As the US midterm elections approach, we examine the data to gain a clear perspective on the American economy under the Trump administration.
With midterm elections drawing near, the state of the economy is at the forefront of many Americans’ minds.
US voters are weary from years of elevated costs. Donald Trump secured the presidency in 2024 by pledging to curb Economists describe this as a “low-hire, low-fire” economy, where businesses are neither aggressively hiring nor laying off staff.
S&P 500
Although many Americans report struggling in the current economy, a small segment of the population has never been wealthier. The stock market has continued to climb since Trump took office, recovering from dips that followed his initial tariff announcements and the early stages of the Iran war.
Economists largely attribute this market acceleration to investments in AI. Technology firms are spending billions of dollars on data centers and the chips required to power artificial intelligence.
While many Americans hold investments in the stock market through pension and retirement funds, this growth has primarily benefited the wealthiest 1% of Americans.
