On Tuesday, voters in two states and New York City sent a clear message that they are concerned about the cost of living and affordability.

Since then, President Trump has energetically responded with a new, clear, message: there is no problem with affordability.

On Truth Social, Trump wrote: “2025 Thanksgiving dinner under Trump is 25% lower than 2024 Thanksgiving dinner under Biden, according to Walmart. My cost are lower than the Democrats on everything, especially oil and gas! So the Democrats “affordability” issue is DEAD! STOP LYING!!!”

The president is referring to what Wal-Mart calls its “inflation-free Thanksgiving meal.”

The problem is that this year’s version of the Wal-Mart Thanksgiving meal includes considerably less food than last year’s. Here’s the 2024 version, which the company boasted, “features 29 items and serves eight people for less than $7 per person.”

• Whole Frozen Turkey 10 – 16 lb. ($0.88/lb.)
• Great Value Sweet Hawaiian Rolls (1 unit – 12oz)
• Great Value Golden Sweet Whole Kernel Corn (3 units – 15oz)
• Ocean Spray® Jellied Cranberry Sauce (1 unit – 14oz)
• Great Value Canned Green Beans (2 units – 14.5oz)
• French’s Crispy Fried Onions (1 unit – 6oz)
• Campbell’s Condensed Cream of Mushroom Soup (2 units – 10.5oz)
• Great Value Brown Gravy Mix (2 units – 0.87oz)
• Marie Callender’s Southern Pecan Pie (1 unit – 32oz)
• Great Value Frozen Whipped Topping (1 unit – 8oz)
• Great Value Frozen Deep Dish Pie Crusts (1 unit – 16oz)
• Great Value 100% Pure Pumpkin (1 unit – 15oz)
• Great Value Evaporated Milk (1 unit – 12 fl oz)
• Jet-Puffed Mini Marshmallows (1 unit – 10oz)
• Jiffy Corn Muffin Mix (2 units – 8.5oz)
• Great Value Poultry Seasoning (1 unit – 1.5oz)
• Swanson Chicken Broth (1 unit – 32oz)
• Fresh Whole Russet Potatoes (1 unit – 5lbs)
• Fresh Whole Sweet Potatoes (3 units)
• Fresh Yellow Onions (1 unit – 3lbs)
• Fresh Celery Stalks (1 unit)

Here’s the 2025 version, touted as a “one-click basket serving 10 people for less than $40.”

• Butterball Turkey, 13.5 lb. ($0.97/lb. — lowest price since 2019)
• Kinder’s Fried Onions, 4.5 oz.
• Campbells Cream of Mushroom Soup, 10.5 oz. (1 can)
• Stove Top Turkey Stuffing, Twin Pack 2 x 6 oz.
• Great Value Dinner Rolls, 12 ct.
• Fresh Russet Potatoes, 5 lb.
• Fresh Cranberries, 12 oz.
• Great Value Baby Carrots, 2 lb.
• Great Value Corn, 15 oz. (3 cans)
• Great Value Green Beans, 14.5 oz. (3 cans)
• Great Value Artisan Macaroni & Cheese, 12 oz. (3 boxes)
• Great Value Brown Gravy Mix, 0.87 oz. (2)
• Great Value Pie Crusts
• Great Value Evaporated Milk, 12 fl. oz.
• Great Value 100% Pure Pumpkin, 15 oz.

The pecan pie, whipped topping, mini-marshmallows, muffin mix, poultry seasoning, chicken broth, sweet potatoes, onions and celery are off the menu; baby carrots were added. Once you see the changes, it is not so surprising that it costs less and certainly doesn’t feel like a comparable amount of food for the cost.

Thursday, Trump insisted, “We have much lower prices than they do, and we only have one thing, beef, because the cattle ranches are doing well. We’re going to bring the beef prices down, and they understand that, even if we have to help them out. But the beef also is not a big difference. But every price is down. The biggest price is energy. We’re at almost $2 for gasoline and you take a look at where — they were at $4.5, $5 for gasoline. And when gasoline and energy comes down, everything else follows.”

As you probably already know, it is not accurate that “every price is down.” As of October 26, the price of a pound of chicken breast is down slightly from one year ago, a loaf of bread is flat, but a dozen eggs are 24 cents more expensive, a pound of bacon is 44 cents more expensive, 32 ounces of orange juice is 76 cents more expensive, and a pound of ground beef is 84 cents more expensive.

Finally, today Trump insisted that on inflation, “we’re at a perfect number.” The most recent consumer price index figures showed three percent increase, year over year. For much of the past year, it has been between two and three percent, but closer to three than two, and above the Fed’s target rate of two percent.

While three percent inflation is considerably better than the nine percent peak of the Biden era, three percent inflation can indeed steadily eat away at your purchasing power. A few weeks ago, the Wall Street Journal editorial board asked whether the Trump team was satisfied with three percent, and warned, “at some point you have to admit all these add up to a persistent inflation problem. At a 3 percent inflation rate, the value of a dollar today would be 73.74 cents in ten years.” At two percent, that dollar is worth 82 cents in ten years.