{"id":5279,"date":"2026-08-14T15:39:57","date_gmt":"2026-08-14T15:39:57","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5279"},"modified":"2026-08-14T15:39:57","modified_gmt":"2026-08-14T15:39:57","slug":"trumps-golden-age-economy-pitch-fizzles-with-midterm-voters","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5279","title":{"rendered":"Trump\u2019s \u2018Golden Age\u2019 economy pitch fizzles with midterm voters"},"content":{"rendered":"
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Now, with midterm elections less than three months away and campaigning poised to get underway in earnest, the gap has become impossible to ignore. And there are signs that\u2019s weighing on Trump\u2019s Republican Party as it fights to retain control of Congress. The president\u2019s rosy view is running into\u00a0anxiety\u00a0about the cost of living and fallout from the war in Iran.<\/p>\n

Read more The secret history of Ray Dalio and the creation of Chicken McNuggets\u2014how a 1980s hedge strategy unlocked a whole new menu<\/a><\/p>\n

Inside the White House, there\u2019s broad confidence that the administration has a record to run on, one the president will likely be hammering from here to November. But other Republicans, including some people close to the president, are concerned that won\u2019t be enough, especially for candidates running in competitive races. They want him to offer fresh economic plans, such as further\u00a0tax cuts\u00a0expanding on last year\u2019s major law that\u2019s central to the GOP economic pitch.<\/p>\n

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Whether he changes course or not, the current environment represents a reckoning for Trump, who relied on the economy as key political strength during his first term. Now, it\u2019s shaping up as a significant liability.\u00a0<\/p>\n

The economic data itself offers a mixed picture. Unemployment is low, American consumers are buying plenty of stuff, and there are signs of a manufacturing revival. But inflation has been back above 3% \u2014 the level when Trump took office \u2014 since the president went to war with Iran alongside Israel in late February.<\/p>\n

Voters are laser-focused on the cost of living, as they\u2019ve been ever since prices skyrocketed under former President Joe Biden and helped Trump win back the White House. They seem to have concluded that his second-term policies haven\u2019t helped.\u00a0<\/p>\n

Just 39% approve of Trump\u2019s job performance, according to the RealClearPolitics polling average. Even fewer, 30%, approve of his handling of inflation. A 31% plurality of Americans in a new Economist\/YouGov\u00a0\u00a0listed inflation and prices as their most important issue, 17 percentage points more than the second-most important topic, jobs and the economy. \u00a0<\/p>\n

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\u2018Catch 22\u2019<\/h3>\n

All of this has left Republican candidates facing tight midterm races \u201cin a Catch 22,\u201d said Marc Short, who served in the first Trump administration.<\/p>\n

\u201cThey are reluctant to criticize, because they think the president will come after them, but ultimately I think a lot of their voters want to see them stand up for their interests\u201d on issues like trade, Short said. Trump has plenty of achievements to highlight but \u201cit\u2019s hard to argue that his tariffs are not contributing to the affordability problems.\u201d\u00a0<\/p>\n

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Unease among some in Trump\u2019s circles was laid bare Tuesday afternoon on Fox Business, where former National Economic Council Director Larry Kudlow interviewed his successor Kevin Hassett.<\/p>\n

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Kudlow said he\u2019d spoken with Trump about measures that would effectively lower capital gains taxes, and \u201cthe boss is very interested.\u201d<\/p>\n

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Hassett said that Trump has now decided he can\u2019t campaign by looking backward. \u201cHe says, as we\u2019re going into the midterms, that he doesn\u2019t want to just sort of say how great it is what we\u2019ve done in the past.\u201d<\/p>\n

Aides insist Trump is getting a clear-eyed readout of the state of things but is focusing on what he sees as positives. He wants to tout the soaring stock market that\u2019s lifted Americans\u2019 retirement accounts, and the tax cuts he pushed through last year. It\u2019s a plus to have gotten the One Big Beautiful Bill Act passed in time for those measures to have a midterm impact, an official said.<\/p>\n

The president is also attuned to important indicators, including the price of beef, one White House official said. But another said the president\u2019s view of the economy is shaped in part by his frequent viewing of Fox News and Fox Business, which generally air pro-Trump assessments.<\/p>\n

\u2018On Day One\u2019<\/h3>\n

On the campaign trail, Trump has acknowledged voter concerns about high prices yet he has continued to blame Biden, who left office more than a year and a half ago. \u201cRemember, we inherited the worst inflation in the history of our country,\u201d he said in Las Vegas on Aug. 5. \u201cWe brought down prices and nobody can believe what\u2019s going on.\u201d<\/p>\n

