Rep. Jim Jordan (R-Ohio) said the U.S. economy is moving in a "pretty good direction," while acknowledging that higher costs remain difficult for middle-class and working-class families.
Jordan discussed the economy, affordability and the upcoming midterm elections on Fox News’ "Sunday Morning Futures," where he defended the Trump administration’s economic record and said Republicans had followed through on promises to voters.
Jordan Acknowledges Cost Pressure
"We said we would cut taxes, we did that," Jordan said. "The economy is moving in a pretty good direction, but I understand there are costs out there that are tough on middle-class and working-class families."
Jordan said Republicans were working on the affordability issue but argued voters would also weigh what he described as the Democratic Party’s positions ahead of the November midterms.
The comments come as inflation and household expenses remain a concern. Economist Mark Zandi previously said persistent inflation and the resulting higher cost of living were Americans’ "number one financial problem," with inflation running above the Federal Reserve’s 2% target. He attributed part of the pressure to tariffs and restrictive immigration policies.
Energy Costs Add To Pressure
Higher energy costs have added another burden for households. Boston Fed President Susan Collins said she was increasingly hearing from lower- and moderate-income households struggling to make ends meet, while noting that energy prices were particularly difficult for some households.
Higher gasoline prices are adding to household expenses. The national average gasoline price remained above $4 a gallon Sunday at $4.0656, while GasBuddy analyst Patrick De Haan estimated Americans were spending $338 million more on gasoline each day than a year earlier, or about $2.35 billion more per week.
The pressure is also visible in everyday spending. An Urban Institute study found that more than one-quarter of working-age adults who used credit cards to buy groceries either could not pay their balance in full or missed the minimum payment. About one in 10 used buy now, pay later loans for groceries, with roughly one-third of those borrowers missing a payment.
Affordability Becomes Midterm Issue
Jordan’s comments come as affordability remains a major concern for voters. A Marquette University Law School poll found 35% of American adults considered the cost of living and inflation the most important issue, ahead of the economy at 15%.
The household pressure is not evenly distributed. Recent data showed higher-income Americans remained more resilient, while middle-income households were stretching each dollar and lower-income consumers faced greater financial pressure. Rising delinquencies in auto loans, credit cards and mortgages have also pointed to growing household strain.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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