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This Republican Senator Says Americans Have Less Buying Power Under Trump

A Republican senator is speaking out about the economy.

By Paige Cerulli , Edited by Andrea Basse

Updated Oct. 9, 2026

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Though the White House's recent messaging about the economy has been upbeat, many Americans are finding it hard to get ahead financially. Kentucky Senator Rand Paul, a Republican, is speaking out against President Trump's messaging; Paul is contradicting statements about how well Americans are faring financially. Recent polling is also shedding light on what voters think about the economy, including widespread financial frustrations surrounding the effects of inflation.

If you're finding your paychecks don't go as far as they used to, you're not alone. Here is how the different perspectives on the American economy compare.

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Recent polling and voter concerns

A recent CAPS/HARRIS poll suggests that voters have mixed feelings about the economy. The poll of 2,200 registered voters was conducted from September 26 through September 28. According to the poll, just under half of voters say the U.S. economy is strong today, and only a third say the economy is on the right track.

Three in 10 voters report that their finances are improving, but about half of voters say their financial situation is getting worse.

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What the administration is saying

The administration remains upbeat about the country's financial outlook. Trump has repeatedly stated that inflation is under control and the country is recovering. He describes the "inflation nightmare" as a situation he inherited from President Joe Biden.

"When I took over, I inherited the greatest inflation in history," Trump said in his September 28, 2026 interview with TIME.

However, TIME's fact-checking of the interview indicates that inflation peaked at 8% in 2022 under Joe Biden, but at the end of his term, it had dropped to 2.9%. The Federal Reserve's official inflation target is 2%, and Trump inherited an inflation rate that wasn't far off from that target. Toward the end of Trump's first term, the inflation rate was 2.5%, and it reached 1.4% when his term ended in December.

What Senator Paul says about the economy

Senator Paul is sending Americans a different message and implies that inflation isn't actually under control.

"The $40 trillion deficit translates to more than $360,000 per American taxpayer. We're adding less to the debt than we did under President Biden, but Americans' buying power is still significantly less than it was," he wrote on X. "In fact, if you're making $50K/year, you're poorer than you were a few years ago because inflation compounds over time."

Several pain points likely contribute to Americans' poor ratings of the economy.

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Grocery and housing costs

Many Americans are feeling the financial strain of climbing grocery and housing costs. According to U.S. Bureau of Labor Statistics data, as of July 2026, grocery costs had increased by 2.7% year over year. The U.S. Department of Agriculture reports that the average family of four spends approximately $1,391 per month on groceries on its moderate-cost plan.

According to the Pew Charitable Trusts, housing costs have rapidly increased, and half of all renters spend at least 30% of their paychecks on housing. High rents drive 16% to 34% of poverty in states including Hawaii, California, Washington, D.C., New Jersey, Massachusetts, and Colorado.

Americans looking to buy a home face high mortgage interest rates. Mortgage rates had begun to fall in early 2026, but the war with Iran, which alarmed the bond market, also caused mortgage rates to climb. The current 7.28% mortgage rate means homebuying may be out of reach for many people.

Tariff-related price pressure

Tariffs have also taken a toll on American households. The Joint Economic Committee - Minority estimates that from February 2025 to November 2025, the average family paid an extra $1,200 in tariff costs.

The Tax Foundation estimates that tariffs increased taxes on U.S. households by $1,000 in 2025, and they'll increase taxes by an average of $820 per household in 2026.

Wages that aren't keeping up with expenses

It's even more difficult for Americans to cope with high grocery costs, climbing housing expenses, and inflated prices on everyday goods when wages aren't keeping up with expenses. Monster's 2026 Cost of Living Report revealed that more than 9 in 10 workers say their pay isn't keeping up with inflation; Monster's 2024 and 2025 reports revealed a similar response. Just 7% of workers report receiving an inflation-related pay increase in the 2026 report, which is down from 9% in 2025 and 11% in 2024.

In response, workers are looking for solutions to help them cope with rising expenses. Eighty-five percent have dipped into their savings, and 74% are looking for a higher-paying role.

Make Money: 8 things to do if you're barely scraping by financially

Bottom line

Even though the Trump administration may be reporting that inflation is under control, your experience might signal otherwise, and you might be frustrated and tired. Keeping up with higher costs may be exhausting, especially if households' budgets are already strained and costs seem to keep climbing, month after month.

Your own budget contains signs that you may track to better understand how the economy is impacting your finances. Track your income and your savings, and make note of how often you have to dip into your savings. You might also monitor real wage growth and your monthly debt payments to get a sense of where you stand financially.

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