The White House is touting the US economy as the best it's ever been, with Kevin Hassett, director of the National Economic Council, pointing to expected 4% GDP growth in the third quarter as evidence.
What happened
Despite this claim, many Americans are not convinced, citing rising inflation and stagnant wages. The annual inflation rate has increased from 3% to 3.7% since President Trump began his second term, and real average hourly and weekly wages have turned negative in recent months.
The US unemployment rate has remained near a historically low 4%, but this is partly due to fewer people in the labor force and companies monitoring the situation. The artificial intelligence boom is also driving economic growth, with companies like Nvidia investing in data centers and chip production.
However, voters are unhappy with the economy, with the University of Michigan's October Consumer Sentiment Index posting the second-lowest reading on record. Republicans are more frustrated with the economy than Democrats and independents, mainly due to cost-of-living issues.
