‘Perception vs. reality’: Trump’s economy picks up speed — but voters aren’t buying it yet

Economic momentum is building under President Donald Trump, but translating those gains into political advantage will require sharper messaging, economist Stephen Moore said, as voters remain skeptical despite improving indicators.

"There's a perception and there's reality," explained Moore in an interview with Fox News Digital. 

"The reality is what the numbers show — that median family income is up by about $1,200 this year, adjusted for inflation. We’re seeing real increases in wealth. Anyone investing in the stock market — not just rich people, but about 160 million Americans — has retirement savings in stocks."

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Still, Moore, a former Trump adviser and co-founder of a free-market advocacy organization, Unleash Prosperity, acknowledged that rising costs in everyday life continue to shape how many Americans view the economy.

"People tend to focus on the things that are rising in price, and I understand that," Moore said. "But there are also areas where costs have fallen, including gasoline, airline tickets and some everyday items."

That disconnect between economic data and how voters feel about the economy poses a political challenge for Trump, who returned to the White House promising affordability but is now confronting doubts over whether that pledge is being met.

A Fox News national survey found that 76% of voters rate the economy negatively, up from 67% in July and 70% at the end of former President Joe Biden’s term. 

The poll showed voters are more likely to blame Trump than Biden for current economic conditions, with three times as many saying Trump’s policies have hurt them personally.

The sentiment has fueled Democratic messaging focused on affordability, which has resonated in recent state and local elections.

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That disconnect, Moore said, isn’t just about prices — it’s also about tone.

"I think people want empathy from the president," Moore said. "People in the middle and working class want to know that this president understands the struggles of working 40 hours a week and still having a hard time meeting their bills."

To close that gap, Moore compared Trump’s current challenge to Ronald Reagan’s early presidency, which followed economic difficulties after Jimmy Carter — a dynamic he said mirrors the aftermath of the Biden administration.

"Trump should use an old line from Ronald Reagan, because Reagan's first 18 months in office were very tough. We had a very bad economy as a residual effect from Jimmy Carter. And Reagan told the American people, stay the course, these policies are going to work and they're going to make America better off."

Moore said recent data suggest the recovery is accelerating, and that momentum is likely to continue.

"In the last couple of months, the economy has really sped up," Moore said. "At 4.3% growth, that’s a very high rate, and the recovery is well in progress. It’s been a very prosperous first year and I expect 2026 to bring very strong continued economic growth."