President Attempts to Convince Working-Class Families That Economic Struggles Are Not Real and Deflect From His Own Policies That Have Inflamed Affordability Crisis

February 24, 2026 | WASHINGTON, D.C. — Tonight, President Trump is giving his State of the Union address before the United States Congress. The President has used his speech to run damage control on the failures of his own economy and downplay his Administration’s role in exacerbating the growing affordability crisis that millions of working-class families are being forced to live through every day. The speech comes as President Trump’s approval ratings are at record lows and as average prices for everyday goods and services remain stubbornly high, as an unprecedented number of Americans struggle with credit card debt, and as 1 in 20 households are now severely behind on utility debt.

 In response, Protect Borrowers Executive Director Mike Pierce released the following statement:

“Tonight’s State of the Union address is President Trump’s latest attempt to gaslight working-class families into believing that the pain in their wallets isn’t real. President Trump took the coward’s way out—blaming the last guy for the mess he’s created. Rather than deliver on his promises to Make America Affordable Again, President Trump would rather point fingers at the Biden Administration, making it clear he knows he’s failed and he’s scared. 

“Trump’s policies have jacked up costs and driven millions of families into debt just to make ends meet. Under President Trump’s watch, life in America has turned into a high-wire act with no safety net—and the American people are falling. 

“President Trump’s speech shows an Administration that is exhausted and out of ideas, flailing and failing to deliver. Trump promised to cap credit card interest rates. He promised to cut energy costs in half. He promised to fix the broken student loan system. He promised to ‘win.’

“Instead, Americans are paying the highest credit card rates and fees to banks in history. Energy costs continue to soar. A student loan borrower has defaulted on a loan every nine seconds. The vast majority of Americans are living paycheck to paycheck. No boasting about the stock market or delusional claims about the ‘soaring economy’ can persuade Americans that life is getting easier. It’s not. Families in this country can’t afford to wait any longer for President Trump to keep his promises.”

Further Reading

Protect Borrowers memo and blog detailing the state of U.S. economy: President Trump’s Broken Promises and the State of Americans’ Ballooning Debts as President Trump Talks Affordability in the State of the Union

AFT and Protect Borrowers survey of 7,500 AFT members: Vast Majority of Working Families Live Paycheck-To-Paycheck and Growing Number Rely on Debt to Afford Essentials, AFT Member Survey Finds

###

About Protect Borrowers

Protect Borrowers (formerly Student Borrower Protection Center) is a nonprofit organization led by a team of experts, lawyers, and advocates fighting to build an economy where debt doesn’t limit opportunity. We investigate financial abuses, take predatory companies to court, and push for policies to protect working people from debt traps. We aim to deliver immediate relief to families while building power, driving systemic change, and fighting for racial and economic justice.

Learn more at protectborrowers.org or follow us on social @BorrowerJustice.