The White House on Monday asserted that new “data” proves the U.S. economy is “back on track,” but inflation—a leading concern for consumers—has surged to its highest level in months. Meanwhile, nearly two-thirds of Americans disapprove of President Donald Trump’s handling of inflation, according to a recent poll.
“Even the media admits the U.S. economy is ‘regaining its swagger’ under President Donald J. Trump — and you need not look further than the banner economic news from the past week for proof,” the White House posted on its website in a selective assortment of data points, some of which don’t present a complete picture.
The administration’s post links to a Wall Street Journal article that offers a bit of a different take from the White House’s version: the economy’s “swagger” had actually dropped under President Trump.
“When President Trump slapped tariffs on nations across the globe this spring, many economists feared higher prices and spending cuts would flatten the economy,” the Journal reported. “Consumer sentiment collapsed. The S&P 500 stock index fell by 19% between February and April. The world held its breath and waited for the bottom to drop out.”
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The article goes on to say, “that didn’t happen,” and “businesses and consumers are regaining their swagger.”
Not all is perfect, however, the Journal makes clear.
“There are still signs of turbulence in the U.S. economy. Growth has been subdued. Inflation, while down from pandemic peaks, is still higher than the Federal Reserve would like. Manufacturing activity shrank for the fourth straight month in June, and immigration raids are damping spending among Hispanic consumers,” the paper noted. “Trump has repeatedly delayed the higher tariffs for imports from many countries he threatened in April, and the risk of fallout from steeper levies still looms.”
While inflation may be “down from pandemic peaks,” it has risen in each of the past three months: from 2.3% (April) to 2.4% (May) to 2.7% (June). And the Journal warns, the “effect of tariffs could still be on the way.”
And according to the White House, “inflation is falling as domestic production surges.”
The White House, however, chose to discuss “core inflation,” which does not include critical items like food and energy. Prices on items like beef have just hit record highs, with CNN reporting, “Beef prices are the new egg prices. They’re soaring.”
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“Wholesale prices,” the White House boasted, “came in completely flat, below market expectations,” but, as MarketWatch reported, the “wholesale report doesn’t capture the cost of imports as well as the consumer-price index, which showed a sharper increase.”
The White House also pointed to “strong wage gains,” but according to the Atlanta Federal Reserve Bank, wage growth since February has been flat at 4.3%, until June, when it dropped to 4.2%.
Meanwhile, according to a new CBS News/YouGov poll published Sunday, nearly two-thirds of Americans (64%) disapprove of President Trump’s handling of inflation—a key factor in his winning the November election. Just 36% approve.
The vast majority of those who approve are Republicans: 76%. Just 5% of Democrats agreed.
The Hill on Monday reported that the CBS News/YouGov poll “also found that half of U.S. adults think the Trump administration’s policies have made them ‘financially worse off,’ and 62 percent think the White House’s policies have driven food and grocery costs up.”
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