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Thecumulative increase in consumer prices during Biden\u2019s term\u00a0was higher\u00a0than under any other president in the past 40 years, though the pace had slowed by the time Trump took over. The new president promised to bring down prices \u201con day one.\u201d Instead inflation has accelerated again this year.\u00a0<\/p>\n

Read more Randall Lane probably didn\u2019t break the law by accepting $6 million while working at Forbes, but he may still pay a price under a 140-year-old doctrine<\/a><\/p>\n

Prices for many staples, including beef, veal and electricity, are still elevated. Housing remains unaffordable to many, with 30-year mortgage rates around 6.7%, their highest\u00a0this year. But the key driver has been Trump\u2019s war with Iran and the energy shock it caused. Gasoline is above $4 a gallon, the\u00a0latest into the summer\u00a0it\u2019s been at that level in more than two decades of American Automobile Association data.<\/p>\n

Trump and Treasury Secretary Scott Bessent have argued for months now that pump prices will plummet when the war is over, but while fighting has eased, there\u2019s little sign of an imminent resolution that would unlock oil supplies. Economists have said the buffer of tax savings and bigger refunds from the Trump tax bill, which helped Americans pay higher fuel prices without cutting back on other spending, is\u00a0now gone.<\/p>\n

Peter Navarro, a longtime Trump economic aide, said the administration is aware of challenges around affordability.<\/p>\n

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\u201cWe all understand that we\u2019re grappling with inflation and problems that are creating hardship for Americans,\u201d he told reporters Tuesday at the White House. \u201cWe also understand that the media is doing a very, very poor job in reporting the really strong efforts we have been making and showing fruits on implementing basically the Trumponomics policies.\u201d<\/p>\n

\u2018Sick of Hearing\u2019<\/h3>\n

In one key part of the economy, Trump has highlighted recent data that point upward.<\/p>\n

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The Institute for Supply Management\u2019s manufacturing gauge\u00a0expanded\u00a0at the fastest pace for more than four years in July, amid strong demand from the artificial intelligence build-out. Provisions in last year\u2019s tax bill are helping boost capital expenditures, and business investment has accelerated this year.\u00a0<\/p>\n

Still, many economists say the higher costs from Trump\u2019s tariffs and uncertainty around them have held back hiring as well as potential investment, especially outside of AI. The US added 16,000 manufacturing jobs in the past two months, but up to that point it had lost almost 100,000 in Trump\u2019s second term. Factory construction is also down from the record it reached in 2024 after Biden-era incentives.<\/p>\n

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The White House predicts a pickup,\u00a0citing $10.7 trillion\u00a0in investment pledges by companies such as Apple Inc. and US Steel Corp. and by American allies including the United Arab Emirates and Japan. Critics note many of these announcements were tentative or already in the works.\u00a0<\/p>\n

There are intense election-season debate around many other aspects of the US economy, including how\u00a0\u201cK-shaped\u201d\u00a0\u2014 skewed toward the rich, and hence against most voters \u2014 it is.<\/p>\n

Bessent told CNBC last week that \u201cthe K-shaped economy is over\u201d and he\u2019s \u201csick of hearing\u201d about it. Bank of America Institute\u00a0data\u00a0offer some support, showing that wage growth for lower-income households recently overtook that of higher earners.<\/p>\n

Other measures suggest disparities persist, with hourly earnings for nonsupervisory and production workers lagging behind inflation. New stock-market wealth flows mostly to already-prosperous Americans, and that group also stands to\u00a0benefit most\u00a0from any proposed cuts in capital gains taxes.<\/p>\n

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However much the economic and polling data points to a tough midterm landscape for Republicans, it\u2019s unlikely to faze Trump too much, according to Short, his former aide.<\/p>\n

\u201cHe\u2019s contrarian and he has unlimited confidence in his ability to sell his message,\u201d Short said. \u201cIt\u2019s an additional challenge if there\u2019s headwinds.\u201d<\/p>\n

Read more Trump\u2019s \u2018Board of Peace\u2019 with Jared Kushner, Tony Blair heads to Middle East to salvage Gaza peace deal<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Just 39% approve of Trump’s job performance and only 30% back his handling of inflation as Republicans grow anxious about affordability messaging<\/p>\n","protected":false},"author":1,"featured_media":5278,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-5279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-donald-trump"],"yoast_head":"\nTrump\u2019s \u2018Golden Age\u2019 economy pitch fizzles with midterm voters - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5279\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump\u2019s \u2018Golden Age\u2019 economy pitch fizzles with midterm voters - 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