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News Analysis: Trump’s math problem: Rising prices, falling approval ratings

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News Analysis: Trump’s math problem: Rising prices, falling approval ratings

President Trump made dozens of promises when he campaigned to retake the White House last year, from boosting economic growth to banning transgender athletes from girls’ sports.

But one pledge stood out as the most important in many voters’ eyes: Trump said he would not only bring inflation under control, but push grocery and energy prices back down.

“Starting the day I take the oath of office, I will rapidly drive prices down, and we will make America affordable again,” he said in 2024. “Your prices are going to come tumbling down, your gasoline is going to come tumbling down, and your heating bills and cooling bills are going to be coming down.”

He hasn’t delivered. Gasoline and eggs are cheaper than they were a year ago, but most other prices are still rising, including groceries and electricity. The Labor Department estimated Thursday that inflation is running at 2.7%, only a little better than the 3% Trump inherited from Joe Biden; electricity was up 6.9%.

And that has given the president a major political problem: Many of the voters who backed him last year are losing faith.

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“I voted for Trump in 2024 because he was promising America first … and he was promising a better economy,” Ebyad, a nurse in Texas, said on a Focus Group podcast hosted by Bulwark publisher Sarah Longwell. “It feels like all those promises have been broken.”

Since Inauguration Day, the president’s job approval has declined from 52% to 43% in the polling average calculated by statistician Nate Silver. Approval for Trump’s performance on the economy, once one of his strongest points, has sunk even lower to 39%.

That’s dangerous territory for a president who hopes to help his party keep its narrow majority in elections for the House of Representatives next year.

To Republican pollsters and strategists, the reasons for Trump’s slump are clear: He overpromised last year and he’s under-performing now.

“The most important reasons he won in 2024 were his promises to bring inflation down and juice the economy,” Republican pollster Whit Ayres said. “That’s the reason he won so many voters who traditionally had supported Democrats, including Hispanics. … But he hasn’t been able to deliver. Inflation has moderated, but it hasn’t gone backward.”

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Last week, after deriding complaints about affordability as “a Democrat hoax,” Trump belatedly launched a campaign to convince voters that he’s at work fixing the problem.

But at his first stop, a rally in Pennsylvania, he continued arguing that the economy is already in great shape.

“Our prices are coming down tremendously,” he insisted.

“You’re doing better than you’ve ever done,” he said, implicitly dismissing voters’ concerns.

He urged families to cope with high tariffs by cutting back: “You know, you can give up certain products,” he said. “You don’t need 37 dolls for your daughter. Two or three is nice, but you don’t need 37 dolls.”

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Earlier, in an interview with Politico, Trump was asked what grade he would give the economy. “A-plus-plus-plus-plus-plus,” he said.

On Wednesday, the president took another swing at the issue in a nationally televised speech, but his message was basically the same.

“One year ago, our country was dead. We were absolutely dead,” he said. “Now we’re the hottest country anywhere in the world. … Inflation is stopped, wages are up, prices are down.”

Republican pollster David Winston, who has advised GOP members of Congress, said the president has more work to do to win back voters who supported him in 2024 but are now disenchanted.

“When families are paying the price for hamburger that they used to pay for steak, there’s a problem, and there’s no sugarcoating it,” he said. “The president’s statements that ‘we have no inflation’ and ‘our groceries are down’ have flown in the face of voters’ reality.”

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Another problem for Trump, pollsters said, is that many voters believe his tariffs are pushing prices higher — making the president part of the problem, not part of the solution. A YouGov poll in November found that 77% of voters believe tariffs contribute to inflationary pressures.

Trump’s popularity hasn’t dropped through the floor; he still has the allegiance of his fiercely loyal base. “He is at his lowest point of his second term so far, but he is well within the range of his job approval in the first term,” Ayres noted.

Still, he has lost significant chunks of his support among independent voters, young people and Latinos, three of the “swing voter” groups who put him over the top in 2024.

Inflation isn’t the only issue that has dented his standing.

He promised to lead the economy into “a golden age,” but growth has been uneven. Unemployment rose in November to 4.6%, the highest level in more than four years.

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He promised massive tax cuts for the middle class, but most voters say they don’t believe his tax cut bill brought them any benefit. “It’s hard to convince people that they got a tax break when nobody’s tax rates were actually cut,” Ayres noted.

He kept his promise to launch the largest deportation campaign in U.S. history — but many voters complain that he has broken his promise to focus on violent criminals. In Silver’s average, approval of his immigration policies dropped from 52% in January to 45% now.

