Topline
President Donald Trump is downplaying Americans’ persistent concerns about the economy in the wake of Tuesday’s Republican election losses—which have been framed as a plea from voters to address cost-of-living concerns.
President Donald Trump delivers remarks during the America Business Forum at the Kaseya Center on November 05, 2025 in Miami, Florida. (Photo by Kevin Dietsch/Getty Images)
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Key Facts
Trump on Thursday accused Democrats of manufacturing a narrative that the economy is performing poorly, alleging, “the Democrats ‘affordability’ issue is DEAD! STOP LYING!!!” he wrote on Truth Social.
Trump has pushed the narrative in the wake of Democrats’ sweep in Tuesday’s major elections, claiming in a series of social media posts, interviews and a speech Wednesday that concerns about the economy are overblown.
Trump also wrote Thursday, “2025 Thanksgiving dinner under Trump is 25% lower than 2024 Thanksgiving dinner under Biden, according to Walmart,” repeating a claim he made a day earlier.
The stat is misleading—Walmart’s 2024 basket of Thanksgiving meal ingredients contained 21 items, while the 2025 basket contains 15 items and replaces many of the name-brand items in the 2024 basket with less-expensive Walmart-brand products.
In a speech Wednesday, Trump falsely claimed gas prices have fallen to their lowest point in 20 years—the national average for gas prices is around $3.10 per gallon as of Wednesday, according to GasBuddy, just above the level it was last year.
Defending his economic record again in an interview with Fox News on Wednesday, Trump said, “we’ve got prices way down,” but, “Republicans don’t talk about it. They don’t talk about the word affordability. And the Democrats lie about it.”
Contra
A recent NBC News poll found 66% of Americans believe Trump has fallen short on expectations around inflation and cost of living—his worst mark in six categories the news outlet highlighted—while 65% said he’s fallen short on “Looking out for the middle class.” Border security and immigration was the only category where a majority (51%) of the 1,000 registered voters polled said Trump has lived up to expectations.
Chief Critics
Some Republicans have broken with Trump and urged the party to rethink its messaging strategy and policies surrounding the economy in the wake of Tuesday’s election. Rep. Marjorie Taylor-Greene, R-Ga., told CNN on Thursday, “it’s a massive reason” when asked if high cost of living contributed to the GOP’s performance. Sen. Jim Justice, R-W.Va., told Punchbowl, “a lot of people are hurting and the Republicans can’t let that just pass them,” adding, “it’ll be a bad day in the midterm” if Republicans don’t prioritize Americans’ economic concerns before next year’s elections.
Big Number
3%. That’s how much the cost of a 10-person Thanksgiving meal has decreased over the past year, according to a new report from Wells Fargo, citing pricing data from the Bureau of Labor Statistics, Nielsen and Circana. The cost of food at home, however, has gone up by 2.7% annually through August.
Tangent
Voters in Virginia, New Jersey and New York City—where Democratic nominees won major races—said economic issues were the primary driver of their voting decisions in Tuesday’s election, above immigration and crime, according to an Associated Press poll conducted Oct. 22-Nov. 4. A plurality of New Jersey voters said taxes were the top issue facing the state, followed by the economy. The economy and health care were the top two issues for Virginia voters and cost of living, followed by crime, were the top issues for New York City voters.
Key Background
Democratic Rep. Mikie Sherrill beat her Republican opponent Jack Ciattarelli, who was endorsed by Trump, in the New Jersey gubernatorial race 56%-43%. Democratic former Rep. Abigail Spanberger won the race for governor in Virginia, beating Republican Lt. Gov. Winsome Earle-Sears 57%-43%. In New York City, Democratic nominee Zohran Mamdani beat independent former Gov. Andrew Cuomo, who was endorsed by Trump, 50%-42%.
Further Reading
Thanksgiving Dinner May Be Cheaper This Year Despite Rising Inflation, Report Says (Forbes)
Trump Falsely Says Gas Prices Have Reached A 20-Year Low—Here’s The Real Data (Forbes)
Latinos Swung Back To Democrats In Tuesday’s Election After Trump’s Historic Gains (Forbes)