{"id":48565,"date":"2025-09-27T14:51:37","date_gmt":"2025-09-27T14:51:37","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/fact-checking-trumps-recent-claims-about-the-economy\/"},"modified":"2025-09-27T14:51:37","modified_gmt":"2025-09-27T14:51:37","slug":"fact-checking-trumps-recent-claims-about-the-economy","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/fact-checking-trumps-recent-claims-about-the-economy\/","title":{"rendered":"Fact checking Trump&#8217;s recent claims about the economy"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p><em>Washington<\/em> \u2014 President Trump frequently touts a U.S. economy that&#8217;s on the rise under his stewardship: he talks about energy and grocery prices that are falling, lower mortgage rates and claims he&#8217;s vanquished inflation. He argues things have never been better for the American consumer, especially after predecessor Joe Biden&#8217;s administration.\u00a0 \u00a0\u00a0<\/p>\n<p>This month, there were mixed messages on the economy \u2014 Americans&#8217; consumer confidence slid to its lowest point since May, but this week, revised data showed that the U.S. economy grew at a strong 3.8% pace in the second quarter.<\/p>\n<p>Consumers say they&#8217;re wary, with Americans recently <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cbs-news-poll-economy-ratings-uncertain-03-09-2025\/\" data-invalid-url-rewritten-http=\"\">surveyed<\/a><\/span> by CBS News and YouGov most likely to choose &#8220;uncertain&#8221; or &#8220;struggling&#8221; to describe the current state of the economy.\u00a0<\/p>\n<p>Here&#8217;s how the president&#8217;s recent claims on the economy stack up.\u00a0<\/p>\n<h2>&#8220;Under my leadership, energy costs are down&#8221;<\/h2>\n<p><em>United Nations General Assembly, Sept. 23<\/em><\/p>\n<p>The average price of electricity per kilowatt-hour has increased since the same time last year. Residential electricity costs were 6.2% <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-utility-bills-are-rapidly-rising-in-some-states\/\" data-invalid-url-rewritten-http=\"\">higher<\/a><\/span> in August 2025 than they were a year earlier, <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"nofollow noopener\">the latest federal data<\/a> shows, while natural gas is up 13.8%. That&#8217;s higher than the annualized overall rate of inflation, which was 2.9% in August.\u00a0<\/p>\n<p>The cost of household energy overall has <a href=\"https:\/\/fred.stlouisfed.org\/series\/CUUR0000SAH21\" target=\"_blank\" rel=\"nofollow noopener\">increased<\/a> slightly, according to the Federal Reserve Board of St. Louis. In August of this year, the average cost of energy for a household was $282.84. In August of 2024, it was $263.44.\u00a0<\/p>\n<p>Overall, energy prices are <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-utility-bills-are-rapidly-rising-in-some-states\/\" data-invalid-url-rewritten-http=\"\">expected to rise<\/a><\/span>, largely due to increased demand from the rise of artificial intelligence, oil and gas drilling, electrified transportation and overall increased economic activity after the end of the pandemic. The <a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=65284\" target=\"_blank\" rel=\"nofollow noopener\">U.S. Energy Information Administration<\/a> expects residential electricity rates to increase steadily by as much as 18% in the next few years, far outstripping the annual inflation rate of about 2.7%.<\/p>\n<p>It&#8217;s not clear how the president will drive down energy costs to as much as he said he would on the campaign trail. At a rally in North Carolina on Aug. 14, 2024, he <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/rising-energy-prices-voting-issue-2025-elections\/\" data-invalid-url-rewritten-http=\"\">said<\/a><\/span> his administration would be &#8220;slashing energy and electricity prices by half within 12 months, at a maximum 18 months.&#8221;<\/p>\n<h2>&#8220;Gasoline prices are down&#8221;<\/h2>\n<p><em>U.N. General Assembly, Sept. 23<\/em><\/p>\n<p>If the president is referring to gasoline prices just since this time last year, he&#8217;s right. The cost of an unleaded regular gallon of gasoline dropped from $3.52 in August 2024 to $3.30 in August 2025, <a href=\"https:\/\/www.bls.gov\/charts\/consumer-price-index\/consumer-price-index-average-price-data.htm\" target=\"_blank\" rel=\"nofollow noopener\">according to<\/a> the U.S. Bureau of Labor Statistics.\u00a0<\/p>\n<p>Overall, gas prices have remained somewhat flat since Mr. Trump took office, a win for the administration, since gas is often more expensive in the summer, when more Americans are traveling. An unleaded regular gallon of gas cost $3.21 when Mr. Trump took office.