Trump, like Biden before him, finds there’s no quick fix on inflation

President Donald Trump is facing mounting pressure as his promises to immediately fix inflation remain unfulfilled, creating a political déjà vu reminiscent of his predecessor’s struggles with rising costs.

Trump’s approach mirrors former President Joe Biden’s playbook—promoting factory job creation, pledging to lower prescription drug prices, and publicly criticizing companies for price hikes. The Republican president has even adopted Biden’s controversial “transitory” inflation messaging, recently telling reporters, “We’re going to be hitting 1.5% pretty soon. It’s all coming down.”

Despite his optimistic forecasts of an imminent economic boom, voter patience appears to be wearing thin. The November elections saw a significant swing toward Democrats, largely driven by persistent affordability concerns that Trump’s administration has yet to effectively address.

In response to growing criticism, Trump has floated several initiatives aimed at easing financial pressures. These include a proposed $2,000 rebate on tariffs and potentially extending 30-year mortgages to 50 years to reduce monthly payments. Last week, he eliminated tariffs on various food products including beef, coffee, bananas, and oranges, acknowledging they “may, in some cases” have contributed to higher prices.

Economic experts remain skeptical about these measures. Bharat Ramamurti, who served as deputy director of Biden’s National Economic Council, described them as “gimmicky” and unlikely to significantly impact inflation. “They’re in this very tough position where they’ve developed a reputation for not caring enough about costs, where the tools they have available to them are unlikely to be able to help people in the short term,” Ramamurti noted.

Biden’s administration faced similar challenges after inheriting an economy recovering from the coronavirus pandemic. His $1.9 trillion relief package in March 2021 faced criticism for potentially fueling inflation. As the economy reopened, supply chain disruptions and Russia’s invasion of Ukraine in 2022 pushed inflation to a four-decade high, prompting the Federal Reserve to raise interest rates to cool rising prices.

Despite Biden’s efforts to convince Americans that “Bidenomics is working,” public opinion remained negative, with just 36% of U.S. adults approving of his economic management by August 2023, according to AP-NORC polling.

Now Trump finds himself in a similar predicament. Democrats argue that his policies—including tariffs, cancellation of clean energy projects, and mass deportations affecting the construction sector—are contributing to higher costs for consumers. Former Biden administration officials point out that Trump inherited favorable economic conditions but has reversed positive trends.

“It’s striking how many Americans are aware of his trade policy and rightly blame the turnaround in prices on that erratic policy,” said Gene Sperling, who advised Biden and previously led the National Economic Council under Presidents Obama and Clinton. “He is in a tough trap of his own doing—and it’s not likely to get easier.”

The numbers support this assessment. Consumer prices were increasing at an annual rate of 2.3% in April when Trump launched his tariffs, accelerating to 3% by September. Although this inflationary surge is less severe than what occurred under Biden, the political fallout appears similar—67% of Americans currently disapprove of Trump’s performance, according to November’s AP-NORC polling.

“In both instances, the president caused a non-trivial share of the inflation,” observed Michael Strain from the American Enterprise Institute. “President Biden didn’t take this concern seriously enough in his first few months in office and President Trump isn’t taking this concern seriously enough right now.”

The White House maintains that its economic strategy—combining income tax cuts, tariff-linked foreign investment frameworks, and regulatory changes—will increase factory jobs and boost the supply of goods and services, ultimately reducing inflationary pressures.

“The policies that we’re pursuing right now are increasing supply,” Kevin Hassett, director of Trump’s National Economic Council, stated at the Economic Club of Washington.

Time may not be on Trump’s side, however. Research by economist Ryan Cummings suggests that consumer sentiment is slow to improve even after inflation rates decline. He believes voters are currently frustrated because Trump created expectations of immediate relief on grocery prices and other expenses but has failed to deliver.

“When it comes to structural affordability issues—housing, child care, education, and health care—Trump has pushed in the wrong direction in each one,” said Cummings, now chief of staff at the Stanford Institute for Economic Policy Research.

For now, Trump continues to blame Biden for economic challenges, recently telling Fox News, “The problem was that Biden did this.” Whether this strategy will satisfy voters’ concerns about affordability remains to be seen.