A Pew Research Center survey in October found that 53% of adults, including 71% of Latinos, think the administration has ordered too many deportations. However, most voters approve of Trump’s measures on border security.

Republican pollsters and strategists say they believe Trump can reverse his downward momentum before November’s congressional election, but it may not be easy.

“You look at what voters care about most, and you offer policies to address those issues,” GOP strategist Alex Conant suggested. “That starts with prices. So you talk about permitting reform, energy prices, AI [artificial intelligence] … and legislation to address healthcare, housing and tax cuts. You could call it the Affordability Act.”

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“A laser focus on the economy and the cost of living is job one,” GOP pollster Winston said. “His policies on regulation, energy and taxes should have a positive impact, but the White House needs to emphasize them on a more consistent basis.”

“People voted for change in 2024,” he warned. “If they don’t get it — if inflation doesn’t begin to recede — they may vote for change again in 2026.”

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Video: Fed Chair Responds to Inquiry on Building Renovations

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Video: Fed Chair Responds to Inquiry on Building Renovations

new video loaded: Fed Chair Responds to Inquiry on Building Renovations

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Fed Chair Responds to Inquiry on Building Renovations

Federal prosecutors opened an investigation into whether Jerome H. Powell, the Federal Reserve chair, lied to Congress about the scope of renovations of the central bank’s buildings. He called the probe “unprecedented” in a rare video message.

“Good evening. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead, monetary policy will be directed by political pressure or intimidation.” “Well, thank you very much. We’re looking at the construction. Thank you.”

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Federal prosecutors opened an investigation into whether Jerome H. Powell, the Federal Reserve chair, lied to Congress about the scope of renovations of the central bank’s buildings. He called the probe “unprecedented” in a rare video message.

By Nailah Morgan

January 12, 2026

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San Antonio ends its abortion travel fund after new state law, legal action

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San Antonio ends its abortion travel fund after new state law, legal action

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San Antonio has shut down its out-of-state abortion travel fund after a new Texas law that prohibits the use of public funds to cover abortions and a lawsuit from the state challenging the city’s fund.

City Council members last year approved $100,000 for its Reproductive Justice Fund to support abortion-related travel, prompting Texas Attorney General Ken Paxton to sue over allegations that the city was “transparently attempting to undermine and subvert Texas law and public policy.”

Paxton claimed victory in the lawsuit on Friday after the case was dismissed without a finding for either side.

WYOMING SUPREME COURT RULES LAWS RESTRICTING ABORTION VIOLATE STATE CONSTITUTION

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Texas Attorney General Ken Paxton claimed victory in the lawsuit after the case was dismissed without a finding for either side. (Hannah Beier/Bloomberg via Getty Images)

“Texas respects the sanctity of unborn life, and I will always do everything in my power to prevent radicals from manipulating the system to murder innocent babies,” Paxton said in a statement. “It is illegal for cities to fund abortion tourism with taxpayer funds. San Antonio’s unlawful attempt to cover the travel and other expenses for out-of-state abortions has now officially been defeated.”

But San Antonio’s city attorney argued that the city did nothing wrong and pushed back on Paxton’s claim that the state won the lawsuit.

“This litigation was both initiated and abandoned by the State of Texas,” the San Antonio city attorney’s office said in a statement to The Texas Tribune. “In other words, the City did not drop any claims; the State of Texas, through the Texas Office of the Attorney General, dropped its claims.”

Texas Attorney General Ken Paxton said he will continue opposing the use of public funds for abortion-related travel. (Justin Lane/Reuters)

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Paxton’s lawsuit argued that the travel fund violates the gift clause of the Texas Constitution. The state’s 15th Court of Appeals sided with Paxton and granted a temporary injunction in June to block the city from disbursing the fund while the case moved forward.

Gov. Greg Abbott in August signed into law Senate Bill 33, which bans the use of public money to fund “logistical support” for abortion. The law also allows Texas residents to file a civil suit if they believe a city violated the law.

“The City believed the law, prior to the passage of SB 33, allowed the uses of the fund for out-of-state abortion travel that were discussed publicly,” the city attorney’s office said in its statement. “After SB 33 became law and no longer allowed those uses, the City did not proceed with the procurement of those specific uses—consistent with its intent all along that it would follow the law.”

