House Minority Leader Hakeem Jeffries (D-NY) addressed the possibility that President Donald Trump heads into his upcoming State of the Union address next Tuesday with an unqualified economic success story, pointing to the persistent affordability pressures that American households are currently facing.
Appearing on CNBC’s Squawk Box with Joe Kernen, Jeffries was pressed on a string of metrics Trump allies are expected to highlight: record stock market levels, 4.3 percent unemployment, inflation at 2.4 percent, rising real wages, declining gas prices, and what Republicans describe as a secure southern border.
Kernen framed the question bluntly: with inflation down sharply from its pandemic-era peak and economic growth expected to remain strong, where is the calamity Democrats keep pointing to?
Jeffries responded that the disconnect lies between macroeconomic data and lived experience. “It’s not Democrats—it’s the American people,” he said, stating that everyday Americans feel financially squeezed despite improving topline figures. Housing, groceries, healthcare, utilities, and childcare, he said, remain “out of control,” and he called out Trump for failing to deliver on a promise to lower costs on day one.
Jeffries Says Life Hasn’t Gotten Better For Everyday Americans Under Trump’s Presidency
The Democratic leader also took aim at Trump’s tariff-driven trade policy, contending it has not meaningfully reduced the trade deficit or brought manufacturing jobs back to the United States. Instead, Jeffries argued, tariffs have added costs for consumers. He described the administration’s so-called “liberation day” last year in April as economically damaging and maintained that affordability has worsened—not improved—under Trump’s watch.
Kernen argued that the bulk of cumulative price increases occurred during the Biden years. Current inflation, he noted, is running at 2.4 percent—elevated, but far below the roughly 9 percent peak during Biden’s presidency. In that context, he suggested, the affordability crisis was largely “engendered” during the previous administration.
Jeffries countered by pointing to the “once-in-a-century” pandemic that played a central role in triggering the economic crisis. He also called out the president for recently claiming that the affordability crisis has now been solved. If Trump chooses to make that argument before Congress, Jeffries said, “have at it”—but he warned that Trump’s polling numbers tell a different story.
