It\u2019s not in President Donald Trump\u2019s nature to accentuate the negative \u2014 at least not when it comes to his own performance or plans \u2014 and in the current moment, that has put him at risk of sounding out of touch with Americans who are struggling to make ends meet.<\/p>\n
\u201cWe had the greatest economy in the history of our country,\u201d Trump said of his first term in an interview with Norah O\u2019Donnell for CBS\u2019 \u201c60 Minutes\u201d a week ago. \u201cBut my second term is blowing it away.\u201d<\/p>\n
Two days later, voters blew away Republican candidates up<\/a> and down the ballot in Virginia and New Jersey, results that reinforced NBC News polling<\/a> showing that the vast majority of voters \u2014 about two-thirds \u2014 think the president hasn\u2019t lived up to his promises to curb inflation and improve the economy. The common watchword for Democratic candidates who won on Tuesday \u2014 both progressives and centrists \u2014 was \u201caffordability.\u201d<\/p>\n Look no further than Trump’s predecessor to see the peril for the president. Early in his single term, President Joe Biden ignored inflation, then his administration dismissed it as a \u201ctransitory\u201d effect<\/a> of government spending during the Covid-19 pandemic, before scrambling to minimize the political fallout <\/a>of losing trust with the public.<\/p>\n For Trump, who has described himself as a \u201ccheerleader\u201d<\/a> for the country, his handling of the substance and messaging around affordability amounts to a bet that he\u2019s on the right track \u2014 and can prove it quickly \u2014 even if most American voters don\u2019t see it that way right now. Biden thought the same.<\/p>\n \u201cTrump has an enormous gamble,\u201d said Newt Gingrich, a former House speaker and a Trump ally. He is betting that his economic policies \u2014 including tariffs, tax cuts and investments in the U.S. \u2014 will combine to create a \u201cboom of extraordinary proportions\u201d by next summer, Gingrich said in an interview.<\/p>\n \u201cIf that\u2019s true, Republicans are going to have a very good 2026,\u201d Gingrich said of next year\u2019s midterm elections. \u201cIf it\u2019s not true, Republicans are going to have a very tough 2026.\u201d<\/p>\n Like Trump, Biden argued that the broader economy was strong, even as taxpayers suffered. And like Trump, Biden watched his party\u2019s fortunes change at the ballot box a year after his own election.<\/p>\n \u201cAs our economy has come roaring back, we\u2019ve seen some price increases,\u201d Biden said<\/a> in July 2021. \u201cSome folks have raised worries that this could be a sign of persistent inflation. But that is not our view. Our experts believe, and the data shows, that most of the price increases we\u2019ve seen are expected to be temporary.\u201d<\/p>\n In November of that year, 12 months after Biden won Virginia over Trump by 10 percentage points, Republican Glenn Youngkin won the state\u2019s governorship by 2 percentage points. On Tuesday, Gov.-elect Abigail Spanberger, a Democrat, won Virginia by about 15 percentage points. NBC News exit polls <\/a>showed that the economy was the top issue for 48% of voters \u2014 more than double the 21% who picked health care, which was the second-highest-ranking topic.<\/p>\n Trump, who is collecting hundreds of millions of private dollars<\/a> to build a White House ballroom and who hosted a \u201cGreat Gatsby\u201d-themed Halloween party<\/a> in the middle of the ongoing government shutdown, said this week that the costs of everyday life are not something he wants to address.<\/p>\n \u201cThe reason I don\u2019t want to talk about affordability is because everybody knows that it\u2019s far less expensive under Trump than it was under \u2018Sleepy Joe Biden,\u2019 and the prices are way down,\u201d he said of his predecessor in remarks to reporters last week.<\/p>\n On Sunday, Trump continued his cheerleading, but he also revived an idea he first proposed in July<\/a>, to send out tariff rebate checks of $2,000 per person<\/a>, excluding high-income earners. Trump did not include more details on who would qualify in his social media post. <\/p>\n “People that are against Tariffs are FOOLS! We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price. 401k\u2019s are Highest EVER,” he wrote. <\/p>\n Trump is frustrated because he doesn\u2019t believe he\u2019s getting the credit he deserves for efforts to bring down prices, said one senior White House official who conceded that the administration is not doing a good enough job of communicating on affordability.<\/p>\n It\u2019s clear that other Republicans are taking a cue from voters. In announcing her bid for governor of New York on Friday, Republican Rep. Elise Stefanik put the issue of affordability front and center. Rather than blame Trump, with whom she is close, Stefanik drew a bead on Democratic Gov. Kathy Hochul, who is seeking re-election.<\/p>\n \u201cThe No. 1 issue is affordability,\u201d Stefanik said in an interview with WHAM radio\u2019s Bob Lonsberry. \u201cNew York is the most unaffordable state in the nation because of Kathy Hochul\u2019s leadership.\u201d<\/p>\n And even if Trump won\u2019t acknowledge it, his aides say that the White House is paying attention to the squeeze that families across the country say they\u2019re feeling.<\/p>\n