Treasury Secretary admits affordability issues as Trump launches food price task force

The Trump administration is shifting its tone on Americans' growing concerns about affordability.

(CNN)- The Trump administration is shifting its tone on Americans’ growing concerns about affordability, with Treasury Secretary Scott Bessent openly acknowledging that many families are feeling squeezed.

“We are now seeing this affordability problem, and I think next year we’re gonna move on to prosperity,” Bessent said during an interview. He added, “What we’re not gonna do is say that Americans don’t know what they’re feeling.”

The remarks come as President Donald Trump announces the creation of a new task force to examine rising food prices — a notable change from his comments last week, when he said: “The word ‘affordability’ is a con job by the Democrats.”

New analysis of Salesforce data shows shoppers paid more for less over Thanksgiving weekend, while consumer confidence continues to slip and unemployment edges higher. Polls indicate many Americans are increasingly worried about how far their budgets can stretch.

Xochitl Hinojosa, former DNC spokesperson, said: “People are running out of patience. They are seeing their costs go up, and health care is gonna go up.”

Some Republicans are now pressing for action as well. Rep. Brian Fitzpatrick of Pennsylvania noted: “If you’re living paycheck to paycheck, which most Americans are, and you can’t afford to make ends meet, nothing else matters other than that.”

The White House continues to blame the Biden administration for inflation, but many economists argue that Trump shares some responsibility. University of Michigan economist Justin Wolfers pointed to the broader impact of tariffs and rising deportations, which have complicated labor for farmers.