\u00a0<\/p>\n<h2>&#8220;Grocery prices are down&#8221;<\/h2>\n<p><em>U.N. General Assembly, Sept. 23<\/em><\/p>\n<p>&#8220;Grocery prices are obviously not down,&#8221; said Michael Strain, director of economic policy studies at the American Enterprise Institute.\u00a0<\/p>\n<p>Grocery prices have continued to climb, despite the president&#8217;s pledge on the campaign trail that grocery prices would come down. Prices for food at home increased by 0.6% in August, which was the fastest monthly rise in nearly three years, with increases across all major food groups. The cost of food at home increased 2.7% from August 2024 to August 2025, according to the Bureau of Labor Statistics. That&#8217;s nowhere near the dramatic jump of nearly 11.4% during 2022, but it&#8217;s also inaccurate to say grocery prices are down.\u00a0<\/p>\n<p>A pound of ground beef, which was $5.55 in January, was $6.32 in August, according to CBS News&#8217; <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/price-tracker\/\" data-invalid-url-rewritten-http=\"\">price tracker<\/a><\/span>. A pound of ground coffee, which was $7.02 in January, was $8.87 in August, partly due to tariffs. But some prices have come down. Egg prices, which spiked due to a bird flu outbreak, are less than when he took office in January \u2014 $3.59 in August, compared to $4.95 a dozen in January.\u00a0<\/p>\n<p>&#8220;In fairness to the president, the overall consumer price index has increased by 1.3% since January and grocery prices have increased by 1.1%,&#8221; Strain said. &#8220;So grocery prices are increasing at a slower rate than the overall CPI. But they&#8217;re still increasing.&#8221;<\/p>\n<p>The fact is, even if grocery prices are increasing at a rate that is slower than the consumer price index, people are still going to notice that they&#8217;re more expensive than they were last month, whatever economists say.\u00a0<\/p>\n<p>&#8220;My sense is that they were trying to communicate there would be deflation in grocery prices,&#8221; Strain said. &#8220;A perfectly sensible thing to say would be that grocery price inflation is going to come down, which would still mean that grocery prices were going to go up.&#8221;<\/p>\n<h2>&#8220;Mortgage rates are down&#8221;<\/h2>\n<p><em>U.N. General Assembly, Sept. 23<\/em><\/p>\n<p>&#8220;Mortgage rates are down,&#8221; Strain said. &#8220;That&#8217;s true.&#8221;<\/p>\n<p>On Jan. 16, a few days before Mr. Trump took office, the average rate for a 30-year fixed mortgage was 7.04%, according to Freddie Mac. On Sept. 18, it was 6.26%.\u00a0<\/p>\n<p>Rates dipped in anticipation of the Fed&#8217;s rate cut, but also responded to economic conditions, and the 10-year Treasury. But even as mortgage rates decline, buying a home remains <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/real-estate-home-buying-affordability-gap-middle-class-where-its-worst\/\" data-invalid-url-rewritten-http=\"\">unaffordable<\/a><\/span> for many typical working Americans.\u00a0<\/p>\n<p>Mr. Trump has expressed a strong desire for interest rates, and mortgage rates specifically, to drop further. Even with slightly lower interest rates, buying a home is <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/homes-for-sale-affordable-housing-prices\/\" data-invalid-url-rewritten-http=\"\">out of reach<\/a><\/span> for the average worker.\u00a0<\/p>\n<h2>&#8220;Inflation has been defeated&#8221; and there is &#8220;no inflation&#8221;<\/h2>\n<p><em>U.N. General Assembly, Sept. 23, and in Oval Office, Sept. 25<\/em><\/p>\n<p>The president told the world at UNGA &#8220;inflation has been defeated,&#8221; and has repeatedly said, including multiple times in the Oval Office on Thursday, there is now &#8220;no inflation.&#8221;<\/p>\n<p>The Consumer Price Index <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cpi-report-today-august-2025-tariffs-inflation\/\" data-invalid-url-rewritten-http=\"\">rose<\/a><\/span> by 2.9% in August, a slight increase from months prior. Inflation was trending lower after Mr. Trump took office, but began ticking back upward in spring.<\/p>\n<p>&#8220;Inflation has not been defeated \u2014 at all,&#8221; Strain said. &#8220;Inflation is still above the Federal Reserve&#8217;s 2% target. It looks to me like inflation is actually re-accelerating, that the rate of inflation is increasing, not decreasing.&#8221;<\/p>\n<p>Economists say the president&#8217;s tariffs, and uncertainty over those tariffs, are partly to blame. But while Strain says tariffs are a factor, he doesn&#8217;t think they&#8217;re the only factor.\u00a0<\/p>\n<p>&#8220;I think the underlying economy is stronger than we had thought,&#8221; Strain said, and that&#8217;s &#8220;contributing to inflationary pressure.&#8221;\u00a0<\/p>\n<p>Households are also expecting inflation to continue at a rate above the Fed&#8217;s 2% target, he said. Strain said he&#8217;s concerned inflation may be worse than we think now.