Trump Unleashes Economic Blitz, Dares Democrats in High-Stakes Midterms

Paul Riverbank, 12/9/2025Trump banks on economic revival, daring Democrats as voters weigh affordability and partisan blame.

Trump left no ambiguity about where he placed blame for the country’s lingering affordability squeeze. “We inherited a mess,” he declared, his gaze fixed on the TV cameras, not the crowd. “The Democrats caused the affordability problem… They caused it—now we’re fixing it.” He’s set to repeat that message in battlegrounds like Pennsylvania, pivoting from a year that has often favored Democrats, particularly after notable gains in suburban districts spanning from New Jersey up to New York City.

Placing a large wager on the economy is always risky, especially with midterms looming and voter sentiment looking wobbly. Secretary Bessent, though, brushed off doubts, referencing the ongoing government budget standoff with an off-handed jab at Senator Chuck Schumer. “Even with the so-called Schumer shutdown,” he insisted, “we’re ending the year at 3% growth.” The Atlanta Fed’s latest read pulses a bit higher—3.5%—though such projections have a habit of moving targets.

It all sounds impressive until you get into the thicket. Inflation, for one, hasn’t packed up and left the American household; a 3% climb over the last twelve months, per federal data, is more than a rounding error. Wages, on the other hand, have been playing catch-up and, frankly, losing ground. JPMorgan crunches the numbers to show inflation-adjusted wage growth at just 1.6%, which in practical terms means everyday households have seen their paychecks stretch a little less. Bessent countered by showcasing blue-collar wage hikes—1.7% in Trump’s current term, a high-water mark on paper. But Bank of America numbers hint at a more complicated reality, with lower-wage workers apparently only seeing about a 1% bump this past year, while top earners’ incomes grew by roughly 3.7%.

The message hasn’t hit home for everyone. Pollsters are picking up on deep divides: About half of respondents in recent surveys blame Trump’s policies, particularly the renewed trade war with China, for making things tougher. Still, the administration is sticking to plan. Speaking to CBS, Trump mused, “The American people don’t know how good they have it.” He claimed the Democrats’ hands were all over past scarcity—pointing to energy policy and regulatory excess—and suggested Republican policies were steering things in a different direction.

Despite a tough year, Trump got a glimmer of good news—a Daily Mail poll from J.L. Partners showed his approval rating nudged up by two points, reaching 47%. Not earth-shattering, but in an election season, even a small positive move gets noticed by campaign strategists. Gas prices are a likely culprit behind that bounce: National averages are under $3 per gallon, a symbolically powerful statistic even if it’s not true at every pump. The stock market’s recent highs also haven’t hurt the president’s case.

It’s beneath the headline numbers, though, where things look more tangled. Trump’s tariffs have started to show lasting effects, shifting supply chains at a scale most Americans don’t see. U.S. imports from China are steeply down—off by 26% over the past year as companies pivot to countries like Vietnam, Indonesia, and India. Before tariffs came into play, nearly 90% of certain American imports arrived from just three places: China, Hong Kong, and Korea. Now, that’s dropped to 50%. The transition is undeniable, but it’s also expensive. Retailers, pharmaceutical firms, and others have started to dip into their stockpiles; tariff-driven costs are eating away at margins. HSBC reports a surge in working capital loans—about 20% more American companies are using their digital trade financing tools since the latest tariff rollout.

President Trump is counting on long-term gains, but for now, he’s offering immediate sweeteners. A proposed $2,000 tariff rebate for consumers, 50-year mortgages, and a $12 billion farm support package are all on his sales sheet. The centerpiece, what he’s dubbed the “One Big Beautiful Bill Act,” promises broad tax cuts—eliminating taxes on tips and certain working-class income. Bessent claims it will mean “more money in their pockets.” Yet those policy specifics remain mostly slogans, and the legislative math could get tricky.

Meanwhile, Democrats aren’t just watching from the sidelines. They’re rolling out the “Make America Affordable Again” campaign, attacking the very policies the administration is championing. Their pitch: Republican economics help the wealthy and leave ordinary Americans squeezed. Trump, in his characteristic fashion, calls all this “the affordability con job,” reminding audiences that the highest inflation spikes started under Democratic watch.

The scenario, by most measures, has faint echoes of the Reagan years—an embattled incumbent pinning his hopes on a faith in recovery that takes longer to reach Main Street than Wall Street. Whether that faith is rewarded will not be clear until ballots are counted. For now, the country remains in the thick of an argument not just about commodities or jobs but about who gets to define progress. This season, slicing the truth from spin is as critical as ever—and neither side has offered a convincing knock-out blow.

