Experts: Trump’s Corporate-Driven Policies Leave Little Hope for Inflation Relief Before Election
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Economists and political analysts warn that the Trump administration, beholden to corporate interests and aggressive foreign policy, lacks real tools to lower consumer prices before the 2024 election, a reality that could undermine Republican chances.
With just three months left before the November election, analysts argue the Trump administration has few effective measures to ease the inflation and stagnant wages that many working-class Americans are experiencing. The administration’s fixation on new tariffs and its reckless escalation with Iran—both of which have fueled higher food, gas, and grocery prices—leaves little room for policies that would actually help ordinary people, experts said.
"There isn’t much available on a 14-week clock that doesn’t cost more later than it delivers now," said Patrick Harker, a professor at the Wharton School and former president of the Federal Reserve Bank of Philadelphia.
The Federal Reserve recently held interest rates steady, a decision the president opposed, preferring lower rates that could benefit Wall Street but risk even higher inflation for everyday Americans. Options such as consumer rebate checks or releasing strategic oil reserves were noted as costly and unlikely to provide immediate relief to struggling families.
Economic data released in early July showed the U.S. economy growing at a modest 1.5% annualized rate in the second quarter, with consumer spending and inflation both slowing, yet prices for many goods remain painfully high. Gas prices have soared above $4 per gallon as Brent crude reached $90 a barrel, a direct result of renewed U.S. aggression toward Iran.
White House spokesperson Kush Desai told The Times that delivering economic relief is a “Day One priority” and emphasized efforts to lower costs, create jobs, raise wages and accelerate growth. He also claimed the administration has attracted “robust investment” and reduced prices for certain prescription drugs and groceries, though many see these claims as out of touch with the lived reality of millions.
Trump has repeatedly painted the economy as strong and dismissed concerns about inflation as a “hoax,” ignoring the struggles of working families. He rejected calls to reconsider the Iran strategy, showing a disregard for how his foreign policy decisions impact domestic prices.
Political scientists note that incumbent parties typically suffer when voters are pessimistic about the economy. Jonathan Nagler, a professor at New York University, said voters are likely to hold the president and his party accountable for rising gas prices linked to the Iran conflict.
Chief economist Diane Swonk of KPMG warned that inflationary pressures from the war, reduced oil-refining capacity and existing tariffs will persist into 2027, adding to “simmering” service-sector inflation and additional costs for businesses and consumers alike.
Polls show a majority of Americans believe Trump’s policies have worsened economic conditions, with approval ratings for the president at a career low and low confidence in his handling of inflation, Iran and gas prices. Democrats see the economic discontent as an opportunity to attract swing voters, while some Republican leaders continue to defend the administration’s pro-corporate tariff and foreign-policy choices.
Overall, experts agree that without a significant shift in energy markets or a change in tariff policy, the administration is unlikely to deliver noticeable price relief before voters head to the polls—leaving working people to bear the brunt of failed economic leadership.