Thanks to President Donald Trump’s decisive economic policies, the United States appears poised to sidestep a recession this year—despite months of dire warnings from many on the left.
But will Democrats set aside politics to acknowledge the resilience and strength of the American economy, which many doubted? That seems unlikely.
The Bureau of Economic Analysis released another encouraging report on July 30, highlighting the vitality of the nation’s economy. Gross domestic product climbed at a healthy annualized rate of 3% in the second quarter, bouncing back after a slight decline of less than 1% in the first quarter. With these figures, recession fears should begin to fade.
Most key indicators of economic health are looking strong. Unemployment stands at a low 4.1%, and the past three months have shown consistent job growth. Wages are also on the rise—average hourly earnings increased by 3.7% in the year ending in June.
Consumer spending is projected to increase, and there’s been a modest uptick in consumer confidence. Inflation, as measured by the Consumer Price Index, rose by 2.7% over the past 12 months—well below the 40-year peak reached during President Joe Biden’s term.
Even egg prices have seen a sharp drop, falling to $3.31 per dozen from a February high of $8, returning to levels seen a year ago.
The markets are also signaling optimism. After a spring downturn triggered by concerns over Trump’s tariffs, major indexes have rebounded. The Nasdaq and S&P 500 hit record highs in July—welcome news for millions of Americans with retirement accounts and investment portfolios.
On trade, Trump’s recent agreement with the European Union is expected to spur further economic growth, particularly in the energy and construction sectors.
If this is what a recession is supposed to look like, perhaps more Americans will say: we’ll take it.
Critics Were Quick to Sound the Alarm
Despite these strong numbers, praise for the Trump administration’s economic performance has been in short supply—particularly among left-leaning critics.
Nobel laureate Paul Krugman declared in May that Trump’s “MAGAnomics” was “destroying the economy” and undermining the middle class and the poor. His column even claimed Trump was “making America backward again.”
Krugman also insisted the economy was in solid shape when Biden left office in January and accused Trump of wrecking it in just three months. But with current data pointing in a different direction, will he walk back those remarks? Doubtful.
Krugman wasn’t alone in his dire forecasts. In April, CNN published an analysis warning that “Trump took the US economy to the brink of a crisis in just 100 days.”
The Center for American Progress also sounded the alarm, calling Trump’s decision to launch a global trade war one of the worst economic missteps in modern American history.
Reading these articles, I often wonder if we’re all looking at the same economy. The answer, of course, is that progressives do see the same numbers—but many refuse to acknowledge them, blinded by partisanship.
A Booming Economy Should Be a Shared Victory
I don’t mind legitimate critiques of Trump. At times, he has certainly warranted criticism. But when the economy is performing this well, relentless negativity comes across as shallow and predictable. Economic success, regardless of who occupies the Oval Office, should be something all Americans celebrate.
I didn’t support Biden’s progressive policies, but I wasn’t happy when the economy struggled under his leadership. That was a loss for every American—not just for Biden politically.
After Biden took office, inflation soared, peaking at 9% in June 2022—the highest rate in four decades. Families across the country felt the squeeze in housing, food, and fuel prices.
In response, the Federal Reserve raised interest rates in an effort to tame inflation—sending borrowing costs for homes, cars, and credit cards soaring.
Democrats tried to shift the blame to Trump-era policies, including emergency COVID-19 spending. But Biden ramped up federal outlays even as the pandemic receded.
By 2024, more than half of voters said the economy was their top concern. That focus helped Trump win over 77 million votes and secure a second term in the White House.
Now, he’s making good on promises to restore the nation’s economic strength. Yet some remain unwilling to credit that success.
It’s unfortunate that so many on the left can’t view economic progress independently of party loyalty. At times, it seems they were rooting for a downturn—just to say, “We told you so.”
