President Donald Trump dismissed concerns that Americans are worried about the economy. In a tense exchange with Fox News Channel’s Laura Ingraham that aired Monday night, Trump bristled at the notion that Americans are anxious about the economy.
“I don’t know that they are saying that,” Trump said in his Fox interview when Ingraham asked why people were concerned about economic conditions. “I think the polls are fake. We have the greatest economy we’ve ever had.”
Trump credited the strength of the economy to renewed investment and enthusiasm for his presidency. “MAGA was my idea,” he explained on Fox News. “I know what MAGA wants better than anybody else, and MAGA wants to see our country thrive.”
The president also sparred with Ingraham over his administration’s policy on foreign students, defending the continued presence of 600,000 Chinese students in the US. “You don’t want to cut half the people, half the students from all over the world that are coming into our country, destroy our entire university and college system,” Trump added on Fox News. “I don’t want to do that.”
On trade and global relations, Trump downplayed Ingraham’s concerns about Chinese espionage and accused traditional allies like France of treating the US unfairly. “You think the French are better? Really? I’ll tell you, I’m not so sure,” he said. “We’ve had a lot of problems with the French, where we get taxed very unfairly on our technology.”
The president also commented on the ongoing government shutdown and housing policy, brushing aside worries about 50-year mortgages. “It’s not even a big deal,” Trump said. “All it means is you pay less per month, you pay over a longer period of time. It’s not like a big factor. It might help a little bit.”
When asked how Republicans could help voters feel better about the economy amid Democratic gains in recent state elections, Trump replied, “More than anything else, it’s a con job by the Democrats.”
He also predicted falling gas prices. “Gas prices will soon reach $2 a gallon,” Trump said though national averages currently hover around $3 per gallon, according to the Energy Information Administration.
What do recent surveys indicate?
A raft of recent surveys shows Americans remain pessimistic about the economy. According to a CNBC All-America Economic Survey, Americans’ views turned more negative in the third quarter, with deepening worries about jobs, inflation, and the overall outlook. The same poll showed Trump’s net approval on the economy falling to 42% approving and 55% disapproving, a -13 rating, the lowest recorded by CNBC during either of his two terms.
An NBC News poll released November 9 has similar results, finding that two-thirds of registered voters believe the Trump administration has failed to meet expectations on inflation and the cost of living. 65 percent said the president has not lived up to their hopes for strengthening the middle class. Trump’s approval rating in that poll stood at 43%, a four-point drop since March, while 55% disapproved of his performance. RealClearPolitics’ polling average showed similar numbers, 43% approval to 54% disapproval.
US economic data
Economic data presents a mixed picture. Gross domestic product grew at a 3.8% rate in the second quarter following a 0.6% contraction in the first, according to the Commerce Department.
The Atlanta Fed’s GDPNow forecast pegs third-quarter growth at 4%, though many inputs remain missing due to the government shutdown. Historically, GDP growth has averaged 2.9% per quarter over the last half-century, making current growth solid but not unprecedented.
Still, consumer sentiment has tumbled. The University of Michigan’s index registered 50.3 in November, levels typically associated with recessions, a 30% drop over the past year. The Conference Board’s consumer confidence index remains subdued, hovering near early pandemic levels, while Gallup’s economic confidence measure also remains weak.