White House again claims inflation is ‘way down’ — but Americans aren’t buying it

Kevin Hassett, director of the White House’s National Economic Council, insists that despite five months of rising prices, inflation is actually “way down.” But polls and recent election results suggest voters see things differently.

Hassett on Tuesday told CNBC, “We’re comfortable that inflation has come way down — the 5% on average, for Joe Biden.”

“It’s probably a little less than half of that right now,” he continued. “And the trajectory is really, really, really good.”

Inflation for December 2024, President Joe Biden’s last full month in office, was 2.9%. It increased to 3.0% in January.

Inflation for September 2025, the last month for which there is Bureau of Labor Statistics data, was 3.0%.

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Hassett went on to say that “inflation is one of those things that has a lot of momentum, if you look at the charts…”

“Even though it’s been increasing for five straight months as of September?” CNBC’s Carl Quintanilla asked.

“Well, I guess if you look at it from January, there’s ups and downs and seasonals, but yeah, it surprised on the downside, people were expecting it to accelerate it and it didn’t.”

Economist Justin Wolfers on Tuesday appeared to mock Hassett’s claims by posting a graph.

Voters one week ago took to the polls and delivered a resounding message to Republicans and President Donald Trump. Exit polls show that voters’ number one concern was the economy and affordability, as they decided to put Democrats into office.

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And national polls show the same result: the high cost of living, the state of the economy, and affordability are all top of mind for voters, who give President Trump low marks in those areas.

One week ago, on Monday, the day before the election, CNN reported, “61% of Americans think Trump has made the economy worse. Could that impact tomorrow’s elections?”

The New York Times shows President Trump’s current average approval rating is 42%, and his disapproval rating is 55%.

In mid-October, CNBC reported that on the economy, Trump’s approval was “the lowest of any CNBC survey during either of Trump’s two terms.”

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