Trump, Stung By Republican Losses, Stands His Ground On Affordability

President Donald Trump on Thursday did not appear chastened by Tuesday’s election results, dismissing the cost-of-living concerns that appear to have animated voters across the country.

“We just lost an election, they said, based on affordability,” Trump said in the Oval Office during an event to announce lower prices for popular weight-loss drugs. “It's a con job by the Democrats.”

In the last two days, the White House and the president have repeatedly pointed to the many areas in which prices have come down, noting lower energy costs and a report saying the price of Thanksgiving dinner is significantly lower this year. 

But the political trap of pointing to statistics that don’t match what voters feel has ensnared many presidents, including former Presidents Barack Obama and Joe Biden. It could be especially troubling for Trump, who attracted millions of voters in 2024 on a campaign slamming inflation under Biden and promising to decrease costs for “everyday Americans.”

Many Republicans, in the wake of the election results are calling on Trump to return to those themes and talk more about how he is addressing high costs.

The latest drug pricing deal between the Trump administration and two giant pharmaceutical companies seemed like a natural venue for that and Mehmet Oz, the administrator for the Centers for Medicare and Medicaid Services, tied the two together, noting that the agreement was a boon to the “forgotten man.”

“President Trump, I believe you won the election because you remember the forgotten man,” Oz said.

But Trump on Thursday fell back on his familiar message: It’s the Democrats fault, and he has in fact reduced the cost of living.

“What the Democrats do is they lie,” the president said. “We are the ones that have done great on affordability — they've done horribly on affordability.”

Trump appeared visibly frustrated when discussing Tuesday’s elections, which saw wins by higher-than-expected margins for Democrats in gubernatorial races in Virginia and New Jersey, the New York City mayoral contest and downballot races from Pennsylvania to Georgia.

For all their ideological differences — from the moderate Virginia Gov.-elect Abigail Spanberger to the Democratic socialist New York City Mayor-elect Zohran Mamdani — those candidates coalesced around what ultimately manifested in a winning message: affordability, affordability, affordability.

Earlier Thursday, Trump had posted to social media a new statistic from the retail giant Walmart that Thanksgiving dinner would cost 25 percent less this year than last year. (It’s not actually that simple, because the meals aren’t the same: This year’s feast nixes sweet potatoes, pecan pie, corn muffins, whipped cream and a handful of vegetables which were included in last year’s.)

During the news conference — which was interrupted for almost an hour as a pharmaceutical company representative had a medical emergency — the conservative Real America’s Voice journalist Brian Glenn reminded Trump of his affordability achievement.

“I was angry last night with the Republicans,” the president replied. “I said, ‘You don't talk about this stuff.’ Nobody talks about it. I rely on a question from a reporter to get that out.”

Since taking office, Trump and his administration have emphasized that they inherited the economy from Biden and have successfully hammered down the prices of goods from eggs to gasoline.

“Every price is down,” Trump said Thursday. The exception, he said, was beef, and he promised to decrease that cost, too.

But that messaging doesn’t match the reality of what voters, who primarily vote on the economy, experience on the ground, according to exit polling. Early data suggests Democrats in New Jersey and Virginia were successful at flipping voters who had supported Trump just a year ago.