At Donald Trump’s pseudo press conference at Mar-a-Lago, at which he answered no questions, the former president took some time to argue that the economy shouldn’t be seen as the nation’s top issue in the 2024 presidential election.
“So I know we talk about inflation and the economy, but as to me, there’s nothing, nothing, more important than the fabric of our country being destroyed,” the Republican said, referring to his perceptions of illegal immigration. “I think what’s happening on the border is the single biggest issue, and I’m seeing it more and more when I speak.”
And why, pray tell, would the GOP nominee downplay the importance of the economy? Because there’s been a lot of news lately about the United States’ economy, and it’s all been pretty great. The New York Times reported:
Consumers are spending. Inflation is cooling. And the U.S. economy looks as strong as ever. Gross domestic product, adjusted for inflation, expanded at a 2.8 percent annual rate in the third quarter, the Commerce Department said on Wednesday. That came close to the 3 percent growth rate in the second quarter and was the latest indication that the surprisingly resilient recovery from the pandemic recession remained on solid footing.
The article quoted Joe Brusuelas, chief economist at the accounting and consulting firm RSM, who said the American economy right now “is firing on nearly all cylinders.”
That’s not an uncommon assessment. The combination of healthy growth, low unemployment, shrinking inflation, record highs on Wall Street, and low gas prices has led quite a few observers to marvel at the health and resilience of the American economy.
In fact, it was earlier this month when The New York Times reported that the U.S. job market “is as healthy as it has ever been” — as in, in the history of the United States — and described recent economic growth as “robust.”
A few days later, The Washington Post’s Heather Long explained in a column that by “just about every measure, the U.S. economy is in good shape. Growth is strong. Unemployment is low. Inflation is back down. More important, many Americans are getting sizable pay raises, and middle-class wealth has surged to record levels. We are living through one of the best economic years of many people’s lifetimes.”
The same day, Politico described the status quo as “a dream economy.”
The International Monetary Fund, meanwhile, marveled last week at the degree to which the U.S. economy is “pulling ahead of the world’s advanced economies.” The Economist, a leading British publication, also recently described the U.S. economy as “the envy of the world,” adding that the American economy “has left other rich countries in the dust.”
Around this time four years ago, Trump told supporters that Democratic policies would “unleash an economic disaster of epic proportions” and force the country “into depression.”
Oops. No wonder he’d rather talk about immigration.
Of course, the larger question isn’t just about the status quo, it’s also about the future. The U.S. economy is strong now, but what about what’s to come? As it turns out, 23 Nobel Prize-winning economists endorsed Vice President Kamala Harris over Trump in a joint letter released last week, explaining that the Republican’s agenda would “lead to higher prices, larger deficits, and greater inequality.” “Simply put, Harris’s policies will result in a stronger economic performance, with economic growth that is more robust, more sustainable, and more equitable,” the letter added. The Nobel laureates aren’t alone. The Wall Street Journal also recently asked economists a related question and found that most economists think “inflation, interest rates and deficits would be higher” under Trump’s agenda than Harris’ agenda. “Look, you may not like Donald Trump personally, but you’ll like his policies a lot better than Kamala Harris’,” Georgia Gov. Brian Kemp recently said. The Republican added that voters are simply “making a business decision.” Given everything we now know, those focused on the economy and business decisions should be rallying behind Harris as quickly as possible, hoping desperately that Trump loses. Indeed, The Washington Post’s Catherine Rampell explained in her latest column that the Republican is “the wrong choice” for Americans principally concerned about their pocketbook. This post updates our related earlier coverage.
Steve Benen is a producer for "The Rachel Maddow Show," the editor of MaddowBlog and an MS NOW political contributor. He's also the bestselling author of "Ministry of Truth: Democracy, Reality, and the Republicans' War on the Recent Past."
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