President Donald Trump is very proud of the U.S. economy despite a study showing that 90% of Americans believe there is a cost of living crisis. So, who's right?
CNBC reported a flurry of economic data this week will give people a clearer picture of what's going on. Data on its way includes the nonfarm payrolls report for January, where the unemployment rate is projected to hold steady at 4.4%, which continues at the historic lows that were recorded under former President Joe Biden.
The January consumer price index reading due out on Friday will reval the latest inflation numbers, although CBNC reported "economists surveyed by Dow Jones except that the annual inflation rate eased to 2.5%." That would continue the downward trend that began at the end of Biden's term after COVID pushed up costs by double digits, creating the spending pain that many are still experiencing.
Trump was asked in an interview on NBC News this weekend at which point the economy stops being Biden's and starts being his. Trump responded, “I’d say we’re there now. I’m very proud of it.”
Meanwhile, a new nationwide survey from Talker Research for Current.com found that nine in 10 U.S. citizens believe the country is in an inflation crisis, with eight in 10 saying the cost of consumer goods have actually become more expensive since Trump took office in January 2025. Many in the survey reported struggling to pay bills and afford basic necessities, or even having to move because they could no longer afford their previous housing costs.
Trump's economic record was questioned by survey respondents, 59% of whom said they disapprove of his handling of the economy.
In his NBC interview, Trump claimed the U.S.’s GDP had grown by 5.6% on his watch, whereas the Department of Labor listed it at 4.4 percent for the third quarter of 2025. A White House official told NBC that the president was alluding to a projection.