Trump Touts 'Golden Age' But Americans Remain Skeptical of Economy

President's State of the Union claims of booming economy clash with consumer confidence surveys showing continued gloom

Published on Feb. 26, 2026

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In his State of the Union address, President Trump sought to sell Americans on the idea of a booming economy, falling prices, and soaring jobs. However, consumer confidence surveys show the public has a much gloomier view, with only 39% approving of Trump's economic leadership. The economy is growing but not "roaring" as Trump claimed, and inflation remains stubbornly elevated despite some price declines. Hiring also slowed sharply in 2025, and Trump's tariffs have contributed to higher consumer prices.

Why it matters

Trump's portrayal of the economy as a "golden age" is at odds with how most Americans currently view the economic situation, which could impact his political standing and the public's trust in economic data and messaging from the administration.

The details

While Trump cited positive economic data points like falling inflation and rising incomes, the broader economic picture remains mixed. Growth slowed to 2.2% in 2025, down from 2.8% in Biden's last year. Inflation, while down from its peak, remains above the Federal Reserve's 2% target. Hiring also slowed sharply in 2025, with just 181,000 jobs added for the year. Trump's tariffs have contributed to higher consumer prices on many imported goods.

  • Trump delivered his State of the Union address on February 26, 2026.
  • The Conference Board released its latest consumer confidence report just 12 hours before Trump's speech, showing overall confidence remained historically low.
  • In February 2026, the consumer confidence index ticked up to 91.2, still noticeably below a four-year peak of 112.8 reached in November 2024.

The players

Donald Trump

The 45th President of the United States who delivered the State of the Union address touting a booming economy.

Joe Biden

The 46th President of the United States, whose final year in office saw economic growth of 2.8%.

The Conference Board

A business research group that released a consumer confidence report showing overall confidence remained historically low just before Trump's speech.

Alberto Cavallo

A Harvard University economist who conducted a study finding that U.S. consumers were bearing 43% of the higher tariff costs imposed by Trump.

Joanne Hsu

Director of the University of Michigan's consumer sentiment survey, which found nearly half of respondents cited high prices eroding their personal finances.

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What they’re saying

“Inflation is plummeting, incomes are rising fast, the roaring economy is roaring like never before.”

— Donald Trump, President of the United States (State of the Union address)

“Nearly half of the people responding to the University of Michigan's consumer sentiment survey in February 'spontaneously mentioned high prices eroding their personal finances'.”

— Joanne Hsu, Director of the University of Michigan's consumer sentiment survey (Statement)

What’s next

The Federal Reserve will likely continue monitoring inflation closely and may adjust interest rates further in response to economic conditions.

The takeaway

Despite the president's rosy portrayal, the economic reality for many Americans remains one of stubbornly high prices, slowing job growth, and a general sense of unease about the direction of the economy, presenting a political challenge for the administration.