U.S. President Donald Trump: The U.S. Economy is Strong as Always, Just Lacking Good Public Relations
U.S. President Donald Trump stated that the U.S. economy is strong as always, only lacking good public relations. He mentioned this during a campaign event this week, saying no other economy is like the current one, and the only thing missing is good PR. He also noted that he hasn't clearly explained how good the country is.
According to a report by The New York Times on October 3, with about a month until the midterm elections, he has been campaigning in Alabama, Oklahoma, Texas, and the capital, emphasizing growth, financial markets, and the construction industry. His aides later highlighted a surge in construction hiring in the September jobs report released on Friday. The same report indicated a cooling in overall hiring, with wages failing to keep up with consumer prices.
Voters are facing rising prices at the pump, as well as increased auto loan, credit card, and mortgage rates. An AP-NORC poll shows that only 26% approve of his handling of the economy, and only 17% approve of his handling of the cost of living. The consumer confidence index from the Conference Board fell to 81.9 in September, the lowest since April 2014.
White House economic advisor Kevin Hassett stated that confidence surveys are not about the economy, but rather about people's satisfaction with current politics. In the same poll, about 65% believe that the ongoing high prices are more due to Trump's policies, compared to 44% who blamed Biden's policies in October 2022. About half of respondents are highly concerned about affording food, and about half are highly concerned about affording gas.
He did not propose any new tax cuts, subsidies, or price controls in this round of statements. The focus has shifted from price data to communication. Campaign banners and speeches continue to talk about growth, while the construction sector is highlighted in the jobs report, and overall hiring and real wages are downplayed.
In market terms, buyers are households still paying for gas, food, and interest, while sellers are in energy, food, and credit. The narrative is driven by the month before the election, not by new supply. Funding has not been redirected due to this statement. Those benefiting are those defining prices as a failure of communication, while the current party is under pressure as wage growth lags behind prices and the election approaches.
Source: Public Information
ABAB AI Insight
Trump is framing prices as a legacy of his predecessor in the 2024 election, incorporating tariffs, energy, and interest rates into his policy agenda. In December 2025, he mentioned high prices at a rally in Pennsylvania, stating that affordability should not be called a scam, as it could be misunderstood. By October 2026, the narrative shifted from "prices are left by the predecessor" to "the economy is fine, just poor PR."
There is no new fiscal package. Resources have been diverted to campaign stops in four states, the construction sector in the jobs report, and advisors redefining confidence surveys. Hassett referred to the 81.9 confidence index as political satisfaction, not economic data. The motivation is that with about a month left until the midterm elections, the 26% economic approval and 17% cost of living approval can no longer be covered by a growth narrative.
A similar case is Ford's "Whip Inflation Now" in 1974, framing inflation as a public movement needing badges and slogans. It is also reminiscent of the White House's initial characterization of inflation as temporary from 2021 to 2022. The difference is that this poll has shifted responsibility from external factors to current policies, with 65% versus 44%. The industry position is not about expansion but about controlling the narrative before the election.
Structurally, this represents a shift in pricing power. Prices are determined by oil, food, and interest, while votes are priced based on who is deemed responsible. He has shifted the second pricing power from the statistical bureau to communication. The reason is that nominal growth and asset prices can be presented, while real wages lag behind prices and remain at the cash register. PR can change the narrative, but it cannot change households' monthly expenses.