Trump Has Glossed Over High Prices: Republicans Worry It Will Cost Them

During his campaign, President Donald Trump promised to bring down prices on day one of his presidency. However, with inflation remaining stubbornly high, Republicans are expressing concern that the same economic factors that aided Trump’s electoral success could return to haunt him. In his recent public appearances and social media posts, Trump has chosen to focus on a variety of topics, including federal workers, diversity programs, and foreign policy, sidelining discussions surrounding high consumer prices.

This shift marks a stark contrast from last year’s presidential campaign, in which high costs were a major theme, urged on by his advisers. Republicans continue to blame former President Joe Biden for inflation, yet they acknowledge that Trump’s initial goodwill with the electorate may not last if high costs persist. Economic adviser Stephen Moore captured this sentiment, stating, “I’m nervous about it,” emphasizing the need for the Trump administration to prioritize the prices issue.

The Current Economic Landscape

Recent economic data presents a mixed picture. In February, the U.S. consumer confidence experienced its largest decline in four years, according to the Conference Board. Core consumer price inflation reached 3.3% in January, surpassing economists’ expectations. Additionally, a University of Michigan survey indicated rising inflation expectations among consumers for the upcoming year. The soaring prices of essential goods, such as eggs—now at record highs due to an outbreak of bird flu—have added to economic challenges surrounding the Trump administration.

The personal-consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, showed a slight decrease, rising by 2.5% over the year through January, down from 2.6% in December. Despite this small relief, Republican governors like Georgia’s Brian Kemp have articulated the risk Trump faces, noting, “It’s a risk for any politician.” While Kemp asserts that Georgia voters attribute higher inflation to Biden, the landscape may shift as prices continue to remain high.

Trump’s Focus and Political Strategy

Throughout his presidency, Trump has occasionally downplayed topics such as inflation, which his advisers believe is crucial for political strategy. Pollster Tony Fabrizio urged Trump to remain focused on cost-of-living issues, as they resonate deeply with voters in competitive congressional districts. However, Trump has been known to express disinterest in such discussions, often remarking that repetitive talk about price increases could be dull. During his inauguration, he quipped about the repetitive nature of highlighting increased costs of everyday items, stating, “How many times can you say an apple has doubled in cost?”

As Trump prepares to give an update on his economic agenda during a joint address to Congress, Republican leaders await tangible results from his strategies. Rich Anderson, the Republican Party chairman in Virginia, indicates pressure may mount if voters do not see improvements in the economy soon, stating, “There will be a penalty to pay if there is a failure to deliver.”

Economics of Price Control

The reality is that presidential power to swiftly lower prices is limited. Numerous global factors influence consumer prices, from supply chain disruptions to decisions made by central banks. Much of Trump’s early executive actions concentrated on topics like immigration and governmental restructuring while not explicitly addressing inflation. However, Republican representatives like Don Bacon believe that Trump’s actions promoting energy production may eventually benefit the economy, even if immediate effects are not apparent.

Trump has contended that inflation is largely driven by energy costs, asserting to donors, “Inflation was 100% caused by energy.” His administration has focused on regulatory changes aimed at reducing expenses, but there is a growing concern regarding the potential impacts of tariffs on imported goods. While tariffs might shield U.S. industries, they risk inflating consumer prices. Lawmakers like Senator Mitch McConnell have raised alarms about the possible consequences of these tariffs, stating they would elevate costs across American businesses.

The Road Ahead for Republicans

While some GOP lawmakers face frustration from constituents about the current state of pricing, there has not been widespread political backlash just yet. However, upcoming months may reveal whether concerns over inflation will translate into electoral repercussions for Republicans. The approval rating for Trump’s handling of the economy has dipped, as reflected in a recent Gallup poll that shows a decline from earlier in his term.

As Democrats attempt to recalibrate their strategies amid an ongoing battle against Trump, some have begun highlighting economic challenges again. As the landscape evolves, the prospects for both Trump and the Republican party hinge upon their responses to public anxieties over persistent inflation. With mounting pressure on the administration to deliver results, the stakes are high for both Trump and his party as they grapple with the complexities of controlling rising costs.