When Donald Trump ran for president, he made a bold promise: “From the day I take the oath of office, we’ll rapidly drive prices down and make America affordable again. Prices will come down. You just watch. They’ll come down fast.”
But 10 months into his presidency, prices have stubbornly remained high.
On Friday, the New York Times had had enough. In a brutal column, the storied newspaper’s Editorial Board let fly.
“The president’s failure was predictable,” the editors wrote. “Prices almost never fall across the entire economy. When they do, it tends to be because of a crisis, such as the Great Depression.
“Mr. Trump is responsible for misleading the American people. But he has not merely failed to keep an impossible promise. Mr. Trump has pursued policies, starting with tariffs, that are making the problem worse by making life in America less affordable.”
To back up its attack, the newspaper’s board quoted economist Claudia Sahm. “In some ways, this administration could have come in and done nothing and made progress on inflation. But the policies they’ve chosen have created extra costs for businesses, and businesses tend to pass on costs.”
Trump’s approach to economic challenges has been notably tone-deaf, the newspaper’s column stated.
Earlier this year, he dismissively suggested Americans could handle tariffs by buying fewer toys, quipping, “Well, maybe the children will have two dolls instead of 30 dolls, you know? And maybe the two dolls will cost a couple of bucks more than they would normally.”
After recent Democratic electoral victories focused on affordability, Trump changed his tune entirely. He boldly claimed, “Every price is down,” despite clear evidence to the contrary. The White House even went so far as to declare that “inflation has been tamed” and “everyday prices are beginning to drop” – statements that are flatly untrue.
Goldman Sachs estimates that the share of tariff costs borne by consumers has dramatically increased from 22 percent in April to 55 percent in October, with projections suggesting this will rise to 67 percent by mid-next year.
The Yale Budget Lab estimates that the current tariffs will cost the average U.S. household about $1,800 per year – a significant burden for many families already struggling with rising prices.
“The truth is obvious to people who pay their own bills or shop for their own groceries,” the editors wrote.
The article concluded, “The president recently shared a photo of a White House bathroom that he had renovated by covering everything in marble.
“What Americans need is a president who is more focused on the cost of toilet paper. It’s up more than 3 percent so far this year.”
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