Washington Examiner
· collected 2026-10-08 · by Perry V. Kalajian
The article examines claims that President Donald Trump's policies negatively impacted the U.S. economy and led to affordability issues. It uses Federal Reserve data on household debt service payments (HDPI) as a percentage of disposable personal income to argue against these claims. The HDPI rose from 9.05% in Q1 2021 during Joe Biden’s ascension to office, reaching 11.10% by the end of his term and stabilizing at 11.11% under Trump's second presidency. Similarly, consumer debt service payments increased from 4.29% in Q1 2021 to 5.34% in Q1 2025 before slightly decreasing to 5.28% in Q2 2026. The article also notes that inflation, as measured by the consumer price index (CPI), peaked at 9.1% in June 2022 and averaged around 5% during Biden’s tenure but was largely driven by energy prices under Trump's second term.
Written locally by qwen2.5:14b on 2026-10-08,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
As we approach the midterm elections, many on the Left have accused President Donald Trump of policy decisions and actions that have negatively affected the U.S. economy and led to affordability issues for voters.
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that → approach → voters
The relationship between debt and income is an indicator of economic health and affects affordability.
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relationship → affect → affordability
The calculation of household debt service payments (the total required principal and interest payments made on outstanding mortgage and consumer debt) as a percentage of disposable personal income quantifies the effect of both debt and income on households.
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calculation → make → households
According to the Board of Governors of the Federal Reserve, in the first quarter of 2021, the period in which Joe Biden ascended to the presidency, the HDPI stood at 9.05% and then rose precipitously during Biden’s term in the White House to 11.10% in the first quarter of 2025, which marked the end of Biden’s tenure in office and the period in which Trump was sworn in as president for the second time.
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Trump → accord → time
The HDPI number so far during the second Trump presidency has remained relatively flat standing at 11.11% in the second quarter of 2026, the most recent number available covering the impact of any tariffs and early months of the U.S. conflict with Iran.
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number → remain → Iran
The HDPI indicates most of the increase in the impact of debt relative to income felt currently by households is largely attributable to the policies and actions of Biden and not the strategies and measures of Trump.
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most → indicate → Trump
The more refined consumer debt service payments (the total scheduled payments covering both principal and interest on revolving debt such as credit cards and non-revolving consumer loans like auto and student loans, but excluding residential mortgages and home equity loans) as a percent of disposable personal income calculation is consistent with the HDPI results standing at 4.29% in the first quarter of 2021, then rising to 5.34% in the first quarter of 2025, before actually dropping slightly to 5.28% in the second quarter of 2026.
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results → schedule → 2026
Again, supporting the conclusion that any debt increase to consumers are attributable to Biden and not Trump.
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increase → support → Biden
A look at the inflation rate as measured by the consumer price index (which tracks the price changes for a market basket of goods and services) tells us more.
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which → measure → more
In January 2021 the CPI was 1.4%, climbed to 9.1% in June 2022, before falling in January 2025 to 3%, then rising to 4.2% in May 2026, prior to moving downward to 3.4% in August 2026.
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CPI → climb → August
The rise in CPI under Trump from January 2025 to August 2026 is largely attributable to the CPI component category of energy (on an overall basis) coming in at 16.3% for the year ending August 2026 (with no element area outside of energy contributing more than 3.6%).
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area → come → %
The negative impact of energy on CPI is further supported by the significantly lower core consumer price index (which tracks the price changes for a market basket of goods and services, excluding food and energy) number of only 2.4% in August 2026.
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which → support → August
The spike in energy prices is a direct result of the anticipated short-term U.S. conflict with Iran (largely brought about by the past failures in policies and actions of the administrations of Barack Obama and Biden), with energy prices certain to drop with the cessation of hostilities.
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spike → bring → hostilities
Clearly, with no month under Trump even close to the yearly average of nearly 5% under Biden, the only reasonable conclusion is that the price increases complained about are due to the residual effects of Biden’s policies and measures and are overwhelmingly attributable to Biden.
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increases → complain → Biden
Looking at the HDPI, CDPI, and CPI together is informative.
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Looking → look → HDPI
Since the calculation of HDPI and CDPI are relatively consistent and flat since Trump took office, both debt and income are generally in lockstep.
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debt → take → lockstep
If the economy was negatively affecting affordability for individuals you would expect to see an increase in debt relative to income as was the case during Biden’s term in office.
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case → affect → office
The predominantly energy-induced increase in CPI caused by the U.S. conflict with Iran is modest when viewed from a macro perspective and is probably having only a moderate effect on affordability.
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increase → induce → affordability
With the average weekly wage growth in the United States at 3.7% as of August 2026 outpacing inflation as measured by the CPI of 3.4% for August 2026, the diminished affordability argument becomes even harder to make.
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argument → outpace → August
The U.S. economy is in much better shape under Trump than the Left and their shills in the media would have you believe with their overblown claims as to decreased affordability.
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you → have → affordability
With major stock indices hitting multiple record-high levels, corporate earnings continuing strongly in an upwardly direction, increased corporate capital investment, enhanced direct investment by foreign corporations in the U.S., low unemployment, more people working in America than at any other time in its history, and a record-low poverty rate being just a few of the many positive economic achievements of the Trump administration, Republicans have plenty to tout.
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Republicans → hit → plenty
The Left’s negative reporting on the Trump economy is nothing more than political posturing to influence the midterm elections.
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reporting → influence → elections
Republicans must do a better job of messaging the success of the Trump economy to voters.
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Republicans → do → voters
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