The extended CBS 60 Minutes Interview
By Gina Hill | Alaska Headline Living | November 2025
While President Trump reassures Americans that rising retirement accounts will ease financial strain, grocery bills continue to climb, and nearly half of households lack a 401(k) safety net.
In a recent 60 Minutes interview, President Donald Trump minimized rising grocery prices and reassured Americans that they would be financially secure thanks to 401(k) gains. “No, you’re wrong. They went up under Biden. Right now they’re going down… other than beef, which we’re working on,” Trump said. He later added: “People will be fine because their 401(k)s are up.”
A closer look at official data tells a more nuanced story.
Grocery Prices: Rising, Not Falling
Contrary to President Trump’s assertion, grocery prices are rising, though inflation has slowed. According to the USDA Economic Research Service (ERS):
- 2024 Actual: Food-at-home prices increased 1.2%.
- 20-year historical average: ~2.7% per year.
- 2025 Forecast: Prices expected to rise 3.3%.
Summary: Grocery prices are up, and rising at a higher annual percentage increase (1.2% vs. 3.3%). Both years continue the trend of grocery prices rising since the pandemic, with food prices rising 23.6% total between 2020 and 2024.
Retirement Accounts: Gains Are Uneven
While some Americans benefit from rising retirement accounts, coverage is uneven:
- 61% of adults have a retirement savings plan (401(k), IRA, etc.).
- 54.3% of households had retirement-account assets in 2022.
- Disparities exist by race/ethnicity: White and Asian households more likely to have accounts; Black and Hispanic households less likely.
- Age differences: Older households generally have larger balances.
Summary: A significant portion of Americans (39%), and larger portion of households (45.7%), do not have a retirement plan which benefits from rising stock prices. Taking money out of a retirement account to pay for expenses typically incurs a penalty, and is not a realistic option for most individuals saving for retirement.
President Trump’s claim that grocery prices aren’t up and that “everyone will be fine” because 401(k)s are rising oversimplifies reality. Data shows that grocery inflation persists and nearly half of Americans have no retirement savings, or are likely to lose money when penalized for withdrawing money early from a retirement savings account to pay for food.
