Trump Dismisses Affordability, Promises Falling Oil Prices

President Trump declared at a rally in Marietta, Georgia, on July 22 that the term "affordability" was fabricated by Democrats. He recounted hearing the word for the first time at his initial press conference after taking office when questioned about rising egg prices. Trump asserted that he would address the issue, stating, "I’ve been here one day. Don’t worry. I’ll take care of it." He attributed the inflation, which he characterized as the "worst inflation in 48 years," to his predecessor Joe Biden and the "radical left Democrats," citing Treasury Secretary Scott Bessent as his source for the inflation figure. However, the inflation surge in 2022 was actually the worst in approximately 40 years. Yale economist Stephen Roach has noted that Trump frequently repeats this claim, labeling it one of his "biggest economic lies."

The rally in Marietta highlighted a disconnect in Trump's economic messaging. While he presented a narrative of falling egg prices, anticipated oil price decreases, rising stock markets, and robust 401(k)s, this picture was selectively accurate and misleading overall. The stock market has achieved 73 all-time highs since the election, yet consumer confidence remains near historic lows. This divergence is partly explained by the stock market rally being fueled by speculation on artificial intelligence, with earnings from major tech companies not translating into lower consumer costs for groceries or mortgages.

During the rally, Trump celebrated the positive aspects of the economic picture while dismissing concerns about affordability as a made-up political term. Georgia gubernatorial candidate Rick Jackson, who appeared with Trump, offered a different perspective on the affordability debate. Jackson stated, "The other side talks about affordability as if that’s a solution. Affordability is not a political problem. Affordability is a business problem." This statement notably contrasts with Trump's tendency to blame President Biden for high prices, suggesting that affordability is a business challenge rather than a political one.