Economic momentum is building under President Donald Trump, but translating these gains into political advantage will require sharper reporting, economist Stephen Moore said, as voters remain skeptical despite improving indicators.
“There’s a perception and there’s a reality,” Moore explained in an interview with Fox News Digital.
“The reality is what the numbers show – that the average household income has increased by about $1,200 this year, adjusted for inflation. We see a real increase in prosperity. Everyone who invests in the stock market – not just rich people, but about 160 million Americans – has retirement savings in stocks.”
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Still, Moore, a former Trump adviser and co-founder of Unleash Prosperity, a free-market advocacy organization, acknowledged that rising costs in everyday life continue to shape how many Americans view the future. economy.
“People tend to focus on the things that are going up in price, and I understand that,” Moore said. “But there are also areas where costs have fallen, including gasoline, airline tickets and some everyday items.”
That gap between economic data and how voters feel about the economy poses a political challenge for Trump, who returned to the White House promising affordability but now faces doubts about whether that promise will be kept.
Moore says Trump should continue to address voters’ affordability concerns, noting that cost-of-living pressures still shape the way many Americans view the economy. (Molly Riley/Official White House Photo)
A national Fox News survey found that 76% of voters view the economy negatively, up from 67% in July and 70% at the end of former President Joe Biden’s term.
The poll found that voters are more likely to blame Trump than Biden for current economic conditions, with three times as many voters saying Trump’s policies have hurt them personally.
The sentiment has fueled Democratic messaging affordabilitywhich has resonated in recent state and local elections.
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New York’s newly elected mayor, Zohran Mamdani, put affordability at the center of his campaign to govern America’s largest city. (Christian Monterrosa/Bloomberg/Getty Images)
That disconnect, Moore says, isn’t just about prices, but also about tone.
“I think people want empathy from the president,” Moore said. “Middle- and working-class people want to know that this president understands how hard it is to work 40 hours a week and still struggle to meet their bills.”
To bridge that gap, Moore compared Trump’s current challenge to Ronald Reagan’s early presidency, which followed the post-Jimmy Carter economic struggles — a dynamic he said reflects the aftermath of the Biden administration.
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President Donald Trump has launched a nationwide campaign to tackle his economic agenda. (Daniel Torok/Official White House Photo)
“Trump should use an old quote from Ronald Reagan, because Reagan’s first 18 months as president were very tough. We had a very bad economy as a residual effect of Jimmy Carter. And Reagan said to the American people: stay the course, these policies are going to work and it will make America better off.”
Moore said recent data suggests the recovery is accelerating, and that momentum is likely to continue.
“The economy has really accelerated in recent months,” Moore said. “At 4.3% growth, that is a very high rate, and the recovery is progressing well. It has been a very prosperous first year and I expect 2026 to bring very strong continued economic growth.”
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