WASHINGTON — President Donald Trump recently called reporters to the Oval Office to share charts supporting his claims about the strength of the U.S. economy. This comes after a jobs report raised concerns and led to the ousting of the head of the Bureau of Labor Statistics.
Accompanying him was Stephen Moore, an economist at the Heritage Foundation and co-author of “Trumponomics.” Moore presented data aimed at highlighting Trump’s economic achievements while downplaying the record of former President Joe Biden.
In this meeting, Trump expressed his desire to reshape the public’s perception of the U.S. economy. Despite a stable stock market, job growth has slowed, and inflation rates have been a significant issue since Trump imposed new tariffs on imports.
Moore mentioned that he contacted Trump to share findings indicating that job numbers reported under Biden were overstated by 1.5 million. Trump suggested this was intentional but has yet to provide solid evidence.
The economy often presents a more complex picture than what any president can easily convey. In the first seven months of this year, around 597,000 jobs were added—about 44% less than in the same period last year. The latest jobs report showed only 73,000 jobs added, with previous months’ figures also revised down by 258,000.
While Biden experienced downward revisions in his job numbers, he still added 2 million jobs in 2024 and 2.6 million in 2023. However, inflation has emerged as a significant concern, reaching a 40-year high in June 2022. Many families continue to feel the pinch of rising prices for essential items.
Even with Trump’s promises of economic growth, inflation appears to be creeping back under his leadership. Goldman Sachs projected that consumer prices increased by 3% over the past year, indicating a rise from 2.3% in April.
Moore noted that during the first five months of Trump’s second term, the average household income is said to have increased by $1,174 after adjusting for inflation, based on Census Bureau data that can be hard to verify. “That’s an incredible number,” Trump remarked, noting that many might be skeptical of such claims.
In summary, while Trump works to promote a narrative of economic success, challenges remain, and the reality may be more mixed than he presents.
