Donald Trump promised a new ‘golden age’ for the US economy. Where is it?
Most Americans have yet to see this boom – but they’ve certainly heard a lot about it from the president
TL;DR
- Donald Trump declared the start of a "golden age" for America upon beginning his second term.
- Job growth has slowed significantly in 2025, with an average of 55,000 jobs added per month, a 67% decrease from 2024.
- The unemployment rate has climbed to 4.6%, its highest level in over four years.
- Manufacturing employment has not increased, with jobs added in only two of the ten months since Trump's return to office.
- The average effective US tariff rate has increased from 2.4% to 16.8%, the highest since 1935.
- Inflation, after showing signs of decline, has held firm, with the CPI rising by an annual rate of 2.7% in November.
- Trump has expressed confidence in an upcoming economic boom, citing tax legislation and promising lower prices and bigger paychecks.
- Economists are skeptical, predicting only modest fiscal boosts and continued slow GDP growth, with some arguing that lower-income Americans will be net hurt by current policies.