Trump could become the face of a worsening economy, a year after such concerns helped him win

WASHINGTON (AP) President Donald Trump received a serious warning from voters, saying he was out of touch with their fears about the deteriorating U.S. economy.

Democrats managed to run up the score in key elections across the country on Tuesday by harnessing some of the same populist fervor that helped win Trump's re-election a year ago, but also by focusing on the tabletop issues the Republican had pledged to address. Now, as an outgoing president, fears about the economy have made Trump the face of much of the public discontent.

We learned a lot. Trump admitted as much on Wednesday. He later posted online that “Affordability is our goal.”

Vice President JD Vance struck a similar tone, posting on X: We will continue to work to make a decent life affordable in this country, and that is the measure by which we will ultimately be judged in 2026 and beyond.

This followed voters in the Virginia and New Jersey gubernatorial elections, the New York mayoral race, and the California ballot proposition all citing economic concerns as a major issue. Democrats won those elections, and it was hard to name a major race anywhere where Republicans won a key victory.

The reversal of fortune that occurred a year ago was brutal. At the time, voters sent Trump back to the White House on promises that he could quickly bring down inflation, revive factory hiring and flood the country with new wealth thanks to the high tariffs he had imposed on U.S. allies around the world.

Instead, voters are now expressing concerns that high prices for food, electricity bills and housing are depleting their bank accounts. Trump was defiant in insisting he had strengthened the economy. Therefore, aside from his initial reactions, it is not clear that he internalizes the need to address the same inflationary challenges that became a drag for his Democratic predecessor, Joe Biden.

“People have 401(k)s”

There are few signs that the public has much confidence in Trump's claims of an American golden age, nor in his assertion that inflation has been tamed into submission. Recently, urging Americans still worried about high food prices, Trump brought up the stock market.

Look, 401(k)s. People have 401(k)s, the president said in an interview with CBS News 60 Minutes that aired Sunday. Trump has said food prices are falling, but the latest inflation report shows they are up 2.7% from last year.

Overall, consumer prices have risen 3% over the past 12 months, higher than the rate before Trump's election victory in 2024. The Federal Reserve is targeting inflation at 2%.

I don't think it's good for the Republicans.

While the stock market is rising and life looks good for tech executives who have invested in artificial intelligence, hiring has slowed sharply this summer following Trump's implementation of tariffs.

The AP Voter Poll showed concern about the economy helped Democrats on Tuesday.

About half of Virginia voters said the economy was the top issue, and about 6 in 10 of those voters chose Democrat Abigail Spanberger for governor, handing her a decisive victory.

In New Jersey, Democrat Mikie Sherrill won about two-thirds of voters who called the economy the top issue facing the state. Republican Jack Ciattarelli got about 6 in 10 New Jersey voters who said the top issue was taxes.

WATCH: K-shaped economy: Why the rich are thriving while most Americans are lagging behind

More than half of New York City voters said the cost of living was the top issue facing the city, and Democrat Zohran Mamdani won about two-thirds of that group.

Just under half of California voters said the economy was the top issue facing the state, and about two-thirds of those voters supported Proposition 50. Approval of the measure allows Democrats to redraw the congressional map more favorable to their party in the nation's largest state and keep pace with Republicans who have moved to add potential new Red House seats in Texas and elsewhere.

Trump did not actively campaign for his party until Election Day 2025. While votes were still being counted, he was already dodging blame, posting that he was NOT ON THE BALLOT.

The day after the election, while hosting Senate Republicans at the White House, Trump was more thoughtful. Last night, we weren't expecting a victory, he said.

The elections were fought largely in areas that have recently favored Democrats, so there are limits to interpreting what the results could mean for next year's broader midterm elections. But the size of the Democratic margins indicates the level of frustration with economic conditions under Trump.

I don't think it's good for Republicans, Trump said. I'm not sure it's good for anyone, but we had an interesting evening and learned a lot.

Later, while traveling to Florida to present to an audience of business leaders and athletes what he considers his economic successes, the president issued another message in which he appeared to react to the election results.

While emphasizing that our economy is booming, he added, affordability is our goal.

It was a change from last weekend, when Trump threw a lavish Jazz Age, Great Gatsby-themed party at his Florida club, Mar-a-Lago, after returning from a trip to Asia brimming with luxury.

The Trump administration argued that the working class would soon benefit, along with billionaires.

We're going to see Main Street skyrocket here, as well as Wall Street, which we've seen before, Treasury Secretary Scott Bessent said this week on Fox News Channel's Jesse Watters Primetime show.

Leading up to Tuesday's election, Trump focused his message on mass deportations of illegal immigrants in the country and fighting crime by deploying National Guard troops in Democratic-led cities. But the AP Voter Poll found that few of those who voted considered crime or immigration a top priority.

Our side needs to focus on affordability, said Vivek Ramaswamy, a former Republican presidential candidate and Trump ally who is currently running for Ohio governor in 2026. Making the American Dream Affordable. Reduce costs, electricity costs, grocery costs, health care costs and housing costs. And explain how we're going to do it.

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