WASHINGTON (Gray DC) -Improving the U.S. economy was a major platform of Donald Trump in his attempt to take back the White House.
“I think it was huge,” Heritage Foundation Economist Richard Stern said. “And I think he’s got a lot of ability to fix it.”
Trump will deliver an address to Congress Tuesday March 4, which is technically not a State of the Union Address given the presidential transition. Trump will have an opportunity to address the current state of the economy about one month into his second term.
Financial services firm Bankrate says it is starting to cool off after a red hot post-pandemic period.
“The U.S. economy is chugging along,” Bankrate Economist Sarah Foster said. “Consumers are still spending. Inflation is still elevated, but it’s gradually cooled.”
Much like during the Biden administration, Americans are pessimistic.
The Conference Board reported February saw the most significant monthly drop in consumer confidence in four years.
“When consumers look forward, they’re seeing a jittery stock market, they’re seeing tariffs, potential inflationary threats,” Foster said. “I think all of that is combining to make this picture cloudier than usual.”
Bankrate says data is mixed on how much consumer confidence actually impacts the economy.
As for Trump’s policy promises on tariffs, they say it’s too soon to tell.
“Only one of those policies has completely come to fruition. We really still don’t know what that’s going to look like.”
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