UBS On-Air: Paul Donovan Daily Audio 'The political costs of affordability'

In 1972, US President Nixon focused on the electoral risks of rising hamburger meat prices, ultimately imposing government control of wages and prices. Yesterday, US President Trump signaled concern about today’s US affordability crisis, signing executive orders attempting to lower beef prices (up over 16% since January 2025). Trump also urged temporarily ending the federal gasoline tax—that would increase fiscal borrowing, but only offset a small part of recent price increases.