{"id":862,"date":"2026-07-30T21:37:13","date_gmt":"2026-07-30T21:37:13","guid":{"rendered":"https:\/\/americanlivingreport.com\/?p=862"},"modified":"2026-07-30T21:37:13","modified_gmt":"2026-07-30T21:37:13","slug":"trumps-merely-okay-economy","status":"publish","type":"post","link":"https:\/\/americanlivingreport.com\/?p=862","title":{"rendered":"Trump\u2019s merely \u201cokay\u201d economy"},"content":{"rendered":"
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This story appeared in <\/em>Today, Explained, a daily newsletter that helps you understand the most compelling news and stories of the day. Subscribe here<\/em>.<\/p>\n

Read more The four most important words in healthcare right now<\/a><\/p>\n<\/div>\n

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The American economy lost some steam this spring as the war in Iran pushed up energy prices. But don\u2019t let that slower growth, or the downer vibes, fool you: The economy is actually\u2026doing all right.<\/p>\n<\/div>\n

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The latest report out Thursday from the US Bureau of Economic Analysis, which covers the months of April, May, and June, finds that consumers and businesses have been feeling surprisingly spendy, despite the drag of inflation.<\/p>\n<\/div>\n

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Inflation does<\/em> remain well above the Federal Reserve\u2019s annual target of 2 percent. And a surge in imports \u2014 largely semiconductors and other gear related to the AI boom \u2014 pulled the economy down on paper. Overall, the US gross domestic product expanded at an annual rate of 1.5 percent, slower than economists expected.<\/p>\n<\/div>\n

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But imports and exports can swing dramatically from quarter to quarter, and cleaner measures of underlying demand (like the dreadfully named \u201creal final sales to private domestic purchasers,\u201d which filters out some of the noise of quarter-to-quarter swings) showed stronger growth. \u201cIt\u2019s an economy that\u2019s doing okay,\u201d summed one economist to the Washington Post.<\/p>\n<\/div>\n

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The US economy is surviving Trump<\/strong><\/strong><\/h2>\n<\/div>\n<\/div>\n
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This raises an obvious question that President Donald Trump somehow has not posted about yet: If the economy is chugging along, does he deserve the credit?<\/p>\n<\/div>\n

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After all, in addition to these GDP numbers, unemployment is pretty low. And wages rose faster than inflation last year, helping offset higher prices.<\/p>\n

Read more How to bail on plans without losing friends<\/a><\/p>\n<\/div>\n

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But many economists argue that the economy has held up despite<\/em> Trump\u2019s policies, not because<\/em> of them. Without Trump\u2019s meddling, today\u2019s \u201cokay\u201d economy might have been fantastic.<\/p>\n<\/div>\n

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Let\u2019s take a closer look at inflation to see how this shakes out. Trump has famously imposed massive and ever-changing tariffs on virtually all of America\u2019s trading partners \u2014 including, most recently, a 50 percent levy on many goods from Canada. If I run a liquor store and want to stock Canada\u2019s iconic Crown Royal, each $25 bottle now costs me $37. I either eat that cost, drop the product\u2026or pass some of the increase on to customers.<\/p>\n<\/div>\n

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Repeated across the economy, these little pass-throughs add up. The Dallas Federal Reserve calculated that, as of March, America\u2019s core inflation rate would have been just 2.3 percent \u2014 instead of 3.2 percent \u2014 without Trump\u2019s tariffs. Put another way, Yale\u2019s Budget Lab estimates that tariffs cost the average US household $1,100 a year.<\/p>\n<\/div>\n

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So maybe the economy is doing okay\u2026but it could also be better. Personally I\u2019d like an extra $1,100. And a Canadian whisky, for that matter.<\/p>\n<\/div>\n

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One link for later<\/h2>\n<\/div>\n<\/div>\n
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\u27a8 Don\u2019t rent the new iPhone.<\/strong> Apple rolled out a new \u201cupgrade\u201d program a few days ago, partnering with Klarna to offer customers the ability to rent smartphones for $35 a month. The scheme may make sense for diehards who always want the latest phone and switch devices frequently. But for most other people, it\u2019s not worth it. \u201cHow do I know people aren\u2019t getting a good deal here?\u201d one law professor said. \u201cIf they were, Apple wouldn\u2019t be offering it.\u201d<\/p>\n

Read more The iPhone lease is too good to be true<\/a><\/p>\n<\/div>\n

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Before you go\u2026<\/h2>\n<\/div>\n<\/div>\n
See More:<\/span><\/p>\n
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  • Money<\/li>\n
  • Today, Explained newsletter<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    GDP growth slowed this spring. 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