”

About 22 million Americans are poised to have even less spending money when Affordable Care Act (Obamacare) subsidies that help families afford health insurance expire at the end of the year. While some elected Republicans support extending the subsidies, the vast majority, including Trump, do not.

Scores of Democrats lambasted Trump for suggesting that affordability was not a real issue.

“The only hoax is Donald’s repeated lies about the economy,” New York Sen. Chuck Schumer wrote on X. “The things we need most—groceries, housing, utilities—cost more. We all feel the pain, and it’s happening on his watch.”

Massachusetts Rep. Jim McGovern shared a similar sentiment.

“Affordability might not mean anything to billionaire grifters like Trump, but it sure means a lot to the American people,” he said. “He should try actually talking to working folks for once in his life.”

Polling suggests voters likely agree with Democrats. More than half of Americans ranked grocery costs as a significant source of stress in their lives in an Associated Press-NORC poll.

A Reuters poll found that a plurality of voters said cost of living would determine how they vote in the 2026 midterms.