The Trump administration is claiming that the economy is making progress despite a gap between wage and price increases. CBS News MoneyWatch correspondent Kelly O'Grady has more.

Washington

The Trump administration has stated that inflation has dropped from its 2022 peak and that prices are stabilizing, suggesting improved affordability for Americans. However, CBS News Money Watch correspondent Kelly O'Grady and interviews with farmers reveal that while inflation is lower, prices are still rising and wage growth has not kept pace, widening the affordability gap.

Experts note that although real spending power has increased slightly under President Trump, it has not offset previous losses, and many Americans continue to feel financial strain. Additionally, farmers report that tariffs and reduced sales to China have increased their costs and decreased morale, illustrating that economic improvements are not evenly felt across all groups.

Trump administration claims prices are leveling off

The Trump administration says life's becoming more affordable for everyday Americans, but are prices really leveling off or even coming down? Let's take a look at what is really going on. CBS News Money Watch correspondent Kelly O'Grady is here to fact check some of that for us. Kelly, great to see you again this morning. And this kind of touches on something we've discussed so much, was that sometimes the Dow Jones, the green at the top, makes everything seem like the economy is strong, but it really depends on where you are in the economy. So how affordable is life these days? I mean, I think the stock market is a really great point because you have people seeing huge gains, but that's only if you're able to put in a lot of money, right? And that's sort of the upper echelon. Look, the White House is right in saying that inflation has come down from those highs that we saw in the summer of 2022. Inflation was at 9%. But just because inflation is more in the 2 to 3% range, it doesn't mean that prices are falling. It just means that they're rising at a slower rate. And if you look at the past five years, people's wages have not risen cumulatively more than prices. And so that gap getting wider is why you feel a crunch. And in fact, Kevin Hassett, the National Economic Council director, was on Face the Nation this weekend, and he touched on this a little bit. I want to play you a clip. If you look at the real reduction in spending power for Americans under Joe Biden, then it went down about $3,000 because we had up to 9% inflation. And then they went to the grocery store. They couldn't buy the things they're used to buying. The real spending power adjusted for inflation under President Trump has gone up about $1,200 so far this year. $1,200 is not $3,000. And so people are right to feel stretched, but we're making progress. So we see inflation under control and the economy booming. But we understand 100% why people are still hurting, because we haven't made up all the room that was lost under Joe Biden. So translating that, what he's saying is we haven't caught up because of that high inflation over those past five years. So they're right in saying that they're making gains. But the reality is when you're someone who's going to the grocery store and you're looking at your budget, you're looking at your finances, you're not going, well, OK, it's been five years. We need to make up that time. You just think about the affordability crunch you're feeling right now. And by the way, that's worse for lower income consumers. And you're feeling all of that in real time, not comparing it to four or five years ago, which is interesting, as the president suggests, stimulus checks for people, because typically that leads to inflation, which is the boogeyman here. Our colleagues over at 60 Minutes spoke with some farmers who had a different take on the health of the economy. They don't think things are going as well. Let's just quickly play some of that. The morale in the farming industry, not just farmers, is the lowest I've ever seen. Everybody's on edge. Every time we go buy something now, you know, the tariffs, what I've seen, the tariffs pass down to the consumer. So if you have to go buy a new sprayer, like the one behind you. Anything that comes from China that's on that sprayer, there's a tariff and they're just going to pass it directly to us. What's interesting, Kelly, is these farmers are in some cases millionaires. They're business owners, but they are in an industry that really lives on the margins. So why for this demographic do they not agree with this sentiment that things are affordable and going well, do you think? Well, because they're getting crunched on both ends, because the China negotiation that's going on, China's a big buyer of soybean farmers, which is what Cecilia Vega was talking to, that particular area. So they're not selling as much. And then they're also getting crunched when they go buy products because of the tariffs. And that's really, you know, the thing that you think about, it's going to hit different industries differently. That top line, though, is looking good. Yeah. All right. Kelly O'Grady with all the latest. Great to see you this Monday, Kelly.

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Breakdown