As Donald Trump embarked on his second term as US President, his bold campaign promises to lower the cost of living for Americans have fallen flat. Despite his claims of a “golden age” for the economy, the reality on the ground paints a much gloomier picture.
During Trump’s first year back in office, food prices have risen faster than they did under his predecessor, Joe Biden. Household energy costs have also surged by 7.3%, more than double the increase seen in Biden’s final year. Trump’s vow to revive the auto industry and cut new home prices in half have also failed to materialise.
Facing plummeting approval ratings, the President has resorted to a flurry of often incoherent policy proposals in a desperate attempt to regain the public’s favour. From capping credit card interest rates to barring investors from buying single-family homes, these measures have been widely criticised by economists as either ineffective or counterproductive.
“Trump’s proposals show little coherence,” says financial analyst Marcus Williams. “Straying well outside the Republican Overton window, they form part of a bid to build a mirage of class solidarity with the aggrieved Americans he hopes will vote for him.”
Indeed, a Wall Street Journal poll found that 49% of Americans believe the economy is worse than a year ago, while 54% disapprove of the President’s economic stewardship. A CNN survey also revealed that 61% of the public disagree with Trump’s economic policies.
As frustration mounts, the President appears desperate to find a winning message that resonates with voters. However, his scattershot approach of “wacky economic proposals” seems unlikely to restore faith in his ability to manage the nation’s finances.
“Only time will tell if Americans welcome Trump’s spray of policy proposals and shrug off their concerns about his handling of the economy,” concludes Williams. “As the cost-of-living crisis continues, the President’s political future may well hang in the balance.”
