WASHINGTON (TNND) — What should be a honeymoon phase for the new president has turned sour for Americans watching their bottom line. Expectations for personal finances and the short-term economic outlook both plunged by about 10% this month, according to the closely-watched University of Michigan Surveys of Consumers released Friday morning.

The release followed a CNN poll showing 62% of Americans said they think President Donald Trump has not gone far enough to address inflation.

The week after the presidential election, Trump said, "We’re going to slash energy costs. We’re going to get your energy bills in half and that’s gonna bring down the costs generally speaking.”

By every measure–from gas to groceries–prices have only gone up in the month since Trump's inauguration. On the economic front, the administration's main focus has been slashing the scope of the federal government.

National Economic Council Director Kevin Hassett told reporters Thursday that inflation will go down when there is "an explosion of supply and a reduction in government demand."

"One of the things that you want to say is well, when are you going to see it? Well, the first thing that you’ll see when the markets believe that we’re gonna get inflation under control is that the 10-year Treasury rate goes down because that’s how they think about future expected inflation and so we’re still going to see some memory of Biden’s inflation. It’s not gonna go away in a month," Hassett said.

The uncertainty has left the private sector uneasy. Wall Street ended the week with two straight days of losses first triggered in part by Walmart's updated outlook reflecting potential economic challenges ahead.

“We are one month into the year, and there’s a lot that we don’t know,” Walmart chief financial officer John David Rainey told the Associated Press, referring to tariffs.

Trump plans to hit trading partners with reciprocal tariffs as early as April 2, brushing off economists' warnings the move will end up raising prices for Americans.

Politically speaking, this presents a rare opportunity for Democrats, who are in the minority in both the House and Senate, to go on the offensive as they don't have many legislative options to block Trump's agenda.

“Donald Trump and Republicans consistently promised that they were gonna lower the high cost of living and they’ve done the exact opposite," House Minority Leader Hakeem Jeffries said. "They've shown no interest in lowering costs in the United States of America, which are too high. Housing costs are too high. Grocery costs are too high. Childcare costs are too high. Utility costs are too high. The cost of living is too high in the United States of America. This country is too expensive but they've broken their promise."