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PoliticsFading · day 5

CBS News: Trump's cost-of-living promises unmet as midterms near

Data shows gas, mortgages and overall prices still elevated despite Trump's 2024 pledges, with his own tariffs and Iran policy adding to inflation.

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What to know

  • Nine in 10 Americans say prices are the most important factor shaping their view of the economy, per a CBS News poll taken ahead of the midterm elections.
  • Trump's 2024 campaign promises of sub-$2 gasoline and 2% mortgage rates remain unfulfilled two years later.
  • Economists link part of the inflation to Trump's own policy choices: tariffs (estimated to add 2.9 points to inflation through February per the NY Fed) and the attack on Iran, which disrupted oil shipments.
  • September inflation is forecast at 3.6% annually, up from 3.4% in August and nearly double the Fed's 2% target.

“judge the prices they're paying against the prices they paid four or five years ago, and are still shocked by it”

Ryan Bourne, Economist, Cato Institute · CBS News ↗ · Oct 8

Donald TrumpDonald Trump U.S. PresidentGreg Daco Chief economist, EY-ParthenonRyan Bourne Economist, Cato InstituteFederal Reserve Bank of New York Research institution

CBS News: Trump's cost-of-living promises unmet as midterms near
CBS News

How it unfolded 1 development · click the chart to see its coverage articlesposts

Peak 3 pieces in one hour at Oct 9, 11 AM; 7 pieces over 5 days (2 articles · 1 video · 4 posts) Oct 9, 11 AM — 3 pieces · 2 articles · 1 post — Google News 1, Mastodon 1, Newswires 1Oct 9, 12 PM — quietOct 9, 1 PM — quietOct 9, 2 PM — quietOct 9, 3 PM — quietOct 9, 4 PM — quietOct 9, 5 PM — quietOct 9, 6 PM — quietOct 9, 7 PM — quietOct 9, 8 PM — quietOct 9, 9 PM — quietOct 9, 10 PM — quietOct 9, 11 PM — quietOct 10, 12 AM — quietOct 10, 1 AM — quietOct 10, 2 AM — quietOct 10, 3 AM — quietOct 10, 4 AM — quietOct 10, 5 AM — quietOct 10, 6 AM — quietOct 10, 7 AM — quietOct 10, 8 AM — quietOct 10, 9 AM — quietOct 10, 10 AM — quietOct 10, 11 AM — quietOct 10, 12 PM — quietOct 10, 1 PM — quietOct 10, 2 PM — quietOct 10, 3 PM — quietOct 10, 4 PM — quietOct 10, 5 PM — quietOct 10, 6 PM — quietOct 10, 7 PM — quietOct 10, 8 PM — quietOct 10, 9 PM — quietOct 10, 10 PM — quietOct 10, 11 PM — quietOct 11, 12 AM — quietOct 11, 1 AM — quietOct 11, 2 AM — quietOct 11, 3 AM — quietOct 11, 4 AM — quietOct 11, 5 AM — quietOct 11, 6 AM — quietOct 11, 7 AM — quietOct 11, 8 AM — quietOct 11, 9 AM — quietOct 11, 10 AM — quietOct 11, 11 AM — quietOct 11, 12 PM — 2 pieces · 2 posts — Mastodon 2Oct 11, 1 PM — quietOct 11, 2 PM — quietOct 11, 3 PM — quietOct 11, 4 PM — quietOct 11, 5 PM — quietOct 11, 6 PM — quietOct 11, 7 PM — quietOct 11, 8 PM — quietOct 11, 9 PM — quietOct 11, 10 PM — quietOct 11, 11 PM — quietOct 12, 12 AM — quietOct 12, 1 AM — quietOct 12, 2 AM — quietOct 12, 3 AM — quietOct 12, 4 AM — quietOct 12, 5 AM — quietOct 12, 6 AM — quietOct 12, 7 AM — 1 piece · 1 post — Reddit 1Oct 12, 8 AM — quietOct 12, 9 AM — quietOct 12, 10 AM — quietOct 12, 11 AM — quietOct 12, 12 PM — quietOct 12, 1 PM — quietOct 12, 2 PM — quietOct 12, 3 PM — quietOct 12, 4 PM — quietOct 12, 5 PM — quietOct 12, 6 PM — quietOct 12, 7 PM — quietOct 12, 8 PM — quietOct 12, 9 PM — quietOct 12, 10 PM — quietOct 12, 11 PM — quietYesterday, 12 AM — quietYesterday, 1 AM — quietYesterday, 2 AM — quietYesterday, 3 AM — quietYesterday, 4 AM — quietYesterday, 5 AM — quietYesterday, 6 AM — quietYesterday, 7 AM — quietYesterday, 8 AM — quietYesterday, 9 AM — quietYesterday, 10 AM — quietYesterday, 11 AM — quietYesterday, 12 PM — quietYesterday, 1 PM — quietYesterday, 2 PM — quietYesterday, 3 PM — quietYesterday, 4 PM — quietYesterday, 5 PM — quietYesterday, 6 PM — 1 piece · 1 video — YouTube 1Yesterday, 7 PM — quietYesterday, 8 PM — quietYesterday, 9 PM — quietYesterday, 10 PM — quietYesterday, 11 PM — quietToday, 12 AM — quiet 1
Oct 10Oct 11Oct 12yesterdaynow · 1:49 AM ET
  1. 1

    CBS News publishes analysis tying prices to Trump policy

    CBS News (Aimee Picchi, Megan Cerullo, Mary Cunningham) published a data-driven piece contrasting Trump's affordability promises with current costs, quoting economists who link elevated prices partly to tariff and Iran policy decisions.

    “It's undeniable that several of these supply shocks that the U.S. economy has been navigating through come from policy decisions made by the administration — namely, decisions to intervene in Iran and decisions to impose tariffs…”
    — Greg Daco, chief economist at EY-Parthenon
  2. background

    September inflation forecast to rise to 3.6% — Economists polled by FactSet forecast September inflation rose at an annual rate of 3.6%, up from 3.4% in August and well above the Federal Reserve's 2% target.

  3. background

    CBS poll finds 90% of Americans cite prices as top concern — A CBS News poll found nine in 10 Americans say prices are the most important factor shaping their views of the economy, even as broader economic growth remains solid and unemployment low.

  4. background

    New York Fed finds tariffs added to inflation — Research from the Federal Reserve Bank of New York found Trump's tariff regime contributed about 2.9 percentage points to inflation through February, and that without tariffs goods prices would have declined.

  5. background

    Trump orders attack on Iran, disrupting oil markets — Trump's decision to attack Iran in February led to a drawn-out conflict that disrupted oil shipments and sharply drove up the price of oil, gas and diesel.

  6. background

    Trump campaigns on promises to cut gas and mortgage costs — Trump campaigned on lowering Americans' cost of living, vowing to push gasoline prices below $2 a gallon and deliver 2% mortgage rates.