When Scott Bessent, the Treasury Secretary, addressed reporters from the White House lawn this week, his remarks landed with the kind of certainty not often found in Washington. “Three percent real GDP growth”—that was the number he hung his hat on, even as skeptical economists, wary investors, and countless political foes circled like hawks with questions about the White House’s economic strategy. Flanked by President Trump—who barely waited to launch into another spate of campaign stops focused on selling his economic vision—Bessent projected the air of a man betting heavy on a turnaround.Trump left no ambiguity about where he placed blame for the country’s lingering affordability squeeze. “We inherited a mess,” he declared, his gaze fixed on the TV cameras, not the crowd. “The Democrats caused the affordability problem… They caused it—now we’re fixing it.” He’s set to repeat that message in battlegrounds like Pennsylvania, pivoting from a year that has often favored Democrats, particularly after notable gains in suburban districts spanning from New Jersey up to New York City.Placing a large wager on the economy is always risky, especially with midterms looming and voter sentiment looking wobbly. Secretary Bessent, though, brushed off doubts, referencing the ongoing government budget standoff with an off-handed jab at Senator Chuck Schumer. “Even with the so-called Schumer shutdown,” he insisted, “we’re ending the year at 3% growth.” The Atlanta Fed’s latest read pulses a bit higher—3.5%—though such projections have a habit of moving targets.It all sounds impressive until you get into the thicket. Inflation, for one, hasn’t packed up and left the American household; a 3% climb over the last twelve months, per federal data, is more than a rounding error. Wages, on the other hand, have been playing catch-up and, frankly, losing ground. JPMorgan crunches the numbers to show inflation-adjusted wage growth at just 1.6%, which in practical terms means everyday households have seen their paychecks stretch a little less. Bessent countered by showcasing blue-collar wage hikes—1.7% in Trump’s current term, a high-water mark on paper. But Bank of America numbers hint at a more complicated reality, with lower-wage workers apparently only seeing about a 1% bump this past year, while top earners’ incomes grew by roughly 3.7%.The message hasn’t hit home for everyone. Pollsters are picking up on deep divides: About half of respondents in recent surveys blame Trump’s policies, particularly the renewed trade war with China, for making things tougher. Still, the administration is sticking to plan. Speaking to CBS, Trump mused, “The American people don’t know how good they have it.” He claimed the Democrats’ hands were all over past scarcity—pointing to energy policy and regulatory excess—and suggested Republican policies were steering things in a different direction.Despite a tough year, Trump got a glimmer of good news—a Daily Mail poll from J.L. Partners showed his approval rating nudged up by two points, reaching 47%. Not earth-shattering, but in an election season, even a small positive move gets noticed by campaign strategists. Gas prices are a likely culprit behind that bounce: National averages are under $3 per gallon, a symbolically powerful statistic even if it’s not true at every pump. The stock market’s recent highs also haven’t hurt the president’s case.It’s beneath the headline numbers, though, where things look more tangled. Trump’s tariffs have started to show lasting effects, shifting supply chains at a scale most Americans don’t see. U.S. imports from China are steeply down—off by 26% over the past year as companies pivot to countries like Vietnam, Indonesia, and India. Before tariffs came into play, nearly 90% of certain American imports arrived from just three places: China, Hong Kong, and Korea. Now, that’s dropped to 50%. The transition is undeniable, but it’s also expensive. Retailers, pharmaceutical firms, and others have started to dip into their stockpiles; tariff-driven costs are eating away at margins. HSBC reports a surge in working capital loans—about 20% more American companies are using their digital trade financing tools since the latest tariff rollout.President Trump is counting on long-term gains, but for now, he’s offering immediate sweeteners. A proposed $2,000 tariff rebate for consumers, 50-year mortgages, and a $12 billion farm support package are all on his sales sheet. The centerpiece, what he’s dubbed the “One Big Beautiful Bill Act,” promises broad tax cuts—eliminating taxes on tips and certain working-class income. Bessent claims it will mean “more money in their pockets.” Yet those policy specifics remain mostly slogans, and the legislative math could get tricky.Meanwhile, Democrats aren’t just watching from the sidelines. They’re rolling out the “Make America Affordable Again” campaign, attacking the very policies the administration is championing. Their pitch: Republican economics help the wealthy and leave ordinary Americans squeezed. Trump, in his characteristic fashion, calls all this “the affordability con job,” reminding audiences that the highest inflation spikes started under Democratic watch.The scenario, by most measures, has faint echoes of the Reagan years—an embattled incumbent pinning his hopes on a faith in recovery that takes longer to reach Main Street than Wall Street. Whether that faith is rewarded will not be clear until ballots are counted. For now, the country remains in the thick of an argument not just about commodities or jobs but about who gets to define progress. This season, slicing the truth from spin is as critical as ever—and neither side has offered a convincing knock-out blow.