‘We don’t have inflation’? Five charts show the US economic reality of Trump’s second term so far

As the US midterm elections approach, we take a look at data to see a true picture of the US economy under Trump

With the midterm elections fast approaching, many Americans have the economy on their minds.

US voters are exhausted by years of higher prices. Donald Trump won the presidency in 2024 on promises to lower inflation and undo the damage he said the Biden administration had inflicted on the economy.

In Trump’s view, his plan is working. At a recent rally in Montana, Trump boasted about the current economy, framing it as a booming time for Americans. “We’re richer now,” he said. “We don’t have inflation.”

Economic data paints a different picture. Inflation, especially gas prices, have soared over the last year. The job market has been in stasis, and higher interest rates have meant it’s more expensive for Americans to borrow money for loans and mortgages.

These fluctuations have a concrete impact on the lives of Americans. A recent Harris poll for the Guardian found that a majority of Americans, including some Republicans, disagree. Nearly two-thirds said they believe the country is experiencing a recession, and many said higher prices have been a pain point. Americans are reporting having trouble saving, and a third polled said one surprise bill could sink them financially.

Here’s what the data shows us about Trump’s second term so far.