Trump Says That You Are the Problem

Everything is perfect. Why aren’t you grateful?

Last night Donald Trump gave an important speech on the economy in Pennsylvania — supposedly in a working-class area, although the actual venue was a luxury casino resort. The event was initially touted as the start of an “affordability tour,” the first of a series of speeches intended to reverse Trump’s cratering approval on his handling of inflation and the economy. A number of news analyses suggested that he would use the occasion to blame Democrats for the economy’s troubles.

That was never going to happen. Trump did, of course, take many swipes at Joe Biden, as well as attacking immigrants, women and windmills. But to blame Democrats for the economy’s problems he would have to admit that the Trump economy has problems. And the speech was important because it revealed that he won’t make any such admission, and will continue to gaslight the public.

On Monday Politico interviewed Trump, asking him, among other things, what grade he would give the current economy. His answer: “A-plus-plus-plus-plus-plus.”

In fact, until very recently Trump wouldn’t even accept the reality that ordinary Americans don’t share his triumphalism. When Fox News’s Laura Ingraham asked him a month ago why people are anxious about the economy, Trump replied

I don’t know they are saying that. The polls are fake. We have the greatest economy we’ve ever had.

Since then Trump and his minions seem to have come around to admitting that Americans are, in fact, unhappy with the state of the economy. But if the economy is A+++++, why don’t people see it? The problem can’t possibly lie with him — so it must lie with you. “The American people don’t know how good they have it.”

I put that line in quotes because it isn’t a caricature or a paraphrase. It is, in fact, literally what Scott Bessent, the Treasury secretary, said the other day:

We’ve made a lot of gains, but remember, we’ve got this embedded inflation from the Biden years, where mainstream media, whether it’s Greg Ip at the Wall Street Journal, toxic Paul Krugman at New York Times or former Vice Chair, Alan Blinder, all said it was a vibecession. The American people don’t know how good they have it.

Incidentally, I appreciate the personal plug. Trump has already called me a “deranged bum.” Now Bessent says I’m “toxic.” Give me a fake peace prize, and I’ll have all the honors anyone could ask for.

Anyway, I may not be a political strategist, but I don’t think “You’re all a bunch of ingrates” is a winning message. It was, however, really the only message Trump could deliver, given his utter lack of empathy or humility.

At this point I could bombard you with a lot of data showing that the economy is not, in fact, A+++++. But it isn’t a disaster area, at least not yet. So why are Americans feeling so down? The main culprit is Trump himself.

First, during the 2024 campaign Trump repeatedly promised to bring consumer prices way down beginning on “day one.” We’re now 11 months in, prices are still rising, and voters who believed him feel, with reason, that they were lied to. Last night Trump insisted that prices are, in fact, coming way down. Again, “Who you gonna believe, me or your lying eyes?” is a self-destructive political strategy.

Second, Trump would be in much better political shape right now if he had basically continued Biden’s policies, with only a few cosmetic changes. When he took office inflation was on a declining trajectory. Consumer sentiment was relatively favorable at the start of 2025. Americans were still angry about high prices, but the inflation surge of 2021-3 had happened on Biden’s watch and was receding into the past. My guess is that many voters would have accepted Trump’s claims that high prices were Democrats’ fault and given him the benefit of the doubt about the economy’s future if he had simply done nothing drastic and left policies mostly as they were.

Instead, he brought chaos: Massive and massively unpopular tariffs, DOGE disruptions, masked ICE agents grabbing people off the street, saber-rattling and war crimes in the Caribbean. Many swing voters, I believe, supported Trump out of nostalgia for the relative calm that prevailed before Covid struck. They didn’t think they were voting for nonstop political PTSD.

And there’s more to come. Health insurance costs are about to spike, because Republicans refuse to extend Biden-era subsidies. Inflation may pick up in the next few months as retailers, who have so far absorbed much of the cost of Trump’s tariffs, begin passing them on to consumers.

So the “affordability tour” is off to a disastrous start. And it won’t get better, because while Trump insists that the problem is you, it’s actually him. And he isn’t going to change.

NONMUSICAL CODA