Podcast Summary: Today, Explained – "Trump can't bring prices down"

Date: November 17, 2025
Host: Noel King (Vox)
Guests: Victoria Guida (Economics Correspondent, Politico), Katherine Rampel (Economics Editor, The Bulwark; Anchor, MS Now)

Episode Overview

This episode of Today, Explained investigates why the persistent rise in the cost of living remains such an inflammatory issue for Americans—even as President Trump, elected on promises to cut prices, is unable to deliver any significant relief. Hosts and guests break down what has actually happened to prices under Trump’s administration, public frustration, and the economic realities behind leaders’ campaign-trail claims about affordability.

Key Discussion Points & Insights

1. Campaign Promises vs. Reality

• Both Trump and Kamala Harris promised to address high prices during the last presidential campaign. Trump insisted he could "bring down the price of everything" ([02:28]).
• Victoria Guida: Voters associated Trump with prosperity and business acumen because inflation was low during his first term ([03:06]). The “pre-pandemic” economy remains fresh in voters' minds.

2. Trump’s Early Economic Actions

• The most notable early action: imposition of reciprocal tariffs ([03:45]).
  • Trump: “Starting tomorrow, the United States will imp reciprocal tariffs on other nations...” ([03:51])
• Guida notes the contradiction: tariffs, though positioned as price fixes, often raise consumer prices, not lower them ([04:10]).

3. What's Actually Happened to Prices?

a. Energy and Utilities

• Electricity prices have surged, especially in certain states; e.g., a 26% increase in Maine ([04:40]), and 17–20% in New Jersey ([04:58]).
• Katherine Rampel: “Millions of New Jersey households could see a rate hike…” ([04:58])
• Trump’s anti-green energy stance (opposing wind and solar) complicates supply ([05:31]); businesses desire an “all of the above” approach ([05:46]).
• Gas prices: Largely flat compared to the previous year, but “a bit lower” over the year ([06:13]).

b. Groceries

• Prices have continued rising across the board: roasted coffee (+21%), beef (+11.5%), eggs, and fruit all up ([06:41]–[06:53]).
• Trump has attempted to counteract this by rolling back tariffs on some foods—an implicit acknowledgment of their role in raising prices ([06:54]).

c. Housing

• Rent is still climbing, but at a slower pace due to more housing construction at state/local levels ([07:32]).
• Mortgages remain expensive; while mortgage rates dipped as the Fed cut rates, this only increased demand and kept home prices high ([07:32]–[08:11]).

4. Administration’s Response to Public Frustration

• Trump’s initial message: upbeat claims that the economy is strong, stock market up, and inflation solved ([08:30]–[08:48]).
  • Trump: “We have the greatest economy right now. A lot of people don't see that.” ([08:45])
• Defending tariffs: “Tariffs don’t cause inflation, they cause success…” ([08:52])
• Following Democratic wins in local elections driven by affordability concerns, Trump softened his stance and began proposing new initiatives: lowering tariffs on food, proposing a 50-year mortgage product, and a potential “tariff dividend” (a $2,000 check for middle/lower income Americans in 2026) ([09:49], [10:03], [11:17]).

5. Public Sentiment and Political Fallout

• Trump’s approval numbers on economic management and inflation have taken a substantial hit; his overall approval is at a historic low (39%) ([12:20]–[12:22]).
• Victoria Guida: “More than six in ten disapprove of how he’s handled tariffs, the economy, and the federal government.” ([12:22])
• Potential implications: Republicans may face trouble in the 2026 midterms if the perception of economic mishandling persists.

Notable Quotes & Memorable Moments

• On Price Hikes:
  • “The price of groceries have gone up.” –Victoria Guida ([06:39])
  • “We've continued to see prices go up.” –Victoria Guida ([06:54])
• On Political Rhetoric:
  • “The point of tariffs is...maybe you’re more willing to deal with higher prices because you want to bring back jobs.” –Victoria Guida ([04:10])
  • “Tariffs don’t cause inflation, they cause success, cause big success.” –Donald Trump ([08:52])
• On Voter Perception:
  • “People remember life being cheaper, particularly pre-pandemic life. And so it seems like a reasonable thing to ask of your public officials... Why can’t things go back to the way that they were?” –Katherine Rampel ([18:36])
• Managing Expectations:
  • “There is no dial under the Resolute Desk…that allows them to turn prices down.” –Katherine Rampel ([22:32])
• The Dangers of Falling Prices:
  • “If the overall price level is going down...that often means an economy is very sick. It basically means that everything is on a fire sale. Consumers have stopped spending and every business out there is trying to cut their prices to lure consumers back in. This is sometimes called a deflationary spiral.” –Katherine Rampel ([23:21])
• On Mindset:
  • “Is that not just life? Is it not just we constantly wish we had more money and we don’t. And should we maybe be changing our mindset a little bit when it comes to the question of prices and affordability?” –Noel King ([25:17])
  • “We all live within some constraints... it’s also up to policymakers to ensure that... [people] do feel like they can get the things that we think are the basic needs of humanity. Health care, food…” –Katherine Rampel ([25:51])

Timestamps & Segment Highlights

• 00:14 – 01:00: Trump's early messaging and promises (“Groceries are down… eggs were through the roof…”)
• 02:09 – 03:36: Campaign dynamics and why voters trusted Trump
• 03:45 – 04:23: Tariff policy and its price impact
• 04:40 – 06:13: Detailed look at energy, electricity, gas prices
• 06:13 – 06:54: Grocery prices and new tariff rollbacks
• 07:24 – 08:11: Housing: rent and mortgages post-January
• 08:11 – 09:49: Trump’s defense and policy adjustments after poor election results
• 10:03 – 11:38: Administration’s new ideas: 50-year mortgages, tariff dividend
• 12:00 – 12:41: Polling data, public dissatisfaction
• 16:36 – 26:49: Katherine Rampel: Economic realities—how prices rarely ever “come down,” the psychology of affordability, and the limits of presidential power on prices

Key Takeaways

• Presidents have limited power to lower overall prices: Political promises to "bring prices down" are largely unattainable due to macroeconomic forces.
• Tariffs can backfire: While touted as a way to protect jobs or "fix" prices, tariffs have contributed to rising costs, especially in groceries.
• Public frustration is real—and politically consequential: Despite upbeat messaging, Americans’ lived experiences (bills, grocery receipts, rent hikes) drive skepticism and may shape upcoming elections.
• Deflation is not the answer: Sustained lower prices are often a signal of economic distress, not prosperity.
• Change in mindset may be necessary: The public and policymakers might benefit more from managing expectations and focusing on wage growth and affordability, rather than the impossible promise of rolling prices backward.

This episode offers a frank, well-contextualized explanation for why campaign-trail economic rhetoric continually diverges from post-election realities, and why, for most Americans, prices only ever seem to go up.