Despite months of grave warnings from many on the left, President Donald Trump’s decisive economic policies seem to be helping the United States avoid a recession this year.
Will Democrats, however, put politics aside to recognize the American economy’s strength and durability, which many questioned? It doesn’t seem likely.
On July 30, the Bureau of Economic Analysis published another positive report emphasizing the strength of the country’s economy. Following a modest decrease of less than 1% in the first quarter, the gross domestic product rebounded to a solid annualized rate of 3% in the second quarter. Fears of a recession should start to subside with these numbers.
The majority of important economic health indicators appear to be in good shape. The unemployment rate is at a low 4.1%, and job growth has been steady over the last three months. Additionally, wages are rising; on average, hourly wages rose 3.7% in the year that ended in June.
Consumer confidence has somewhat increased, and it is anticipated that consumer spending will rise. According to the Consumer Price Index, inflation increased by 2.7% during the previous 12 months, which is significantly less than the 40-year high that was attained under President Joe Biden’s administration.
Even egg prices have plummeted, dropping from a peak of $8 in February to $3.31 per dozen, which is back to where they were a year ago.
Additionally, the markets are expressing optimism. Following a spring decline brought mainly by worries about Trump’s tariffs, major indexes have recovered. Millions of Americans with retirement accounts and investment portfolios are happy to hear that the Nasdaq and S&P 500 reached record highs in July.
Regarding trade, it is anticipated that Trump’s recent deal with the European Union will promote additional economic expansion, especially in the building and energy industries.
Maybe more Americans will respond, “We’ll take it,” if this is how a recession is meant to look.
Critics Were Quick to Sound the Alarm
Despite these impressive figures, there hasn’t been much appreciation for the Trump administration’s economic performance, especially from left-leaning detractors.
In May, Nobel laureate Paul Krugman said that Trump’s MAGAnomics was ruining the economy and hurting the poor and middle class. He even asserted in his column that Trump was regressing America.
Additionally, Krugman maintained that the economy was doing well when Biden stepped down in January and charged that Trump had destroyed it in just three months. But will he retract those statements now that the evidence is different? Not sure.
Krugman’s pessimistic predictions weren’t unique. In just 100 days, Trump brought the US economy to the verge of collapse, according to a CNN report released in April.
Trump’s decision to start a worldwide trade war was hailed by the Center for American Progress as one of the worst economic blunders in contemporary American history.
I frequently question whether we are all examining the same economy when I read these pieces. Naturally, the argument is that progressives do have the same numbers, but many are politicized and won’t admit it.
A Booming Economy Should Be a Shared Victory
I have no problem with reasonable criticism of Trump. He has undoubtedly merited criticism at times. But constant negativity seems expected and superficial when the economy is doing this well. All Americans should be proud of economic progress, regardless of who holds the White House.
Even though I didn’t agree with Biden’s progressive views, I wasn’t pleased when the economy faltered under his direction. That was not only a political setback for Biden; it was a setback for all Americans.
Inflation skyrocketed after Biden became office, reaching its highest level in forty years in June 2022 at 9%. Fuel, food, and housing costs were tight for families across.
The Federal Reserve responded by raising interest rates in an attempt to control inflation, which caused credit card, auto, and house borrowing costs to skyrocket.
Democrats tried to shift the blame to Trump-era policies, including emergency COVID-19 spending. But even as the pandemic subsided, Biden increased federal spending.
By 2024, the economy was cited as the primary worry by almost half of voters. Trump received more than 77 million votes and was able to win a second term in office because to this concentration.
He is now fulfilling his pledges to strengthen the country’s economy. Some, however, are still unwilling to give credit for that achievement.
Unfortunately, a large number of left-leaning people are unable to see economic advancement as separate from party affiliation. They seemed to be hoping for a downturn at times, merely to say, “We told you so.”
