Recent data indicate that inflation in the United States remains a significant concern for many Americans, overshadowing other positive economic indicators and contributing to widespread dissatisfaction with President Donald Trump’s handling of the economy.
In September, the Consumer Price Index (CPI) showed an annual inflation rate of 3.7%, outpacing wage growth, which stood at approximately 3% over the same period. This divergence means that, despite nominal wage increases, many workers are effectively experiencing a decline in purchasing power. Since Trump’s second inauguration in January 2025, wages have risen by 5.5% while prices increased by 5.4%. However, inflation-adjusted wages peaked in November 2025 and have since declined by 1.2%, indicating a real decrease in earnings for many Americans.
Despite solid economic fundamentals such as historically low unemployment—remaining at or below 4.5% for 60 consecutive months—and strong consumer spending, public opinion polls consistently show that around two-thirds of respondents disapprove of Trump’s economic policies. The employment rate among those aged 25 to 54 is higher than levels before both the Covid-19 pandemic and the 2008 global financial crisis, while business investment, particularly in artificial intelligence, continues to expand rapidly.
Trump and some of his supporters attribute the negative poll results primarily to media bias. However, analyses suggest that the public’s discontent stems more directly from affordability issues due to inflation and rising interest rates. The average interest rate on a 30-year mortgage has increased by about 50 basis points since Trump’s return to office and 1.4 percentage points since February 2026, adding to the financial strain on households.
Economic observers highlight several lessons for future administrations. First, voters tend to focus on their personal economic experience rather than abstract macroeconomic indicators like unemployment rates. While low unemployment may be an economic success, persistent price increases impact all consumers. Second, many voters connect inflation to specific policy decisions. For example, Biden’s 2021 stimulus package is estimated to have added around three percentage points to inflation that year, and public opinion at the time largely attributed rising prices to those policies. Additionally, both the ongoing conflict in Iran and Trump’s trade war have been widely associated by the public with higher petrol and consumer prices. Some Republican politicians have even distanced themselves from Trump’s tariff strategy due to its perceived inflationary effects.
Third, while voters recognize the causes of inflation, they primarily expect presidents to address and resolve economic problems rather than merely explain them. Trump’s predecessors have faced similar frustrations—from inflationary pressures during Biden’s term, when prices rose by 21.4%, compared to a 7.8% increase in Trump’s first term, to the Federal Reserve’s role, which many believe has not sufficiently maintained low and stable inflation over several years.
Critics argue that Trump has not seriously tackled voters’ concerns about affordability, despite campaign promises to “end inflation” immediately. Instead, he has dismissed worries about high prices, framing them as political tactics or exaggerations, and suggesting families manage by reducing discretionary spending.
Going forward, experts suggest that effective policy should emphasize fiscal responsibility, trade liberalization, and maintaining the Federal Reserve’s independence to curb inflation and lower interest rates. They also recommend fostering productivity growth by avoiding restrictive regulations on emerging technologies such as artificial intelligence, which could help wages outpace price increases in the long term.
Ultimately, inflation remains a critical challenge shaping public sentiment and political fortunes. Analysts caution that neither major party has fully grasped the importance of delivering steady, low inflation if they aim to secure lasting political success. The coming presidential races will test whether candidates can prioritize economic stability in the eyes of voters.