\u00a0<\/p>\n<h2>&#8220;The only thing that&#8217;s up is the stock market, which just hit a record high.&#8221;<\/h2>\n<p><em>U.N. General Assembly, Sept. 23, 2025<\/em><\/p>\n<p>It&#8217;s accurate that the stock market has reached all-time highs during Mr. Trump&#8217;s second term, despite fluctuations around his tariff announcements. The S&amp;P 500 has hit 28 all-time highs this year, and more in September so far than any month since September 2017.\u00a0<\/p>\n<p>The S&amp;P hit 5,997 on Friday, Jan. 17, shortly before Mr. Trump was sworn into office. On Tuesday, when Mr. Trump commented on the stock market, it closed at 6,658.<\/p>\n<p>The Dow Jones has also reached all-time highs since Mr. Trump took office, although it dipped this spring when talk of tariffs was at its height. The Nasdaq has also reached record highs during Mr. Trump&#8217;s second term.<\/p>\n<h2>&#8220;Manufacturing is booming&#8221;<\/h2>\n<p><em>U.N. General Assembly, Sept. 23<\/em><\/p>\n<p>Against economists&#8217; expectations, U.S. factory production increased in August, up 0.9% year over year, after struggling in July. The White House has <a href=\"https:\/\/www.whitehouse.gov\/articles\/2025\/09\/strong-spending-narrowing-trade-gap-drives-trump-economys-explosive-growth\/\" target=\"_blank\" rel=\"nofollow noopener\">cited<\/a> that demand as &#8220;signaling confidence and future investment in manufacturing as domestic producers ramp up capacity.&#8221;\u00a0<\/p>\n<p>But there are fewer manufacturing jobs in the U.S. now than when Mr. Trump took office. In August, employers <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/jobs-manufacturing-trump-tariffs-economy\/\" data-invalid-url-rewritten-http=\"\">shed<\/a><\/span> 12,000 manufacturing jobs. Payrolls in the sector have shrunk by 42,000 since April, according to an <a href=\"https:\/\/www.americanprogress.org\/article\/trumps-trade-war-squeezes-middle-class-manufacturing-employment\/\" target=\"_blank\" rel=\"nofollow noopener\">analysis<\/a> from the left-leaning Center for American Progress, based on government data.\u00a0<\/p>\n<p>&#8220;We have fewer manufacturing jobs than we had a year ago,&#8221; Strain said.\u00a0<\/p>\n<p>The Trump administration hopes both manufacturing employment and factory output will increase as the president&#8217;s tariffs go into full effect.\u00a0<\/p>\n<p>&#8220;The administration is right to say that it&#8217;s too early to judge the results of their policies, I think that&#8217;s clearly true,&#8221; Strain said. But, he expects the administration&#8217;s &#8220;protectionist policies, the tariffs, will reduce manufacturing employment, not increase manufacturing employment,&#8221; because tariffs increase the cost of the parts imported into the U.S. to make finished goods.\u00a0<\/p>\n<h2>&#8220;Workers&#8217; wages are rising at the fastest pace in more than 60 years&#8221;<\/h2>\n<p><em>U.N. General Assembly, Sept. 23<\/em><\/p>\n<p>Blue-collar workers are seeing wage growth under Mr. Trump. Real wage growth increased 1.7% for blue-collar workers in the first five months of the Trump administration, a bigger increase than the first five months of any other administration. That&#8217;s likely what the president was referring to when he talked about swiftly rising wages.\u00a0<\/p>\n<p>But the same isn&#8217;t true for white-collar wage growth, which is lagging behind inflation, according to a Bankrate <a href=\"https:\/\/www.businessinsider.com\/inflation-wage-growth-white-collar-workers-healthcare-retail-leisure-hospitality-2025-8\" target=\"_blank\" rel=\"nofollow noopener\">analysis<\/a> of BLS data.\u00a0<\/p>\n<p>On the whole, wage growth is relatively flat. According to the Bureau of Labor Statistics data published by the Federal Reserve of Atlanta, overall unweighted wage growth in August was 4.1%, the same as it was in January and slightly below August 2024, when it was 4.6%.\u00a0<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/kathryn-watson\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Kathryn  Watson<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Kathryn Watson is a politics reporter for CBS News Digital, based in Washington, D.C.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async 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energy<\/p>\n","protected":false},"author":1,"featured_media":48566,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-48565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fact checking Trump&#039;s recent claims about the economy - World News<\/title>\n<meta name=\"description\" content=\"Here&amp;#039;s how some of the president&amp;#039;s recent claims on the economy stack up.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/fact-checking-trumps-recent-claims-about-the-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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