Trump Says the US Has Its ‘Best Economic Numbers.’ Here’s What Matters for Your Money
President Donald Trump has cheery news for Americans who think they’re struggling financially right now – the United States currently has the “best economic numbers … in the history of our country.”
That statement was made during a meeting Trump had with New York City Mayor Zohran Mamdani on Tuesday, Sept. 22. Trump also said the U.S. has “$21 trillion pouring in,” though he didn’t provide any specifics.
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The president’s boast about the “best economic numbers” in U.S. history might come as a surprise to Americans who think the current economy could do a lot better.
Here’s a look at some of the numbers many Americans deem most important when it comes to their money.
Macroeconomic Trends
Based on recent history, there’s not much evidence that the U.S. is enjoying the best economic numbers in its history. The nation’s economy grew at a “sluggish” 1.5% pace during the 2026 second quarter, PBS reported. That was down from 2.1% the previous quarter.
In fact, the 1.5% Q2 figure lags well behind the curve in terms of recent GDP growth. Over the past three years, GDP growth has averaged 2.45% per quarter, according to U.S. Bureau of Economic Analysis (BEA) data cited by Trading Economics.
The highest quarterly growth during that time, 4.7%, came during Q3 2023, when Joe Biden was president. In only three of those quarters did growth drop below 1.5%.
There is some good news, however. The unemployment rate remains low at 4.1%, according to August data from Bureau of Labor Statistics (BLS). Moreover, a recent report from Challenger, Gray & Christmas found that hiring continues to pick up.
The problem is, those numbers don’t often resonate with the average American, according to Chad Cummings, an attorney and CPA at Cummings & Cummings Law who previously worked in finance and tax.
“GDP is irrelevant for most people, as is the unemployment figure,” he told MoneyLion. “Both are basically background noise, and my clients view those metrics with skepticism because of the ‘adjustments’ to those figures which are used to cover for a deteriorating economy on Main Street. It’s bad out here.”
Overall Inflation
Inflation is likely the most important number for Americans right now – and it doesn’t tell a pretty picture.
Overall inflation in August rose 3.4% year-over-year, the BLS reported earlier this month. The energy index climbed a whopping 16.3% as the Iran War continued to push oil and gas prices higher. Food rose 2.7%.
A new Politico/Public First poll found that most Americans cite high consumer prices and living costs as the “top issue” facing the country right now, The Hill reported. Roughly 27% ranked the “poor state” of the economy as the top issue, while 22% selected high taxes.
“For most of my clients, the number that matters is inflation,” Cummings said. “I worry less about headline GDP or unemployment than about whether families can maintain purchasing power. In short, they can’t.”
Gas Prices
Here’s another number that has a huge impact on your money – especially this year. Nationally, the average gasoline price was $4.4750 per gallon as of Sept. 22, according to AAA. That’s up from $4.1024 a month ago and $3.1843 a year ago.
It might be a long time before prices at the pump return to normal given ongoing tensions in the Middle East. That’s not great news for cash-strapped Americans on a tight budget.
“People feel those numbers every time they fill the tank or open a renewal bill,” Cummings said. “That’s what voters will be thinking about in November.”
Wage Growth
While average wages are rising in the U.S., they aren’t rising fast enough to offset higher prices. Again, this is not good news for your money.
According to the latest BLS data, average hourly earnings rose 3.1% year-over-year in August – below the 3.4% overall inflation rate that same month.
“A substantial number of Americans are worse off, their incomes are not keeping up with the price increases right now,” Heather Long, chief economist at Navy Federal Credit Union, told CNBC in a recent interview.
Bottom Line
Trump's view from the top might be rosy, but for the average American there are many things about the economy to be concerned about.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
Editor’s note on political coverage: MoneyLion is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on MoneyLion.com.
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