TRUMP URGES GOP TO BE ‘FLEXIBLE’ ON HYDE AMENDMENT, IGNITING BACKLASH FROM PRO-LIFE ALLIES

Texas Gov. Greg Abbott signed a law in August that blocks cities from using public money to help cover travel or other costs related to abortion. (Antranik Tavitian/Reuters)

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The broader Reproductive Justice Fund remains, but it is restricted to non-abortion services such as home pregnancy tests, emergency contraception and STI testing.

The city of Austin also shut down its abortion travel fund after the law was signed. Austin had allocated $400,000 to its Reproductive Healthcare Logistics Fund in 2024 to help women traveling to other states for an abortion with funding for travel, food and lodging.

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California Atty. Gen. Rob Bonta opts against running for governor. Again.

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California Atty. Gen. Rob Bonta opts against running for governor. Again.

California Atty. Gen. Rob Bonta announced Sunday that he would not run for California governor, a decision grounded in his belief that his legal efforts combating the Trump administration as the state’s top prosecutor are paramount at this moment in history.

“Watching this dystopian horror come to life has reaffirmed something I feel in every fiber of my being: in this moment, my place is here — shielding Californians from the most brazen attacks on our rights and our families,” Bonta said in a statement. “My vision for the California Department of Justice is that we remain the nation’s largest and most powerful check on power.”

Bonta said that President Trump’s blocking of welfare funds to California and the fatal shooting of a Minnesota mother of three last week by a federal immigration agent cemented his decision to seek reelection to his current post, according to Politico, which first reported that Bonta would not run for governor.

Bonta, 53, a former state lawmaker and a close political ally to Gov. Gavin Newsom, has served as the state’s top law enforcement official since Newsom appointed him to the position in 2021. In the last year, his office has sued the Trump administration more than 50 times — a track record that would probably have served him well had he decided to run in a state where Trump has lost three times and has sky-high disapproval ratings.

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Bonta in 2024 said that he was considering running. Then in February he announced he had ruled it out and was focused instead on doing the job of attorney general, which he considers especially important under the Trump administration. Then, both former Vice President Kamala Harris and Sen. Alex Padilla (D-Calif.) announced they would not run for governor, and Bonta began reconsidering, he said.

“I had two horses in the governor’s race already,” Bonta told The Times in November. “They decided not to get involved in the end. … The race is fundamentally different today, right?”

The race for California governor remains wide open. Newsom is serving the final year of his second term and is barred from running again because of term limits. Newsom has said he is considering a run for president in 2028.

Former Rep. Katie Porter — an early leader in polls — late last year faltered after videos emerged of her screaming at an aide and berating a reporter. The videos contributed to her dropping behind Riverside County Sheriff Chad Bianco, a Republican, in a November poll released by the UC Berkeley Institute of Governmental Studies and co-sponsored by The Times.

Porter rebounded a bit toward the end of the year, a poll by the Public Policy Institute of California showed, however none of the candidates has secured a majority of support and many voters remain undecided.

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California hasn’t elected a Republican governor since 2006, Democrats heavily outnumber Republicans in the state, and many are seething with anger over Trump and looking for Democratic candidates willing to fight back against the current administration.

Bonta has faced questions in recent months about spending about $468,000 in campaign funds on legal advice last year as he spoke to federal investigators about alleged corruption involving former Oakland Mayor Sheng Thao, who was charged in an alleged bribery scheme involving local businessmen David Trung Duong and Andy Hung Duong. All three have pleaded not guilty.

According to his political consultant Dan Newman, Bonta — who had received campaign donations from the Duong family — was approached by investigators because he was initially viewed as a “possible victim” in the alleged scheme, though that was later ruled out. Bonta has since returned $155,000 in campaign contributions from the Duong family, according to news reports.

Bonta is the son of civil rights activists Warren Bonta, a white native Californian, and Cynthia Bonta, a native of the Philippines who immigrated to the U.S. on a scholarship in 1965. Bonta, a U.S. citizen, was born in Quezon City, Philippines, in 1972, when his parents were working there as missionaries, and immigrated with his family to California as an infant.

In 2012, Bonta was elected to represent Oakland, Alameda and San Leandro as the first Filipino American to serve in California’s Legislature. In Sacramento, he pursued a string of criminal justice reforms and developed a record as one of the body’s most liberal members.

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Bonta is married to Assemblywoman Mia Bonta (D-Alameda), who succeeded him in the state Assembly, and the couple have three children.

Times staff writer Dakota Smith contributed to this report.

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