Business

The economy

Trump's White House

Opinion

Stephen Bartholomeusz Senior business columnist November 6, 2025 — 12.00pm

Donald Trump, celebrating this week the anniversary of his election win last November, claimed he’d created the most successful economy in US history and made America affordable again. Voters in this week’s state elections, and much of the data, beg to differ.

The big promise Trump made to voters, and the one that arguably was the key to regaining the presidency, was that he would drive down prices. Affordability was then, as it was in the state elections that saw unexpected margins for victory for Democrats, top of mind for voters.

Inflation, whether at the headline or core level, is essentially unchanged from a year ago. At the end of last year, the hea

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