California Sen. Adam Schiff acknowledged on ABC News Sunday that his Democratic Party lost the 2024 election because they failed to stay “laser focused” on the high cost of living while also critiquing President Donald Trump’s economic policies.
During former President Joe Biden’s tenure, inflation peaked at 9 percent in June 2022—a dramatic rise from the 1.4 percent when he took office. Despite this economic crisis, both Biden and the Democrats consistently downplayed the situation, with the then-former president repeatedly touting his economic achievements even as Americans grappled with soaring living costs.
On ABC’s “This Week,” co-host Jonathan Karl pressed Schiff about a Democrat being removed from the House Chamber Tuesday after attempting to interrupt Trump’s speech. Citing an X post by Pennsylvania Democratic Sen. John Fetterman, who criticized the disruption as more damaging to the party, Karl asked if Fetterman had “a point.”
“Well, I think the lack of a coordinated response to the State of the Union was a mistake,” Schiff said. “Frankly, it took the focus off of where it should have been, which is on the fact that the president spoke for an hour and 40 minutes and had nothing to say about what he would do to bring down costs.”
Schiff went on to state how Trump’s speech did not offer Americans help to “afford a new home, pay the rent or afford health care or child care,” adding how Democrats need to keep their “focus” on the economy — despite the fact that they refused to campaign heavily on the issue ahead of the November elections.
“They’re destroying the economy, and they’re making it harder and harder for Americans to afford things. That’s where we need to keep the focus,” Schiff claimed about Trump and his Republican Party, without evidence. “That’s why we lost the last election, because we weren’t laser-focused on the high cost of living, and what they’re doing now is just making it so much worse in the administration, and that’s really what we need to emphasize.”
Karl did not press Schiff to expound upon what Trump and Republicans were doing to make things “worse.”
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During the Biden administration, Republicans attempted to caution fellow lawmakers about the state of the economy, but the White House repeatedly assured Americans that the economy was growing under Biden—even as lower-than-expected job creation, inflation, and record immigration numbers curtailed opportunities.
While some Democrats have conceded that their pursuit of unfavorable policies may have cost them the 2024 election, others, such as Senate Minority Leader Chuck Schumer, argued that voters simply didn’t “realize how much” the party had accomplished for them.
As for Trump’s economic policies, early signs are positive. On Tuesday, the Labor Department reported that inflation cooled to 2.8 percent in February versus the 3 percent rate recorded in January, Biden’s final month in office. The news drove Wall Street higher ahead of the opening bell, reports noted.
Also, while the price of eggs remains well above their levels from a year ago, Agriculture Secretary Brooke Rollins said Tuesday that on average, prices have fallen about $2 for a dozen.
“A good piece of news we just got in the last day or two is that the average cost of eggs has now gone down $1.85 since we announced our plan about a week-and-a-half ago,” she said, referencing a $1 billion initiative aimed at increasing egg supplies which will reduce prices.
In addition, interest rates continue to fall after Trump’s January inauguration. CNBC reported Wednesday that home mortgage rates have fallen for the sixth straight week to their lowest levels since October of last year. Rates fell on average last week from 6.67% to 6.73%, the outlet reported.
